...MOBILE MONEY-TRANSFERS SCHEME “M-PESA” AND ITS IMPACTS IN KENYA AND AFRICA AS A WHOLE. As the developed world begins to rebuild the recently collapsed global financial system, the financial architecture in parts of the developing world is being rapidly transformed. As the costs of mobile phone technology have fallen, and as the technology has been adapted to support financial services, mobile banking innovations have begun to spread across and within poor countries. The low cost, and the widespread unmet demand for financial services, as captured by low rates of bank access, means that mobile banking has the potential to reach remote corners of the socio‐economic, as well as geographic, spectrum. ‘Think of the developing world, and the first thing that springs to mind probably isn't cutting edge technology’, Mobile phone technology has reduced communication costs in many parts of the developing world from prohibitive levels to amounts that are, in comparison, virtually trivial. Nowhere has this transformation been as acute as in sub-Saharan Africa, where networks of both fixed line communication and physical transportation infrastructure are often inadequate, unreliable, and dilapidated. While mobile phone calling rates remain high by world standards, the technology has allowed millions of Africans to leap‐frog the land‐line en route to 21st century connectivity. ‘The success of the technology lies in necessity’, (Seema Desai), Early on in this revolution, cell phone users...
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...“Evaluating Customer Perceived Value in Mobile Banking Apps using Technology Acceptance Model (TAM)” Date: 15th May’15 Introduction Mobile banking is a result of the development of mobile technology used in the commercial domain. Mobile banking combines information technology and business applications together. Thanks to the mobile banking, customers can use it to get banking services 24 hours a day without having to visit a bank branch for personal transactions. Suoranta, M. (2003) conclude that Mobile banking is a relatively new service offered by banks to customers, and because of the convenience and features that save time and customers appreciate the services. Compared to other e-banking services, the development of mobile banking (m-banking) regarded the fastest. This development is due to the presence of m-banking services to answer the needs of a modern society that is promoting mobility. With one touch, creates convenience m-banking banking services in one hand. Benefit of mobile banking services will increase customer satisfaction. Furthermore, mobile banking creates "value" for the bank as a customer transaction service delivery channel access (wireless). Birch D and Young, M. A, (1997) conclude that the rapid advanced of technology in banking technologies, Customers want the convenience and flexibility on products and services that suit their needs and easy to use which cannot be offered by traditional banks. In the future of e-banking will be an important strategic...
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...IMPORTANCE OF MOBILE BANKING ABSTRACT : Banking is the backbone of every industry and technology plays an important role in every industry. The role of technology is increasing very rapidly day by day, which is also promoting the banking industry. Banking is one of the largest financial institutions which regularly explore the opportunity of technology to provide better customer services. In today’s business, technology has been the largest indicators of growth and competitiveness. The banking industry today is in the era of its revolution. The increased dominance of mobile phones provides exciting opportunities for the growth of mobile banking. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile banking is a revolution that is driven by the world’s one of the fastest growing sector, mobile communication technology. This paper examines the need and importance of mobile banking in modernize era of technology. Introduction The mobile banking is defined as the provision of banking services to customers on their mobile devices. Mobile Banking refers to provision and usage of banking and financial services with the help of mobile telecommunication devices. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile commerce is a natural successor to electronic commerce. Where a mobile device is used...
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...penetration of Mobiles can be used to leverage to extend banking to the unbanked. - Its challenges and solutions. Today a portable telephone device called as “Mobile” has taken away physical mobility in our lives and we cannot think our life without it. In fact the world has become stationary by holding this instrument as it provides all sorts of facilities to the human being on its figure tips. Mobile phone is a common technology device that has became part of every individual in the information era. As the device is being used to cater various services in our life, we can also think of using it for our day to day banking services. As a result, today mobile plays as an important role in banking sector and Mobile banking has become an emerging alternative channel for providing banking services. However, mobile banking still has not become the choice of millions of people. The main objective of this study is to understand the technology behind it and the rules and regulations, security aspect, problem areas, and also identify the solutions and strategies to popularize the mobile banking among every banking customer in India. Introduction of Mobile Banking Technology Mobile Banking refers to provision and benefit of banking and financial services with help of mobile telecommunication instrument. The services may include facilities to carry out bank and other financial transactions, to manage accounts and retrieve personalised information. The last time that technology had a...
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...Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Abstract With the growing and widespread use of smartphones applications for both the iPhone and Android there is very little you can’t do virtually. From banking to shopping, in-person visits to Skype and face time, putting a key in your car to start it to remotely starting your car and setting the temperature, being at home turning on lights and adjusting your thermostat to doing the same functions remotely using a smartphone. Smartphone applications have offered instantaneous, real-time efficiencies in our day-to-day life. Two generations ago you had to physically get up to change the channel on your television. Now you can talk into the remote control for channel changes and special programming. The same goes for banking. Everything is about speed of transaction and efficiency. Cash and credit card transactions are becoming obsolete with the advent of smartphone applications. Today you can shop, make purchases, and make bank deposits and transfers without leaving the comfort of your home. This paper explores how new technology and smartphone applications are used for mobile banking rendering cash, checking and credit card transactions obsolete. Keywords: Mobile Banking, Security, Cost and Benefits, Future Technology Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Mobile banking is becoming increasingly popular with over a billion mobile devices in use today. If you are a smartphone user...
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...Research Paper Commerce Mobile Banking in Rural India: Roadmap to Financial Inclusion * Ms.Rati Dhillon * Assistant Professor, Department of Commerce, Bharati College, University of Delhi t ABSTRACT The concept of digital inclusion in the banking industry has become a parlance in the worldwide. The term digital inclusion provides the people the skills of basic technology to participate in the knowledge economy that lead to an enhanced performance of macro-economic. The study deals with the mobile banking in India. This study in detail discusses about the mobile banking, the emergence of mobile banking and present scenario in India, mobile banking in rural areas of India, how mobile banking helps in achieving financial inclusion. Further it will also discuss how mobile banking helps in overcoming the financial challenges with the analysis of scope of mobile banking in the near future. Keywords : Digital Inclusion, Banking, Mobile Banking, Rural, Financial Inclusion Introduction to Mobile Banking According to Tiwari and Buse (2007) mobile banking is also referred as m-banking, SMS banking and so on. Mobile banking is the term used for performing account transactions, balance checks, credit applications, payments and more through a mobile device like tablet computer like iPad or mobile phone. Mobile banking is a provision offered by financial and banking institutions that help users avail their services with the help of devices like mobile phones and other devices. The...
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...founded in 1904 and expanded with several acquisitions. Mobile banking was launched in 2007 and within three years Bank of America had 4 million active customers using this service. Mobile banking may be the single biggest innovation the global banking industry has seen. From smart phones to tablets and laptops, banking customers are pushing their institutions to develop more mobile services. This success prompted line-of-business managers to request more functionality in the bank's mobile application that was specific to their businesses such as credit cards and mortgages and to determine how this change would affect their clients. Bank of America offers applications for over 800 devices, which include smart phones and BlackBerry devices. Bank of America was struggling to position their mobile banking service in the continuously changing industry. “The banking industry was fragmented, with thousands of banks offering retail and wholesale banking services.” (Gupta & Herman, 2010, p.2) Recognizing the potential impact mobile technology could have on the entire banking industry, Bank of America must decide on how to position itself within the mobile banking industry. This paper will identify the strategic issues, the benefits of mobile banking to customers and attempt to explain why some consumers have not adopted mobile banking. I will then analyze and evaluate Bank of America’s motivation for mobile banking, the cost and benefits for consumers and the industry influence...
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...technology. The visible benefits of IT in day-to-day banking in India are quite well known. There’s ‘Anywhere Banking’ through Core Banking Systems, ‘Anytime Banking’ through new, 24/7/365 delivery channels such as Automated Teller Machines (ATMs), and Net and Mobile Banking. In addition, IT has enabled the efficient, accurate and timely management of the increased transaction volume that comes with a larger customer base. It has also facilitated the movement from class banking to mass banking. One of the important and significant parts of Information Technology as far as banking is concerned is the concept of Mobile Banking. This feature is used by most of us in our daily lives but still some of us are still unaware about how much importance does this have in our lives. Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. Mobile phones have become an essential communication tool for almost every individual. Advent of mCommerce has managed to take mobile VAS to next level, adding tremendous value to telecommunication industry. Mobile banking which is an integral part of mCommerce has become very popular among mobile users ever since its existence in 2007. It creates new, convenient communication and fast financial transactional channel for mobile users which is accessible from anywhere, anytime. Checking account information, balance available, credit/debit...
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...Evolution of Mobile Banking Universal Banking Solution System Integration Consulting Business Process Outsourcing Banks are constantly on the search for solutions which will help reduce their cost of operations and improve customer experience. In this continuous journey, the banking industry has seen several technology trends being adopted and several innovations delivered. Innovations in banking delivery channels dates back to the introduction of ATMs as a self-service delivery channel. The ATMs heralded a new era of banking as the concept of self-service was introduced for the first time. ATMs also marked the entry of anytime banking as customers could now access money from their bank accounts at a time of their convenience. The wave of selfservice continued and the advent of Internet banking introduced the concept of anywhere banking as customers could now access their bank accounts from the comforts of their home or office. The new wave of technology-led delivery channels had caught up with the traditional branch banking and the customer experience from these new delivery channels had set new standards. However, banks noticed a trend customers mainly visiting ATMs for simple balance inquiry of mini statement transactions. This trend began to add to the cost pressures on the ATM channel. Internet banking was facing its own battle as security issues loomed large and customers restricted usage of Internet banking to their home and office computers...
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...INTERNATIONAL REVIEW Mathew et al. (2005) analyzed the use of banking technology in United Kingdom by ranking of importance of selected technology on consumer perception of service delivery performance and found that the importance-performance grid demonstrates two factors and their underlying attributes that fall into the “Keep up the good work” quadrant and the other two factors fall into the “Low priority” quadrant. The first two were the areas the organization needs to allocate resources in order to maintain the level of service they provided...
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...Adoption of Mobile Banking in India Business Research Methods By, Group 5 Section B Sr. No 1 2 3 4 5 6 7 Name Raagul S N Viswanathan Muthu Ritesh Jain Karan Daga Anshul Gupta Debajib Das Ankur Bordoloi Roll Number 12DM-108 12DM-181 12IT-015 12FN-61 12HR-04 12DM-49 12IB-11 Group 5, Section B, Institute of Management Technology, Ghaziabad, PGDM 12-14 Page 1 Executive Summary: This study was conducted with the aim of identifying the factors affecting the adoption of mobile banking by the mobile users. It has been identified that variables like speed of the transaction through mobile, Mobility access, functions provided by mobile banking, ability to learn, perceived cost, perceived utility, perceived Risk etc play important role in the adoption rate of mobile banking. With the convergence of banking services and mobile technologies, users are able to conduct banking services at any place and at any time through mobile banking. The increasing ownership of smartphones in India and rest of the world has made this service accessible to large masses. For banks, mobile banking vis a vis other traditional forms of banking is a highly preferred channel as it cuts down on costs in the long run. Also it provides a highly convenient option to customers as they can carry out their banking transactions at a click of a button wherever they like. To realize this win-win situation, it becomes highly important to identify the key factors affecting the adoption of mobile banking by the mobile...
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...International Conference on Technology and Business Management March 18-20, 2013 Digital Inclusion in India: A Case of Mobile Banking Ganesan Parimalarani vini_parimal@yahoo.com Dayananda Sagar Business Academy, Bangalore 1. Introduction Mobile-Banking is a buzz word in the banking sector throughout the world and Indian banks are not exception to it. The liberalization, globalization and privatization of the Indian economy in 1990s paved a more flexible functioning of the services sector and particularly the banking industry. Added to this the adoption of technology in the banking sector has made a remarkable advancement in the service quality of the banks in India. Now bank customers are availing their banking services through internet banking, ATM services and further it has added one more feather to its services by introducing Mobile-Banking to its channel of distribution. Mobile banking is a subset of banking as it allows everyone easy access to their banking activities via., mobile handset (YU&Fang, 2009). Various research findings regarding the penetration of mobile phone, states that the penetration level of mobile in the world is more comparable to that of the banking. The Financial Access Initiative, a research consortium based on New-York University has identified that 2.5 adults worldwide do not have a savings or credit account with either a traditional or alternative financial institution (Chaia, et., 2009). Across the globe the formal banking reaches about 37 per...
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...1.1 Background of the study In this competitive business environment technology has been the most influencing factor especially in banking industry. Currently majority of banks are running in the application of information and communication technology (ICT) for their banking transactions. According to molla (2005),” information and communications technologies (ICTs) have changed the way of conducting business transactions and meeting the growing demands of customers for most organizations”. Now Technology has become gradually fundamental component in the competitive business environment of the financial service industry. Recent innovations in telecommunications have enabled the launch of new access methods for banking...
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...using mobile phones. Recent Posts q NBAD to dial ‘R’ for remittance Worldwide Mobile Payment Users to Reach 108.6 Million in 2010 Mobile banking will expand in UAE 8 million Filipinos now using mobile banking — BSP Citibank Launches Mobile Banking Service In Russia ‘2.5 billion World’s Adults remain Unbanked’, Barclays Report $10 million fund designed to incentivise mobile financial services companies. Huge growth in operator revenue by offering financial services studies by q q q q q q When the service is introduced customers will be able to send money directly from their accounts with the touch of a few buttons. They will also be able to send money home from pre-paid cards after MoneyGram’s systems are integrated with NBAD’s existing Arrow mobile phone transfer service. q http://freepaisa.com/wordpress/ (1 of 6)25-06-2010 10:23:24 FreePaisa for the world Continue reading NBAD to dial ‘R’ for remittance q CGAP Western Union reveals international mobile strategy Mobile Banking: You can now pay school fees using your phone MTN Uganda sees explosive growth in mobile money Doha Bank gets nod for mobile money transfer MasterCard Mobile MoneySend Platform Set To Go Live Utiba now certified in Western Union Money vendor Program Telenor Easypaisa have crossed 2 Billion through Fundamo Wallet System MTN RAWANDA: Mobile Money Hits Rwf590 Million Western Union piloting mobile remittance in UAE Telco to help rural majority access banking services...
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...Banking APP In today’s world a phone is more than just a device that makes calls to family, friends and businesses, we are doing so much more than we ever could imagine in the past. The smart phone is the new device where we are able to do so much more than just talking, the wireless technology has taken the office and put it in the palm of our hands and made it mobile, so we can do those office functions remotely. The advantages of this technology in short is that it allows more communication with others through not only talking but also through texting and internet which has allowed face to face communicating like skype and Apple’s face time to name a few. We are also dependent on our smart phone to help us navigate through our day from the calendar to remember appointments, meetings, doctors’ appointments, alarms, GPS, internet, social media, shopping and mobile banking which all of these are applications that make day-to-day life a little easier. Many of the changes that we have seen when it comes to smart phone technology have improved quite a bit of the last ten years or so and are that people are using those features and functions that are convenient for them. Much of this can be contributed to the fact that in today’s times we have less and less time to ourselves, we need more convenient ways to do more in shorter amount of time and smartphones and APPS are a way to get this done . This is not only for the US citizens but worldwide users as well who maybe feeling the...
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