Like the other businesses, banks too have tasted the increased revenue income with mobile technologies and from then onwards mobile ecommerce solutions are constantly reviving the banking industries. With the availability of the bank related financial services via Smartphones, banking technology has arrived at a new milestone called mobile banking.
Mobile banking or mbanking is getting popular among banks around the world as it has proved additional revenue generation by reducing costs and simultaneously catering to the needs of the tech savvy customers. The customers are served the best by mobile banking solutions as this technology enables secure financial transactions even via unsecured networks.
With the advancements in mobile technologies customers plan and strategize their banking transactions while on the move with a sense of security. Within an empirical research poll, it was found that banking industries profit heavily from three kinds of people.
The three target audiences of mobile banking technology are:
Youngsters: The teenagers on an overall analysis might not have relevancy in contributing to the revenue or financial inputs but these are the folk that will determine the banks' future economy with respect to technological upgrades. The 'school group' will be the future entrepreneurs and business professionals who are used to ubiquitous computing and will definitely expect their banking transactions to be done with a simple click or touch. So banking industries should keep track of their future customers' habits and behaviors to frame a successful long term mobile banking solution.
Young Professionals: Admittingly this lot is unstable with their financial conditions but then, this scenario is just a passe with this group and banking professionals ought to consider their behaviors or activities to turn them into their loyal customers in the future that would contribute heavily in the incoming revenue for banks. This young generation set of people are innovative in their ventures and as tech savvy as the previous group but also sensitive when it comes to making monetary assets in trusted financial institutions. Thus, banks should frame policies that would enable investments in future from this core group of audience.
Business Clientele: Undoubtedly, the business owners of all niches are a muse to the banking industry. They are knowledgeable, economically sound and are time conscious. This set of the people look up to the banks for quick guidelines and financial transactions with respect to their investments and funds. Mobile device as medium of fund transfer between individual accounts is something this group will be interested in and by serving to this demand the bankers earn the trust and commitment from the business class people.
For all these unlimited demands from the various groups, mobile banking solutions help the banking industries to overcome the limitations posed by geographical barriers, demographic intensity and this step towards mcommerce in banking will ease out the pressure on the banking staff in remitting heavy amounts of currency. Mobile banking is also a safe option when it comes to foreign exchange transaction as this technology seamlessly encourages financial transactions over cross borders. Android, iPhone, Blackberry and Window Phone 7 are some of the best mobile phone operating systems on which bank related mobile apps are built.
Endeavour - The Mobility Company specializes in developing mobile ecommerce [http://www.techendeavour.com/Mobility_in_Retail] solutions for retail owners, insurance companies and banking sectors. Some of the major clients who trust Endeavour for mobility services with respect to the above mentioned business platforms are TESCO, Digi-Data, RMB Capital Partners along with many more fortune 500 companies.
By: Anand Raju
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