Mobile Banking

Now life styles are extremely fast as compared with the past. As the technology grows day by day, new revolution in each industry emerges and shining. We are going through the evolution of such kind of a digital world. That is everything that needs more time to handle will be available to operate with in seconds by the help of new technology. Mobile banking(M-banking or SMS banking)  is such a new trend technology, it means a financial transaction conducted by logging on to the bank’s website using cell phone for checking account balances, money transfer, bill payments etc. Result will be sent back to the customer by a short message. Thus Cell phone (GPRS/WAP enabled) is the main source for this concept.

The biggest advantage that mobile banking offers to banks is that it reduces the costs of providing service to the customers. But those services were time consuming to complete the procedures related to a banking process. With the help mobile banking, it is easier to get all the details and make transactions more fastly with our finger tips. Mobile banking also helps the service providers as the way to achieve better growth.

Mobile Banking is the hottest area of development in the banking sector and is expected to replace the credit/debit card system in future. By the help of this, one can bank from anywhere, at anytime in any condition and it is easier to manage your finance. In the past three years the mobile banking customers has increased three times as compared with the credit card/debit card customers.

Advantages of mobile banking:

1. Mobile banking services not only provide simple means of customers to manage their finance, but also offer the opportunity for banks to reduce costs and improve customer relations.
2. Customers could access important account information quickly and reliably.
3. Cost saving.
4. Reduce customer support cost.
5. Improve revenue growth.

Security constraints are only a drawback noticed in this application. As the M- commerce revolution spreads over, security concerns are most valued. Emerging technologies will also results the entry of hacking programs that leads to insecurity. To overcome this insecurity, technology such as authentication of user id and password, data encryption, data decryption etc are used for securing the data transmission. Today all organizations provide well established security for all their transactions via internet. If you have any complaint related to your transaction, Crime detachment cell and experts are there to handle all your complaints.

As we know that India is the fastest growing market in the world, are exploring this new technology to develop more advanced ways for the application. In developed countries m-commerce gained stability and they are also looking for higher developments. As the mobile phone services explored in the rural areas too, m banking will also become popular there. Conclude that ‘It will surely become the inevitable service in the area of m commerce’.

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