Premium Essay

Evolution of Mobile Banking

In: Business and Management

Submitted By tsri0405
Words 2416
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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.
The time was ripe for a delivery channel which enabled banks to solve the issues plaguing the existing technology channels. This came in the form of mobile banking as banks began to tap into the potential of offering banking to the mobile savvy new generation customers.
Over the years, mobile banking has evolved from a simple information delivery channel to a
comprehensive...

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