Introduction
Looks like banks were waiting for an opportunity of this sort to come by. The good part is that even state run banks in developing economies, with their cobwebbed style of functioning are enticed to pull this rabbit out of their hats. What are we talking about? It's Mobile banking!
How about empowering yourself with banking on your palms? Read this article to let you know how.
How banking became mobile
Prior to embracing mobility, banks had invested hugely into computerizing their infrastructure, in tune with times. The arrival of internet prompted banks to set up websites and offer some over-the-counter services like account balance enquiry, cheque requests, money deposit status, enhancements to account and so on. Banks were keeping their customers informed via the Short Messaging Service utility in mobiles. Notifications of money in their account or transaction alerts were communicated via SMS. These do exist even now. All that the customer had to do was register his/her mobile phone number with the bank. After completing a few verification steps, the customer was brought into the bank's information service system.
But the customer yearned to do more than just receive alerts. Questions, provoking capability like "I want to transfer money to a friend's account but I'm stuck in this highway ", "I want to check my tax credits,", "I want to pay my utility bills" and such umpteen questions made their way into the strategy rooms of banks. Given the stiff competition in today's financial services industry, banks were looking for ways to extend their web based services to other, perhaps nimble domains. The introduction of wireless application protocol for mobile web aptly enabled banks to steamroll services into mobiles, thus heralding the era of banking mobile apps.
Why are Software Companies Salivating?
Banking and insurance constitute the largest chunk of any software developing company's revenues. They had already developed the web versions for services which were well received. Now the prospects of turning these services into mobile format meant another huge opportunity.
But all of them cannot replicate the web model to mobile platform as it is a different ball game. That is why banks started courting niche mobile application development companies developing dedicated banking apps. App developers in these firms use the mobile enterprise application platform to develop apps offering a familiar feel of the interface and ease of navigation to the customers.
Banking via mobile has brought about empowerment to even the rural populace that can afford a mobile. Customers can check their account balance, transfer funds, place requests for services, halt fraudulent transactions, view tax credits and so on, while being mobile. Mobility companies indulge in the following mobile banking app developments:
· Android application development
· Windows phone application development
· iPhone application development
· iPad application development
· Blackberry application development
These platforms provide scalable opportunities to develop and enhance banking related apps.
What is the future of mobile banking?
Banking is set to undergo further changes in the coming years. Tablets and phablets, also mobile devices, offer another opportunity to develop customized banking apps because of their larger screen size and navigation patterns. The features and safety offered are expected to increase, requiring rework of architecture to keep the app light, robust and fast.
Mobile banking is here to stay. Its metamorphosis in the coming decades would be a trend worth following.
About Endeavour Software Technologies:
Endeavour Software Technologies is at the forefront of developing apps for mobile banking [http://www.techendeavour.com/mobility-in-banking]. It also provides application development and testing services, strategic consulting, and technology services across all platforms. It has many clients extremely satisfied with wide bouquet of services.
By: Maheshwar Antony
Friday, August 10, 2018
Tuesday, August 7, 2018
Mobile Banking - How Useful Is It?
There are things we can today do on our mobile that one wouldn't have even imagined a decade ago! Some of such innovations have been immensely useful while others have turned out to be unnecessary propositions with no real use. One such feature that I feel fits into the latter category is Mobile Banking! Banks have somehow themselves been confused and unclear about whether they wish to actually market it aggressively or not - as a result, we see many half hearted attempts where some of them advertise it full on for a few weeks, and then have completely forgotten about it!
So lets start by what Mobile Banking really is. I have been using Mobile Banking for almost two years now. To put it simply, the bank offers you an application that you can download from their site and install on your mobile phone (if it is supported). Next, you choose a user id and password and link your mobile with your bank account - sometimes you would need it to be done by your bank, at others it can be as simple as activating it at one of their ATMs. Once done, the app basically provides you access to your bank account's basic features. In general, you would be able to get your bank balance, a mini statement of last few transactions, etc. Though this might sound exciting, I always wonder what great use is this anyway to check your bank balance on your mobile phone??
Anyhow, a better (supposedly) feature that actually could be of good use is the option to pay bills through your mobile for supported operators. This could include bills for your landline, mobile, dish tv, etc. Yes, this feature actually worked for me, but it has its own problems. Those of us using Internet banking already have this convenience of paying our bills online - what is best is that it gets credited to your account instantly. Now again the same question - so why with the mobile phone. A few months back, I paid my phone bile through the mobile banking app - maybe just for the sake of it! And whoa! What I found was that my next month's bill showed up an added late payment fees for the previous month for Rs75 as the bill I paid through my mobile had taken more than a week to credit to my account:( I had to then run after the customer care and have that late fees waved off after trying to explain to them the whole rigmarole!!
What this brings us to is that - Mobile Banking was a technology that sounded promising on the very onset. But I seriously doubt its relevance today. The basic question as we have seen remains - when it's all so easily accessible through your internet, why do you anyway want to do it on the tiny screen of your mobile? How often does it happen that one forgets to pay his bill, is in the middle of a journey and so YES - he makes true use of mobile banking. Or probably another argument regarding not all people having a computer or internet access - well, how many of such people would you actually expect to be so tech friendly so as to use mobile banking on their mobiles?
I would leave it to you to decide whether or not its a thing you would want to try!
Visit Write A Program to read news, views, articles and opinions on mobiles, gadgets, computers and latest technology trends/news [http://www.writeaprogram.net/]
By: S Agrawal
So lets start by what Mobile Banking really is. I have been using Mobile Banking for almost two years now. To put it simply, the bank offers you an application that you can download from their site and install on your mobile phone (if it is supported). Next, you choose a user id and password and link your mobile with your bank account - sometimes you would need it to be done by your bank, at others it can be as simple as activating it at one of their ATMs. Once done, the app basically provides you access to your bank account's basic features. In general, you would be able to get your bank balance, a mini statement of last few transactions, etc. Though this might sound exciting, I always wonder what great use is this anyway to check your bank balance on your mobile phone??
Anyhow, a better (supposedly) feature that actually could be of good use is the option to pay bills through your mobile for supported operators. This could include bills for your landline, mobile, dish tv, etc. Yes, this feature actually worked for me, but it has its own problems. Those of us using Internet banking already have this convenience of paying our bills online - what is best is that it gets credited to your account instantly. Now again the same question - so why with the mobile phone. A few months back, I paid my phone bile through the mobile banking app - maybe just for the sake of it! And whoa! What I found was that my next month's bill showed up an added late payment fees for the previous month for Rs75 as the bill I paid through my mobile had taken more than a week to credit to my account:( I had to then run after the customer care and have that late fees waved off after trying to explain to them the whole rigmarole!!
What this brings us to is that - Mobile Banking was a technology that sounded promising on the very onset. But I seriously doubt its relevance today. The basic question as we have seen remains - when it's all so easily accessible through your internet, why do you anyway want to do it on the tiny screen of your mobile? How often does it happen that one forgets to pay his bill, is in the middle of a journey and so YES - he makes true use of mobile banking. Or probably another argument regarding not all people having a computer or internet access - well, how many of such people would you actually expect to be so tech friendly so as to use mobile banking on their mobiles?
I would leave it to you to decide whether or not its a thing you would want to try!
Visit Write A Program to read news, views, articles and opinions on mobiles, gadgets, computers and latest technology trends/news [http://www.writeaprogram.net/]
By: S Agrawal
Monday, August 6, 2018
Is Mobile Banking Safe?
With the rise in popularity of mobile phones and tablets, there has been a rise in the popularity of mobile banking. Add to that the busy, multitasking lifestyles that are predominant for all walks of life and you end up with a solid need for banking that has mobility. Although so many people already utilize a banking application through their phone or tablet to handle their financial business, it is still a good idea to stop and consider whether or not the method is safe. Fraud and identity theft have exponentially grown in recent years, so there is reason for concern about safety. Not to mention, the savvy consumer always asks questions.
The short answer is that yes, there is risk, but it isn't terribly high. Mobile banking, via a cell phone, tablet, or lap top is as safe as banking online through your home computer. The banking industry saw the trend coming and has invested heavily in protection levels that are difficult to hack. Fraud and scams still can happen, but not by the average thief. In fact, the security measures are so robust, that many banks offer 100% protection if anything does happen due to mobile banking, as long as you report it on time and there is no culpability on your part for sharing sensitive information that made you vulnerable.
Mobile banking can take three forms, short messaging service (SMS), mobile web, and apps. They each offer different ways to interact with the bank and each have their security risks and protections. SMS is the texts that a customer can sign up for that notifies them when their account is low, when a deposit has cleared, or a withdrawal or purchase over a certain amount was made. There are a number of criteria that can be set up for request, and the bank will automatically send a text message to notify the customer. It is a handy tool and since the interaction is tied specifically to a phone registered to your account, it is safe.
Mobile web access is another way to do mobile banking. Through access to the Internet on a phone or tablet, the bank's website can be directly accessed and you can log into your account and perform all functions, as if you were at home on your desktop computer. The rise in smart phones and devices with full QWERTY typing capabilities has increased this method of banking. The rise in busy people doing banking while waiting in a doctor's office, at a child's soccer practice, or while waiting for their order at a restaurant has only encouraged mobile web access. Access to the web is just as safe, whether you get online from home or through a device.
Applications for customer's devices is another way to do mobile banking. They are easy to use on a phone, because they are formatted for fast navigation on small screens. They are safe, because the app is not subject to scams, like text or mobile web access could be, and it was developed to specifically coordinate with the individual bank's security measures.
In the end, protection from fraud comes, like always, with being a savvy customer. Be wary of phishing scams that include text messages or emails asking for personal information, like your SSN, PIN, or account number. Even if it looks legitimate, a bank would never ask for that information in such a way, so report the issue immediately if it happens. It is also smart to notify the bank immediately if your phone or tablet has been lost or stolen. Since it has been verified in their system, they can put a hold on interactions performed through that number, to protect you from theft through the device.
If you would like to learn more about mobile banking in the Dallas area, contact Green Bank. http://www.greenbank.com
By: Angela Landrum
The short answer is that yes, there is risk, but it isn't terribly high. Mobile banking, via a cell phone, tablet, or lap top is as safe as banking online through your home computer. The banking industry saw the trend coming and has invested heavily in protection levels that are difficult to hack. Fraud and scams still can happen, but not by the average thief. In fact, the security measures are so robust, that many banks offer 100% protection if anything does happen due to mobile banking, as long as you report it on time and there is no culpability on your part for sharing sensitive information that made you vulnerable.
Mobile banking can take three forms, short messaging service (SMS), mobile web, and apps. They each offer different ways to interact with the bank and each have their security risks and protections. SMS is the texts that a customer can sign up for that notifies them when their account is low, when a deposit has cleared, or a withdrawal or purchase over a certain amount was made. There are a number of criteria that can be set up for request, and the bank will automatically send a text message to notify the customer. It is a handy tool and since the interaction is tied specifically to a phone registered to your account, it is safe.
Mobile web access is another way to do mobile banking. Through access to the Internet on a phone or tablet, the bank's website can be directly accessed and you can log into your account and perform all functions, as if you were at home on your desktop computer. The rise in smart phones and devices with full QWERTY typing capabilities has increased this method of banking. The rise in busy people doing banking while waiting in a doctor's office, at a child's soccer practice, or while waiting for their order at a restaurant has only encouraged mobile web access. Access to the web is just as safe, whether you get online from home or through a device.
Applications for customer's devices is another way to do mobile banking. They are easy to use on a phone, because they are formatted for fast navigation on small screens. They are safe, because the app is not subject to scams, like text or mobile web access could be, and it was developed to specifically coordinate with the individual bank's security measures.
In the end, protection from fraud comes, like always, with being a savvy customer. Be wary of phishing scams that include text messages or emails asking for personal information, like your SSN, PIN, or account number. Even if it looks legitimate, a bank would never ask for that information in such a way, so report the issue immediately if it happens. It is also smart to notify the bank immediately if your phone or tablet has been lost or stolen. Since it has been verified in their system, they can put a hold on interactions performed through that number, to protect you from theft through the device.
If you would like to learn more about mobile banking in the Dallas area, contact Green Bank. http://www.greenbank.com
By: Angela Landrum
Sunday, August 5, 2018
Mobile Banking at a Glance
What can be better than banking on-the-go? Mobile banking has emerged rapidly in India. This much-needed service proves beneficial in today's fast-moving business environment with unending deadlines for fulfillment, constant appointments scheduled, and several meetings to attend. The mobile banking service allows people to bank from anywhere, anytime, and through any mode i.e., through SMS or through WAP. The Wireless Application Protocol (WAP) is an open global specification that empowers mobile users with wireless devices to easily access and interact with information and services instantly. Moreover, it provides convenient and fast delivery of relevant information and services to mobile users.
It is one of the hottest areas being constantly developed in the banking sector. The following operations can be conducted through most mobile phones:
• Bill payments
• Balance enquiry
• Fund/ATM transfers
• SMS banking
• Location of the nearest branch/ATM
• Cheque payment cancellation
There are certain regulatory and supervisory issues pertaining to mobile banking that are issued by the RBI. The guidelines issued by Reserve Bank on "Know Your Customer (KYC)", "Anti Money Laundering (AML)", and "Combating the Financing of Terrorism (CFT)" from time to time would be applicable to mobile based banking services also. The RBI also says that on registration of the customer, the full details of the terms and conditions of the service offered shall be communicated to the customer.
A per transaction limit of Rs. 2500/- shall be imposed on all mobile banking transactions, subject to an overall cap of Rs. 5000/- per day, per customer. Banks may also put in place monthly transaction limit depending on the bank's own risk perception of the customer.
Though an extremely intelligent and handy service, this service has also faced slack from time to time. There are a large number of mobile phones and it is a big challenge to offer the mobile banking solution on any type of device. The security of financial transactions also complicates things. However, every product or service, alongside its bad points has its own set of advantages. Mobile banking has come in handy in many parts of the world with little or no infrastructure development, especially in remote and rural areas. Thus, it is also very popular in countries where most of their population is unbanked. In most of the countries, banks can only be found in big cities where the customers have to travel hundreds of miles to reach the nearest bank. The biggest advantage that mobile banking offers is that it drastically cuts down the costs of providing service to the customers.
Now a days various banks provide mobile banking service [http://www.kvb.co.in/personal/mobile_alerts.html] through which you know the balance, cheque status and transaction status.
By: Jesica Johnson
It is one of the hottest areas being constantly developed in the banking sector. The following operations can be conducted through most mobile phones:
• Bill payments
• Balance enquiry
• Fund/ATM transfers
• SMS banking
• Location of the nearest branch/ATM
• Cheque payment cancellation
There are certain regulatory and supervisory issues pertaining to mobile banking that are issued by the RBI. The guidelines issued by Reserve Bank on "Know Your Customer (KYC)", "Anti Money Laundering (AML)", and "Combating the Financing of Terrorism (CFT)" from time to time would be applicable to mobile based banking services also. The RBI also says that on registration of the customer, the full details of the terms and conditions of the service offered shall be communicated to the customer.
A per transaction limit of Rs. 2500/- shall be imposed on all mobile banking transactions, subject to an overall cap of Rs. 5000/- per day, per customer. Banks may also put in place monthly transaction limit depending on the bank's own risk perception of the customer.
Though an extremely intelligent and handy service, this service has also faced slack from time to time. There are a large number of mobile phones and it is a big challenge to offer the mobile banking solution on any type of device. The security of financial transactions also complicates things. However, every product or service, alongside its bad points has its own set of advantages. Mobile banking has come in handy in many parts of the world with little or no infrastructure development, especially in remote and rural areas. Thus, it is also very popular in countries where most of their population is unbanked. In most of the countries, banks can only be found in big cities where the customers have to travel hundreds of miles to reach the nearest bank. The biggest advantage that mobile banking offers is that it drastically cuts down the costs of providing service to the customers.
Now a days various banks provide mobile banking service [http://www.kvb.co.in/personal/mobile_alerts.html] through which you know the balance, cheque status and transaction status.
By: Jesica Johnson
Saturday, August 4, 2018
Mobile Banking Grows More Popular Each Year
The term "Mobile Banking" has grown in popularity in recent years, especially with the proliferation of cellular phones around the world. The term does not refer to specific technology, but instead is broadly used when discussing several different methods of using your mobile phone to perform various banking tasks, such as checking balances, transferring funds and making payments. Some mobile customers bank via text messaging, others by accessing their bank's on-line banking web site via their Smartphone browser, and yet others by using bank-specific applications developed for the mobile phone. Whichever method is selected, the overall trend is the increasing popularity of mobile banking in all demographic groups.
At the end of 2012, a survey and report were prepared by the Consumer Research Section of the Federal Reserve Board's Division of Consumer and Community Affairs, known as the DCCA. It was a follow-up to a similar study done the previous year. All findings indicate that Smartphones are becoming more and more ubiquitous in the U.S., and as a result, banking via Smartphone is on the rise. The reasons are obvious - portability and convenience make Smartphones a logical choice for keeping track of your finances. And more banks have apps available to mobile customers for a variety of devices, making it even more readily accessible and simple to navigate, even for novice users.
How many mobile owners utilize mobile banking?
87% of adults in the U.S. own a mobile phone, with 52% of those being internet-enabled; the technology referred to generically as Smartphones. Mobile phones that are not able to access the internet can bank via text message, but the survey reports that Smartphone users are much more likely to utilize banking applications than those with non-internet phones. 48% of Smartphone users have taken advantage of mobile banking, but the overall percentage of cell users banking by phone is just 28%. Even that number is on the rise, up from 21% at the end of 2011. Another 10% of cell phone users responded that they most likely would begin during 2013, indicating that the trend will continue. Of course the mobile phone has a wide variety of uses, with banking being far down on the list. It has been noted that even making phone calls is far less common on Smartphones than checking the time, browsing the internet and playing games.
What groups are most likely to bank by phone?
Younger mobile phone users are much more likely to adapt banking via their mobile than their older counterparts, with over 38% of those aged 18-29 banking on their phone versus just 8% of those over the age of 60.
The higher the household income, the more likely a person is to have banked via their phone, with those earning over $100,000 per year at a 28% usage rate compared with 16% for those earning less than $25,000.
Education also factors into banking on a mobile, with 37% of college graduates having banked by mobile phone while less than 6% of those without a high school education have done so.
What kind of banking do people do via their phones?
The study found that by far the most common banking task initiated via mobile phone was balance and transaction checking (87% of mobile banking customers), followed by the transfer of cash between accounts (53% of mobile bank users). On the rise is the usage of mobile devices to deposit checks, by utilizing a service such as Mobile Deposit, which allows bank customers who are Smartphone users to deposit a check into their account by taking a photo of each side of the check and submitting it to the bank via a Smartphone app. 21% of mobile banking users have utilized such a service.
Why don't people use mobile banking?
Of those surveyed who did not utilize mobile banking, there were 2 common reasons why. The most frequent response was that other banking methods were more useful and convenient, and the customer could see no reason to start banking by phone. The second most cited reason was a concern for the security of their information and finances. In reality, mobile banking applications do offer a high degree of security, with data encryption, strict user authentication and connection limits. If in doubt about the security of your bank's mobile application, visit their web site or contact a bank representative for additional details.
The Federal Reserve report is available for viewing on-line at the Federal Reserve web site for those interested in additional details. It does seem clear that the trend toward mobile banking is firmly implanted in our current culture, and will continue to expand as technology brings us even better security and fast, easy-to-use applications for managing finances. If you are a mobile phone user who doesn't utilize mobile banking, contact your bank for details about their options and how to get started!
By: Ellen Debboli
At the end of 2012, a survey and report were prepared by the Consumer Research Section of the Federal Reserve Board's Division of Consumer and Community Affairs, known as the DCCA. It was a follow-up to a similar study done the previous year. All findings indicate that Smartphones are becoming more and more ubiquitous in the U.S., and as a result, banking via Smartphone is on the rise. The reasons are obvious - portability and convenience make Smartphones a logical choice for keeping track of your finances. And more banks have apps available to mobile customers for a variety of devices, making it even more readily accessible and simple to navigate, even for novice users.
How many mobile owners utilize mobile banking?
87% of adults in the U.S. own a mobile phone, with 52% of those being internet-enabled; the technology referred to generically as Smartphones. Mobile phones that are not able to access the internet can bank via text message, but the survey reports that Smartphone users are much more likely to utilize banking applications than those with non-internet phones. 48% of Smartphone users have taken advantage of mobile banking, but the overall percentage of cell users banking by phone is just 28%. Even that number is on the rise, up from 21% at the end of 2011. Another 10% of cell phone users responded that they most likely would begin during 2013, indicating that the trend will continue. Of course the mobile phone has a wide variety of uses, with banking being far down on the list. It has been noted that even making phone calls is far less common on Smartphones than checking the time, browsing the internet and playing games.
What groups are most likely to bank by phone?
Younger mobile phone users are much more likely to adapt banking via their mobile than their older counterparts, with over 38% of those aged 18-29 banking on their phone versus just 8% of those over the age of 60.
The higher the household income, the more likely a person is to have banked via their phone, with those earning over $100,000 per year at a 28% usage rate compared with 16% for those earning less than $25,000.
Education also factors into banking on a mobile, with 37% of college graduates having banked by mobile phone while less than 6% of those without a high school education have done so.
What kind of banking do people do via their phones?
The study found that by far the most common banking task initiated via mobile phone was balance and transaction checking (87% of mobile banking customers), followed by the transfer of cash between accounts (53% of mobile bank users). On the rise is the usage of mobile devices to deposit checks, by utilizing a service such as Mobile Deposit, which allows bank customers who are Smartphone users to deposit a check into their account by taking a photo of each side of the check and submitting it to the bank via a Smartphone app. 21% of mobile banking users have utilized such a service.
Why don't people use mobile banking?
Of those surveyed who did not utilize mobile banking, there were 2 common reasons why. The most frequent response was that other banking methods were more useful and convenient, and the customer could see no reason to start banking by phone. The second most cited reason was a concern for the security of their information and finances. In reality, mobile banking applications do offer a high degree of security, with data encryption, strict user authentication and connection limits. If in doubt about the security of your bank's mobile application, visit their web site or contact a bank representative for additional details.
The Federal Reserve report is available for viewing on-line at the Federal Reserve web site for those interested in additional details. It does seem clear that the trend toward mobile banking is firmly implanted in our current culture, and will continue to expand as technology brings us even better security and fast, easy-to-use applications for managing finances. If you are a mobile phone user who doesn't utilize mobile banking, contact your bank for details about their options and how to get started!
By: Ellen Debboli
Friday, August 3, 2018
Banks and Mobile Banking: Fish or Cut Bait!
As we say in the south, either fish or cut bait.
When it comes to mobile banking, banks had better get on board or start looking for a closed sign. In the last couple of months, I spoke at the Nebraska Bankers Association Marketing Conference and at the Wolters Kluwer Financial Services Users Summit.
I was shocked at the number of banks that said, "We'll never offer mobile banking. It's not secure and my customers don't want it."
Maybe that explains why research from Javelin Strategy & Research says that credit unions are outperforming community banks, with nine out of 10 credit unions offering web-based mobile banking!
They also found that three out of 10 community banks do not offer a single form of mobile banking.
This consumer growth follows smartphone adoption, which is now at 52% and growing. Javelin research reported that mobile banking added 10 million more U.S. adults in the past year as smartphone usage surpassed feature phones and tablet adoption surged to 21%.
My generation didn't grow up with computers, smartphones or texting, but I personally love "text" banking. I own multiple rental properties in a couple of states and have my tenants deposit their rent directly into my bank. I get text messages instantly showing when their deposits are made and the amount.
I can type in "BAL" to see my balances instantly and "LAST" to see all of my recent history including payments that I've made.
A recent PEW Research study found that text messages have doubled from 60 to 100 per day in the 14-17 year-old age group. I know most banks aren't interested in this age group, but they need to be interested in what's going on with this younger generation. This is the future and the sooner banks embrace it, the better.
The Intuit Financial Services Financial Management Survey reveals how Generation Y banking customers (those born after 1980) differ in their banking habits from the rest of us. Half of 18-32 year-olds use their smartphones to check balances or make payments. That's compared to 20% among the public at large.
Every company in America would love for Consumer Reports to endorse their products and services. So bankers, here's what Consumer Reports says about yours:
"Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debt card for the purchase.
You can also transfer money between accounts, monitor availability of deposited funds, and pay bills. Your bank can send text alerts when your checking balance is low or when withdrawals and deposits are posted to your account. You can get alerts for debit and credit card purchases that exceed a set amount, which might indicate fraud.
The latest innovation, called "remote deposit capture," in mobile-banking parlance, lets you snap a photo of a check with your cell-phone camera and "deposit" it into your account. You can't get cash out of your cell phone yet, but you can use it to find the nearest ATM."
Research from multiple companies shows that mobile phone usage is exploding. Half of our younger generation is using mobile banking and we have Consumer Reports telling everyone why they should be using it.
We have many very good companies in the banking industry that offer secure mobile banking applications to financial institutions. The only reason I can see why banks don't embrace mobile banking is either that they are scared or they had rather cut bait!
Neal Reynolds has worked with hundreds of banks and credit unions around the country helping them to grow core deposits and market share without growing their marketing budgets. Contact him at nreynolds@eadshop.com.
By: Neal Reynolds
When it comes to mobile banking, banks had better get on board or start looking for a closed sign. In the last couple of months, I spoke at the Nebraska Bankers Association Marketing Conference and at the Wolters Kluwer Financial Services Users Summit.
I was shocked at the number of banks that said, "We'll never offer mobile banking. It's not secure and my customers don't want it."
Maybe that explains why research from Javelin Strategy & Research says that credit unions are outperforming community banks, with nine out of 10 credit unions offering web-based mobile banking!
They also found that three out of 10 community banks do not offer a single form of mobile banking.
This consumer growth follows smartphone adoption, which is now at 52% and growing. Javelin research reported that mobile banking added 10 million more U.S. adults in the past year as smartphone usage surpassed feature phones and tablet adoption surged to 21%.
My generation didn't grow up with computers, smartphones or texting, but I personally love "text" banking. I own multiple rental properties in a couple of states and have my tenants deposit their rent directly into my bank. I get text messages instantly showing when their deposits are made and the amount.
I can type in "BAL" to see my balances instantly and "LAST" to see all of my recent history including payments that I've made.
A recent PEW Research study found that text messages have doubled from 60 to 100 per day in the 14-17 year-old age group. I know most banks aren't interested in this age group, but they need to be interested in what's going on with this younger generation. This is the future and the sooner banks embrace it, the better.
The Intuit Financial Services Financial Management Survey reveals how Generation Y banking customers (those born after 1980) differ in their banking habits from the rest of us. Half of 18-32 year-olds use their smartphones to check balances or make payments. That's compared to 20% among the public at large.
Every company in America would love for Consumer Reports to endorse their products and services. So bankers, here's what Consumer Reports says about yours:
"Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debt card for the purchase.
You can also transfer money between accounts, monitor availability of deposited funds, and pay bills. Your bank can send text alerts when your checking balance is low or when withdrawals and deposits are posted to your account. You can get alerts for debit and credit card purchases that exceed a set amount, which might indicate fraud.
The latest innovation, called "remote deposit capture," in mobile-banking parlance, lets you snap a photo of a check with your cell-phone camera and "deposit" it into your account. You can't get cash out of your cell phone yet, but you can use it to find the nearest ATM."
Research from multiple companies shows that mobile phone usage is exploding. Half of our younger generation is using mobile banking and we have Consumer Reports telling everyone why they should be using it.
We have many very good companies in the banking industry that offer secure mobile banking applications to financial institutions. The only reason I can see why banks don't embrace mobile banking is either that they are scared or they had rather cut bait!
Neal Reynolds has worked with hundreds of banks and credit unions around the country helping them to grow core deposits and market share without growing their marketing budgets. Contact him at nreynolds@eadshop.com.
By: Neal Reynolds
Mobile Banking - The Future of Banking is Here
The advent of the Internet revolutionized the way the financial service industry conducted their businesses. They empowered organizations with new business models and new ways to offer non-stop accessibility to their customers. The ability to offer financial transactions online has also created new players in the financial services industry, such as online banks, online brokers and wealth managers who offer personalized services, although such players still account for a tiny percentage of the industry. Mobile devices, especially smart phones, are the most promising way to reach the masses and to create "stickiness" among current customers, due to their ability to provide services anytime, anywhere, their high rate of penetration and potential to grow has made them a dominating force in the world of e-banking. The mobile banking business model depends on banking agents, i.e, the retail or postal outlets that process financial transactions on behalf of telcos or banks. The banking agent is an important part of the mobile banking business model since customer care, service quality, and cash management will depend on them.
Mobile Banking models are classified into 3 main categories. 1) Bank Focused Models, 2) Bank-Led model, 3) Non-Bank led model. The bank-focused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers. Examples range from use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to bank customers. The bank-led model offers a distinct alternative to conventional branch-based banking, through which a customer conducts financial transactions at a whole range of retail agents (or through mobile phone) instead of at bank branches or through bank employees.
This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner (telco / chain store) having experience and target market distinct from traditional banks, and may be significantly cheaper than the bank-based alternatives. The non-bank-led model is where a bank does not come into the picture (except possibly as a safe-keeper of surplus funds) and the non-bank (e.g: telco) performs all the functions.
Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. Currently (September, 2008), there are 47 million mobile users, with approximately 2 million being added every month While the government incurs a transaction cost of Rs 12-13 for every Rs 100 it shells out, mobile banking helps it reduce the cost to a mere Rs 2. RBI estimates that around 40 per cent of Indians lack access to formal financial services and are largely 'unbanked'.
The number of mobile users is estimated to have far surpassed the number of Internet users. Hence it is important to safeguard the secure usage of this medium for financial transactions. Some techniques that can be implemented for the same include using the phone-lock function on your mobile device when it is not in use, choosing passwords which are difficult to crack and keeping them safe and ensuring that the phone is configured securely, especially when it comes to configuring the Web browser and email software. Keeping your mobile phone updated with the latest patches and updates including anti virus updates help a lot.
Financial adviser and banking counselor employed with one of India's leading financial institutes. To read about term loans & term deposits in detail click below http://www.barclays.in/channels/mobile/mb_features.htm
By: Michal More
Mobile Banking models are classified into 3 main categories. 1) Bank Focused Models, 2) Bank-Led model, 3) Non-Bank led model. The bank-focused model emerges when a traditional bank uses non-traditional low-cost delivery channels to provide banking services to its existing customers. Examples range from use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to bank customers. The bank-led model offers a distinct alternative to conventional branch-based banking, through which a customer conducts financial transactions at a whole range of retail agents (or through mobile phone) instead of at bank branches or through bank employees.
This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner (telco / chain store) having experience and target market distinct from traditional banks, and may be significantly cheaper than the bank-based alternatives. The non-bank-led model is where a bank does not come into the picture (except possibly as a safe-keeper of surplus funds) and the non-bank (e.g: telco) performs all the functions.
Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. Currently (September, 2008), there are 47 million mobile users, with approximately 2 million being added every month While the government incurs a transaction cost of Rs 12-13 for every Rs 100 it shells out, mobile banking helps it reduce the cost to a mere Rs 2. RBI estimates that around 40 per cent of Indians lack access to formal financial services and are largely 'unbanked'.
The number of mobile users is estimated to have far surpassed the number of Internet users. Hence it is important to safeguard the secure usage of this medium for financial transactions. Some techniques that can be implemented for the same include using the phone-lock function on your mobile device when it is not in use, choosing passwords which are difficult to crack and keeping them safe and ensuring that the phone is configured securely, especially when it comes to configuring the Web browser and email software. Keeping your mobile phone updated with the latest patches and updates including anti virus updates help a lot.
Financial adviser and banking counselor employed with one of India's leading financial institutes. To read about term loans & term deposits in detail click below http://www.barclays.in/channels/mobile/mb_features.htm
By: Michal More
Thursday, August 2, 2018
Mobile Banking on Your Fingertips
Mobile banking basically refers to the availability of banking services on one's mobile phones. This service may be broadly classified into two broad categories: Mobile payments and mobile information services. Mobile payments include utility bill payments, cash transfers, payments to vendors, etc. Mobile information services include balance updates, transaction updates, etc. These are also at times offered to top customers as separate services, exclusive of mobile banking.
It has been observed that this banking service has been growing at a rapid pace, especially during the last few years.
It is expected to be the next big thing in the banking sector that banks would be increasing this service offered everyday. Some of the services offered by banks under it are: Mini-statements and checking of account history, alerts on account activity, access to loan statements, access to card statements, mutual funds / equity statements, insurance policy & pension plan management, status of cheques, balance checking in the account, recent transactions, blocking of (lost, stolen) cards, domestic and international fund transfers, mobile recharging, bill payment processing, and withdrawal and deposit at banking agent.
Mobile banking truly represents the adage of "Anytime, Anywhere banking". That said, even this banking is not immune to drawbacks. With an increase in number of mobile banking users, especially those making mobile payments, the expectations keep rising. Mobile banking being relatively new and operating in an ever changing arena, banks need to continually update themselves on the emerging trends and changing needs. Banks offering mobile banking increasingly face problems such as handset compatibility, security of mobile payments, transactions and information updates. With users being from all over the world, mobile banking needs a dependable server and system that's up and running 24x7. Programs if any, need to be up to date, and highly user friendly.
This Banking applications found in all parts of the world. People across all walks of life and from different cultures make mobile payments. Though North America and Europe are the established players in this banking, emerging markets are now Asian and South American countries. In India, surveys suggest that 43 million urban users use this service in their everyday lives. That's a reach of 15% in the urban Indian mobile user base. Surprisingly, rural areas aren't very far behind. This service also available in different regional languages, and the spread of mobile phones being far and wide, villages and towns also see a growing trend in this section especially in the banking information services.
The stage seems to be set to move into a new decade of banking from our mobile phones. With services like mchek coming into play, mobile banking may very well force out currency notes in many years to come.
Use mobile banking and pay the bills through mobile payment service. For more details visit Barclays.in. http://www.barclays.in/channels/omt/mobile_recharge.htm
By: Michal More
It has been observed that this banking service has been growing at a rapid pace, especially during the last few years.
It is expected to be the next big thing in the banking sector that banks would be increasing this service offered everyday. Some of the services offered by banks under it are: Mini-statements and checking of account history, alerts on account activity, access to loan statements, access to card statements, mutual funds / equity statements, insurance policy & pension plan management, status of cheques, balance checking in the account, recent transactions, blocking of (lost, stolen) cards, domestic and international fund transfers, mobile recharging, bill payment processing, and withdrawal and deposit at banking agent.
Mobile banking truly represents the adage of "Anytime, Anywhere banking". That said, even this banking is not immune to drawbacks. With an increase in number of mobile banking users, especially those making mobile payments, the expectations keep rising. Mobile banking being relatively new and operating in an ever changing arena, banks need to continually update themselves on the emerging trends and changing needs. Banks offering mobile banking increasingly face problems such as handset compatibility, security of mobile payments, transactions and information updates. With users being from all over the world, mobile banking needs a dependable server and system that's up and running 24x7. Programs if any, need to be up to date, and highly user friendly.
This Banking applications found in all parts of the world. People across all walks of life and from different cultures make mobile payments. Though North America and Europe are the established players in this banking, emerging markets are now Asian and South American countries. In India, surveys suggest that 43 million urban users use this service in their everyday lives. That's a reach of 15% in the urban Indian mobile user base. Surprisingly, rural areas aren't very far behind. This service also available in different regional languages, and the spread of mobile phones being far and wide, villages and towns also see a growing trend in this section especially in the banking information services.
The stage seems to be set to move into a new decade of banking from our mobile phones. With services like mchek coming into play, mobile banking may very well force out currency notes in many years to come.
Use mobile banking and pay the bills through mobile payment service. For more details visit Barclays.in. http://www.barclays.in/channels/omt/mobile_recharge.htm
By: Michal More
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