Since the development of cell phones and wireless technology, the ways in which phones are used has changed dramatically. Today, it is estimated that approximately 15 million people in the United States alone use mobile phones, with numbers expected to hit around 90 in the next five years. Then when looking at the European market, currently some 10 million people use mobile phones with it anticipated numbers to reach 115 million by 2015. Obviously, Europeans are more eager to purchase mobile phones but remember this technology is available around the world, even in remote countries.
Using mobile banking offers a number of incredible and fascinating advantages to conducting banking in other ways. Among the top mobile phone companies, a variety of banking business models now exists. Remember that each of these companies such as Sprint, Nextel, T-Mobile, Singular, and so on are all vying for your business while trying to keep up with growing demand by the public for more innovative solutions, especially when it comes to finances. Therefore, mobile banking models are quite broad.
For instance, when mobile banking models are developed as a means of attracting low-income populations, which is common in many rural areas, the model would depend heavily on banking agents, such as retail stores, post offices, etc for financial transactions to be processed on behalf of the bank. In this particular case, the banking agent is crucial to the mobile banking model to work. Models such as this are used around the world, with some banking agents being airports, bakeries, pharmacies, grocery stores, and so on.
Another model specific to mobile banking is known as the "bank-focused model". This particular mobile banking model would be used whenever a conventional brick and mortar bank uses some type of non-conventional and inexpensive delivery channel as a way of providing services to existing bank customers. A perfect example would be mobile banking, although online banking and ATMs are also possibilities for providing customers with banking services. Keep in mind that this model provides only limited services of what the conventional bank would offer.
Next, the bank-led model for mobile banking is an alternative solution from using a traditional bank. Unlike the bank-focused model where services via mobile phone would be limited, with this model the customer would have the same range of services that a brick and mortar bank offers. Because the delivery channel is different, services are more robust. For this model to work a JV would need to be created between the bank and non-bank agent or a correspondent arrangement would need to be established.
When mobile banking is used where a bank has limited involvement in the daily management of accounts, perhaps only being responsible for protecting money with FDIC insurance, the model is called a "non-bank-led model". Because of these and other models used to make it possible for people to use mobile banking, various services can be enjoyed by customers, some to include:
For instance, customers would enjoy a variety of options for obtaining information about accounts to include mini-statements, checking and savings account history, account activity alerts based on set criteria, deposit monitoring, access to all bank statements, ordering new checks, balancing accounts, transferring money, changing a PIN code, reporting or blocking a lost credit card, and much more.
The different models also make it possible for customers to perform a number of functions through the mobile phone such as handling payments online, making withdrawals and deposits at a banking agent, managing stock portfolios, and more. Of course, along with all this, mobile banking also comes with quality support whenever the service is through a reputable bank.
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By: James A Jackson
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