Emerging Trends and Innovations ofMobile Banking Solutions
Mobile Banking and its AdvantagesWith the advent of high quality mobile communication and its popularity with the masses, mobility has seeped intobanks as an effective tool for online payments, account management, third-party transactions, financial marketing andother services.Mobile banking includes anytime/anywhere banking for consumers with huge decrease in overall service costs.Additionally, it involves high-end secured communication between the bank and its consumers, with severaltransactions and dealings possible through smartphones. A huge number of mobile banking services are availablenowadays providing boost to customer loyalty.The all-pervading characteristics of mobile banking makesthe bank websites perfect access tools for 24X7 bankingwith personalized and tailor-made services available for eachof the customers.In recent years, Mobile Banking or M-Banking is beingheavily used by customers and one can say that internetbanking is responsible for the huge demand. Net Bankingfeatures paved the way to mobile banking as a feasiblealternative to physical branch banking. Now, one can accessones bank account easily on the move, anywhere and everywhere. One can check the overall account balance, viewthe recent transactions made, transfer money to a third party account of some other bank, pay utility bills includingelectricity and mobile and do much more, through a net-enabled mobile device. With the huge internet network in thecountry, mobile banking is not a remote possibility.Mobile banking works on the basic limitation of Internet Banking and in nearly all Asian developing countries, therange and access of mobile connectivity is extremely huge. One can find mobile connections and smartphones even inhomes which do not have a landline net connection or a computer. Mobile connectivity in remote villages and cities isnot a huge problem nowadays since most of the people are able to use mobile adroitly.Mobile banking has changed the face of traditional banking and rendered a newer look to the proceedings. One doesnot need a PC or laptop with internet connectivity for mobile banking, one just needs a mobile. Countries like Chinaand India have witnessed an unexpected rise of mobile devices and connectivity measures in most of their cities inrecent times. Here are the 2009 figures related to Mobile Banking Research according to a survey:
Mobile Banking ResearchQuestion: Do you use any kind of online or electronic banking (eg to check your accout balance, transfer money, or pay bills)? Netherlands 90% Sweden 88% South Korea 87% Mainstream Australia 81% Canada 65% Japan 65% Developed France 62% Germany 60% Us 57% UK 50% Mainland China 47% Hong Kong 44% Growing Spain 41% Poland 41% Italy 24% India 16% 0 20 40 80 100 %Sources: Asia Pacific technographics Survey. 02 2009; European Technographics Benchmark Survey, 02 2009; NorthAmericanTechnographics Benchmark Survey, 2009(Us, Canada)Advantages of Mobile Banking Reduces the operational costs of the banks and proves to be a cheaper substitute to tele-banking facilitiesMobile Banking has aided banks to improve the overall quality of services and even the approach that they have embraced for customer relationship management. Using Mobile Banking, banks are able to attend to a defined cluster of clients. Banks can now offer personalized schemes and discounted services to an elite few for their investment in the bank. Improved image of the bank and its services to upsell or cross-sell its financial products to special set of customers One can also provide additional banking services to the same client base after a market gets saturated and continues to provide sporadic offers and discounts on specific packages. Banks can align their services and offerings on the standards set or the policies implemented by the political conditions in the country. Additional services might include Credit/Debit Alerts, transaction alerts, and requisition of cheque books, fund transfer options, and other like facilities.
Mobile Services Notifications Account and profile management ü transactions Completed Profile updates of personal info ü (crediting/debiting, interest payments.) Card blocking ü ü updates Account New service updates and enrolments ü (delinquency level change, card blocking/unblocking) Marketing services Preconfigured events ü Personalised messages for special occasions ü (fraud notifications, lost and found notifications) Notifications of new services and offerings ü Payments and transfers Account-to-card transfers and vice-versa ü Information services Account-to-third-party account transfers ü üstatements, mini-statements, loan Balance account information, and other miscellaneous Utility payments ü info üand postpaid services Prepaid ü for financial trends information RequestsAuthentication Methods Mobile Banking Management ü and basic authentication Standard ü text setup and in-form automatic updates Message Authentication with confirmation codes ü ü data sources Setup of ü password (OTP) for transfer of money One-time Risk management services ü Transaction add-ons for e-shopping ü Mobile banking enrolment ü
Categories of Mobile BankingMobile Banking activities can be categorized and segregated in two different sections:1. Nature of Service:Banks can implement mobile banking activities based on inquiries or transactions. Customers enquiring about theiraccount balance would belong to Enquiry Based Services while a customer opting for a Fund Transfer to a specificaccount would belong to Transaction Based activity.2. Originator Dependency:These activities are segregated into Push and Pull types ofservices wherein they depend on the nature of theoriginator. A Push based service is a type of service whichoriginates from the bank and ends with the client. Forexample all types of payment alerts represent Push basedservices while asking for recent transaction history wouldbe a part of Pull based service.Mobile Banking services are expected to become more popular with the masses with the diminishing costs of smartphones and other mobile devices. Nowadays, smartphone features huge screens and huge memory size. Mobilewebsites are increasingly being used for better rendering of sites and services within the smartphone. A huge bulk ofhandsets and mobile devices are being used by several people and with days to come, mobile banking is sure to makeinroads in the average daily life of a commoner.Softweb Solutions being a leading provider of wireless Contact our representative or e-mail us atenterprise mobile solutions offers the best industry firstname.lastname@example.org solutions for all the industry verticals. We areglobally recognized as the performance leader, proven to know more about us and how we deliverin most of the areas and industries across all systems, mobility solutions to the organizations across thenetworks and devices. world. You can also visit our corporate website - www.softwebsolutions.com. www.softwebsolutions.com