...Mobile Banking in Bangladesh g GOVT. TOLARAM COLLEGE 2015 A Study On “Mobile Banking System in Bangladesh” Prepared By Sheikh Shamcur Rahman (Tusher) Bachelor of Business Administration Faculty of Business & Economics Daffodil International University E-Mail: tusherdiu@yahoo.com Web: www.purnotabd.weebly.com www.daffodilvarsity.edu.bd Acknowledgemt Acknowledgement First of all, I want have directly to give all the praise to almighty Allah. I am indebted to them who helped us in conducting of the report. Specially, I am grateful to my supervisor Nazmun Nahar madame who , assigned me to prepare the term paper on health sector analysis of Bangladesh. Finally , I would like to express thanks to my cordial supervisor and my classmates. I am also grateful to the authority and other students of economics department and other various sources for collecting the valuable information. Mohammad Kabir Hossain Roll No: 9572525 Regi No: 1612908 Table of content Tropic | Page No | Acknowledgement | 02 | Table of content | 03 | Introduction part | Executive Summary of the Report | 04 | Objective of the report | 05 | Methodology of the Report | 05 | Literature Review | 07 | Introduction of the Report | 08 | Analysis Part | Mobile Banking Background | 11 | Challenges for a Mobile Banking Solution | 14 | History of Mobile Banking...
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...AGRICULTURAL FINANCE STAGE II Submission In the partial fulfillment of AF Project to Prof. Vaibhav Bhamoriya Future of Payment Services in Rural Areas Submitted By Group 5 Amrita Dokania, Anjali Neha Lakra, Ashish Negi, Bhawna Nirmal, Veeru Kumar Prajapati INDIAN INSTITUTE OF MANAGEMENT, AHMEDABAD Introduction Payments are indispensable parts of our daily transactions, be it B2B, B2C or C2C, and be it rural areas or urban areas. Payment system of a country should be “safe, secure, efficient and accessible” owing to its vital role in raising the GDP of a nation. Payments being one of the most important parts of the financial system, different channels that accelerate the process efficiently constitute the focus of the system. Banking industry has witnessed a tremendous growth in the last few decades in terms of volume and the complexities in the banking system. Even if banks have made significant improvements in the recent years for achieving financial viability and profitability there have been concerns regarding reach and serving a huge population of interior areas. There has been a skewed distribution of population i.e. 6000 per bank branch in urban and 24000 in the rural areas. India has approximately 6.4 lakh villages out of which 5 lakh villages are still unbanked because of the operational and structural issues for example viability, long distance, costs etc. Although rural India comprises of 68% of population, it constitutes only 9% of total...
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...Mobile Payments: Problem or Solution? Implications for financial inclusion Mike George, Linda Lennard and Kate Scribbins Foundation Further information This report and a summary version are available as a pdf from www.friendsprovidentfoundation.org. The summary is also available in print from Friends Provident Foundation, Pixham End, Dorking, Surrey, RH4 1QA (foundation.enquiries@friendsprovident.co.uk and www.friendsprovidentfoundation.org). Published 2013 by Friends Provident Foundation Pixham End Dorking Surrey RH4 1QA © AnKa 2013 ISBN 978-1-908769-08-4 (pdf ) All rights reserved. Reproduction of this report by photocopying or electronic means for non-commercial purposes is permitted. Otherwise, no part of this report may be reproduced, adapted, stored in a retrieval system or transmitted by any means, electronic, mechanical, photocopying, or otherwise without the prior written permission of Friends Provident Foundation. Friends Provident Foundation Friends Provident Foundation is a grant-making charity working to create the conditions throughout the UK for improved access to appropriate financial services for those who are currently excluded, particularly those on low incomes or otherwise vulnerable to market failure. It particularly wants to encourage thinking that deals with the causes of the problem. Established as part of the demutualisation of Friends Provident Life Office in 2001 and the flotation of Friends Provident plc, it is independent and has its own board...
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...Term Paper "Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh" [pic] LETTER OF TRANSMITTAL June 17, 2012 Syeda Mahrufa Bashar Lecturer Institute of Business of Administration University of Dhaka Subject: Writing report on “Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh” Dear Madam We are submitting our term paper on “Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh”, as a part of fulfilling your instruction for acquiring the learning objectives of ‘Financial Markets and Institutions’ course. We thank you for assigning us this exercise as it has provided us with an eye opening valuable opportunity of improving our knowledge on this new technology as well as our research skills. We sincerely hope that the analysis work will meet the level of your expectation. Sincerely Yours Md. Farhan Imtiaz Md. Momenur Rahaman Md. Sohel Sagar Mohammed Zuber Alam Tanveer Mahmood Miah Sharif Taufique Atique ACKNOWLEDGEMENT It would not have been possible to complete this report and submit this report without the extensive support of some special people and it is high time to show our gratitude towards them. At first we would like to thank our honorable...
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...About M-Pesa Kenya stepped into the arena of mobile money transfer services in 2007 through the successful launch of M-PESA by Safaricom1, a mobile network operator (MNO) (Mas and Radcliffe, 2010). Safaricom is the leading mobile network operator (MNO) in Kenya, and an affiliate of Vodafone Group- a British multinational telecommunications company. The mobile phone acts as both a wallet and a bank account. Kenya’s M-PESA is not the first mobile money deployment; however its rate of adoption has been unprecedented. The first sustainable mobile money system was launched by Smart Money, in 2001, in the Philippines. Based on an exchange rate of $/KES 85. M-PESA is a mobile payments system that allows users to make financial transactions such as deposits, withdrawals, bill payments, remittances, and purchase of goods and services by using a mobile phone,2 without requiring a bank account, internet connection, or a payment card. ‘M’ is an acronym for ‘mobile’ and ‘Pesa’ is a Kiswahili word that translates to ‘money’; M-PESA therefore translates to ‘mobile money’. Within 4 years of its launch, M-PESA attained over 15 million service users thus enabling millions of unbanked Kenyans, the majority of whom reside in rural areas, to have access to a 24-hour financial service system. The exceptional growth of M-PESA mobile money service in Kenya since its introduction has spurred a wave of mobile money service deployments across and beyond the African continent.3 Today, Kenya...
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...Managing Personal Finances with Demand Deposit Accounts Summary: Demand deposit accounts offer individuals many different options and benefits when managing their personal finances. Deposit accounts can be used to manage everyday expenses, keep track of personal cash flow and save for the future while earning a return. There are many different types of deposit accounts, each offering a means to achieve specific goals. In the following pages, I will break down some different types of accounts, discuss their purpose and show how each one can make achieving personal financial goals a simpler, more attainable task. Demand Deposit Accounts, or DDAs, are accounts offered by financial institutions such as banks and credit unions that allow account holders to deposit and withdraw funds and perform many other types of transactions. These accounts are called demand accounts because they give the client access to funds upon demand, either limited or unlimited depending on the type of account. The main purpose of these accounts are to offer clients, personal or business, a secure means of storing, transferring, spending, or saving money. The first and most common type of DDA is a checking account. A checking account offers the convenience of being able to deposit and withdraw funds and issue checks, or drafts, to transfer money to any individual or business. This is a much safer way to keep money that is used for everyday expenses because it is insured by the federal...
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...Managing Personal Finances with Demand Deposit Accounts Summary: Demand deposit accounts offer individuals many different options and benefits when managing their personal finances. Deposit accounts can be used to manage everyday expenses, keep track of personal cash flow and save for the future while earning a return. There are many different types of deposit accounts, each offering a means to achieve specific goals. In the following pages, I will break down some different types of accounts, discuss their purpose and show how each one can make achieving personal financial goals a simpler, more attainable task. Demand Deposit Accounts, or DDAs, are accounts offered by financial institutions such as banks and credit unions that allow account holders to deposit and withdraw funds and perform many other types of transactions. These accounts are called demand accounts because they give the client access to funds upon demand, either limited or unlimited depending on the type of account. The main purpose of these accounts are to offer clients, personal or business, a secure means of storing, transferring, spending, or saving money. The first and most common type of DDA is a checking account. A checking account offers the convenience of being able to deposit and withdraw funds and issue checks, or drafts, to transfer money to any individual or business. This is a much safer way to keep money that is used for everyday expenses because it is insured by the federal government...
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...Transformation Series 2015 - Case INNOVATION or INNOVATION PRELUDE Business history has many examples of companies redefining the boundaries of business through break-through innovation, there are also those who made the tragic mistake of missing ‘gamechanging innovations’ in their industry thereby ending up with inexorable commercial disasters. In each case, the disaster occurred, as the Wall Street Journal, points out, “not because of ‘bad’ management, but because they followed the dictates of ‘good’ management. They listened closely to their customers. They carefully studied market trends. They allocated capital to the innovations that promised the largest returns. And in the process, they missed disruptive innovations that opened up new customers and markets for lower-margin, blockbuster products.” The threat of disruption, on many an occasion, isn’t perceived as a threat! The disruptor appears to the incumbent to be doing the incumbent a favor by relieving the incumbent of its ‘least valuable’ customers. In due course, the disruptor moves upstream and relieves the incumbent of its most valuable customers. Seemingly, no industry is spared: steel, computers, telephony, photography, stock markets; the list goes on. Will it be Banks next? Burdened with legacy systems, infrastructure cost and increasingly complex security issues, banks are dealing with a double whammy: grappling with intense regulatory scrutiny as a result of a prior “missteps,” while a generation of disruptors...
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...TM Beyond branches Innovations in emerging-market banking A report from the Economist Intelligence Unit www.eiu.com Beyond branches Innovations in emerging-market banking Contents Introduction Innovative financiers A successful formula in Peru Going mobile in India The allure of transfers Profits among the poor Banks extending their reach Riverboat lenders in Brazil Small loans prove profitable in Indonesia Attijariwafa looks south in Africa Betting on savings in Colombia Partnerships with retailers A shopping trip to the branch in Latin America Retail channels in Mexico Policy initiatives Take it from their salaries in Brazil Push for Islamic finance in Malaysia 2 5 6 9 12 15 18 19 21 23 25 28 29 31 33 34 37 1 © The Economist Intelligence Unit Limited 2012 Beyond branches Innovations in emerging-market banking Introduction B anks in emerging markets are increasingly weighty in global finance and still enjoy plenty of room to grow in their home markets. But they will do so in innovative ways that set them apart from the lenders of the developed world. The continuing rise of emerging markets will boost the importance of banks in developing countries in the coming decades. These financial firms will not follow the same business models as their developed-country counterparts, however. Instead, they will rely much less on the branded branch, the traditional outlet for banking services. New technologies, innovative low-cost business models and supportive...
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...Banking Power-Pack – June 2015 BANKING - 2015 JUNE June 1 • IRDAI removes cap on business from one insurer for banks. IRDAI has done away with the capping of insurance business from one insurer by a bank in its latest draft. As compared to the previous draft that mandated banks to cap business from one insurer to 50%, IRDAI has removed this cap. This would mean that those insurers without a bank partner or promoter would still have to wait longer to get business from bancassurance. The regulator has said that an insurer can have tie-ups with up to three insurers in any line of business-life, non-life or health. Background Presently, banks are allowed to tie-up as a corporate agent with one life, one non-life and one standalone health insurer. Hence, insurers who entered the market later did not have any bank partner. • FinMin, RBI set up panel on reducing cash transactions. To reduce cash transactions in the economy and boost the usage of cards and point of sales (PoS) terminals, the Union finance ministry and Reserve Bank of India (RBI) have set up a committee to look at ways to encourage use of plastic money. The committee has representatives from National Payments Corporation of India, State Bank of India and ICICI Bank. Background RBI data at the end of December 2014 showed 1.05 million PoS machines in the country, whereas there are over 500 mn debit cards and at least 20 mn credit cards. In 2013-14, according to a Boston Consulting Group report, the number of cash...
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...Financial Services Topic: Payment Banks Submitted to: Prof. Sayali M Submitted by: Manmeet Kaur Chatha C-14 Naveen Yadav C-15 Supriya Rani C-25 Symbiosis Institute of Management Studies (SIMS) (A constituent of Symbiosis International University) MBA 2015-2017 16th February, 2016 INTRODUCTION For the first time in India’s banking sector, the Reserve Bank of India is giving out differentiated banking licences. The in-principle go-ahead given on Wednesday to 11 ‘payments banks’ is, by the RBI’s own admission,...
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...service quality improvement in the agency banking sector. The continuing trend to a model of service quality improvement, from personnel counter services to electronic services, will be demonstrated. Improved service quality should be adopted to maintain the core competence and this research will contribute towards knowledge and background for banks to apply these findings to better shape and focus their positions in the market and also to provide service quality to customers through the agency banking concept. Introduction A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and many more. Banking agents help financial institutions to divert existing customers from crowded branches providing a...
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...globally. Finally, your thoughts, comments, trading advice, and content have monetized value! How it Works: MTR will initially premiere on the Social Media Platform ToshiDesk™, where MTR will be utilized as an incentive based digital currency. MTR will connect Advanced Level Crypto- traders who provide qualitative data, insight, and analysis within the FinTech industry to Novice & Intermediate enthusiast seeking an in-depth real-time perspective of the world of Digital Currencies. Main Focal Points of MTR: The platform ToshiDesk™ will have integrated web wallets attached to each account. Master (Content Provider) and Trader (Subscriber), have convenient & secure access to funds with instant confirmations within MTR’s blockchain. Each ToshiDesk™ user will have a generated wallet address linked to each account to deposit and withdrawal MTR funds from. Users load their wallets with the provided generated web wallet address. Users will be able to use funds for generously tipping members on multiple platforms. ToshiDesk links data analysis & insider knowledge to the rest of the world. MTR’s Value: MTR will be integrated with core components that support the fundamental values of decentralization. ToshiDesk™...
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...internet and mobile phones are at long last turning boring old retail banking into an exciting industry, says Jonathan Rosenthal IF YOUR BANK could start over, this is what it would be, trumpeted the marketing campaign for the launch in 1999 of Wingspan, an internet bank. The following year the bank was gone. In September 2000, a few months after the dotcom bubble burst, it was absorbed by its boring American bricks-and-mortar parent, Bank One (now part of JPMorgan). For all the high hopes that the internet would transform banking, most other internet banks launched around that time met with a similar fate. Citi f/i, an online bank started by Citigroup, was folded back into its parent in 2000. NetBank, an American pioneer of internet banking, soldiered on for longer than most but was shut down by banking regulators in 2007. On the other side of the Atlantic, Egg, Britain’s rst stand-alone internet bank, shook the market in 1999-2000 when it gained more than 2m customers within months of starting up. But within a few years it, too, had in e ect disappeared, its customers having been sold rst to Citigroup and then to Barclays and the Yorkshire Building Society. It was an ignominious end to a bold experiment in online banking that had caused palms to sweat in banking centres around the world. The promise of internet banking had seemed obvious. More than most other industries, banking was already largely digitised. In most rich countries the cash that people carry in their wallets represents...
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...people, even though Microsoft has been playing a role in the industry with their operating system, the software giant still doesn’t have what it takes to compete favorably in an industry seemingly dominated by Samsung, Apple and other emerging brands. No doubt, this is a strong argument by these sets of people, but what must not be taken away from the deal is that the $7.2 billion purchase of Nokia's devices business is probably the no-brainer acquisition of the year. In addition to shoring up Microsoft's most important smartphone partner, the buyout places into Microsoft's hands Nokia’s important technologies besides smartphones. Following the purchase, Microsoft has said that it aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing. Hmm! This is surreal. Microsoft is not known for aggressive branding and advertising. Just maybe, this will help solves Microsoft's ultimate problem: making consumers and businesses want Windows Phones. Nokia is virtually the only smartphone vendor committed to Microsoft’s Windows Phone operating system; other handset manufacturers, including leader Samsung had either given Windows Phone only lukewarm support at best, or had completely ignored the OS to focus on Android. Minus Nokia, Windows Phone will be dead in the water, as the Finnish firm’s handsets accounted for about 84 percent of all Windows Phone shipments. Now, a look away from the handset...
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