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
Friday, February 1, 2019
Thursday, January 10, 2019
Unique Models Associated With Mobile Banking
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.
Learn More about Mobile Banking App visit Breeze by Standard Chartered [http://breeze.standardchartered.com/]
By: James A Jackson
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.
Learn More about Mobile Banking App visit Breeze by Standard Chartered [http://breeze.standardchartered.com/]
By: James A Jackson
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