Mobile banking is increasingly favored by consumers due to the convenience it offers, allowing users to manage their banking needs through mobile devices. Services include fund transfers, bill payments, and account access, available through SMS messaging, mobile web, and applications. This trend benefits both consumers and banking providers by enhancing customer retention and enabling targeted marketing while reducing operational costs.

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With lifestyles becoming busier today, the benefits of banking-on-the- go cannot be overemphasized.
This is why mobile banking is fast emerging as a favorite with consumers and in turn is evolving as
an effective tool for customer retention, especially with regard to banking providers.
Mobile banking refers to a solution that takes banking beyond the internet to fully harness the
potential of mobile phones that are growing exponentially.

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Today Mobile Banking services are known to span a number of
areas such as:
•Account History
•Loan & Card Statements
Accessing account information
•Fund Transfers
•Bill Payments
Transactions
•Portfolio Management
•Stock Quotes
Investments
•Cheque Book Requests
Support

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Mobile banking is typically available in the
following formats:
SMS Messaging
This is where mobile banking emanated from. It allows the user to transfer funds or access account
information through a text message.
Mobile Web
This is where mobile banking emanated from. It allows the user to transfer funds or
access account information through a text message.
Applications developed for iPhone, Android or Blackberry devices that are one
touch, user friendly and interactive have emerged as well.
The future of Mobile banking, though extends beyond these formats. Services such as remote deposit capture are
already beginning to make an appearance, whereby users are allowed to scan cheques and forward them for
clearing. Such services clearly take the convenience of mobile banking to a whole new level.

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Classification of Mobile banking
Push vs Pull Banking
As the name suggests, push mobile banking refers to the bank sending out information on a pre-
agreed basis. Mobile alerts, in case of a transaction is a good example. Pull banking, on the other
hand, is triggered by a customer by asking for a specific detail for example.
Transaction vs Enquiry based Banking
Access to a bank statement is an example of an enquiry based service while transfer of funds
through your mobile device is a transaction based service.
Mobile banking can also be classified on following basis:

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Advantages of Mobile Banking
The advantages of using these mobile banking services include:
Anytime, anywhere access
Accurate and timely information even on the go
Precious saving of time instead of spending time in administrative jobs
No dependence on availability of an internet connection, as is the case with internet banking
Cost efficiency
Improved user experience
Secure transactions fortified by services such as receipt of SMS alerts on making transactions,
thereby further reducing the risk of fraud

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Advantages for banking service providers
Lower operational costs
Meeting the demands of consumers in real time
Ensuring customer stickiness
Targeted marketing
Cross selling other banking products
Leveraging customer analytics
With smartphone penetration on the rise, mobile banking is clearly set to become the new norm. A situation
that is clearly a win-win both for the customer in terms of convenience and for financial institutions in terms
of growing their customer base and also exploring new revenue streams with robust customer analytics on
their side.

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Disclaimer
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