Bank of America's Mobile Banking Applications

In past years, BofA has been discussing the bank’s mobile strategies concerning mobile banking and how to incorporate mobile banking that is specific to the customer’s

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

The consumers of a bank utilizing its digital channels would like to access its services whenever they want, from any location. They could complete a transaction using a mobile/tablet. Omni banking provides opportunities to connect with customers, deliver personalized products/services. Banks leveraging the potential of omnichannel banking clinch and maintain long term business relationship with its digital consumers, thereby enhancing their profitability.

There are many benefits that mobile banking provides to its consumers, but I would like

. Mobile services not only offer a new, convenient channel for existing customers of banks, the technology will also provide access to 3 Bnstrong global unbanked population

The Harvard Business School case study Mobile Banking for the Unbanked explores two very different examples of mobile financial service models:

The emergence of smartphones, such as iPhone, Android, and BlackBerry, allowed banks to provide a richer

For many years, people have been waiting in anticipation for the opportunity to use mobile payment as the everyday way to pay for merchandise. As of late this anticipation has grown because on of the largest producers of smartphones are integrated the technology to do so in its newest phone release the iPhone 6 and iPhone 6 plus. Apple has one of the largest market shares of smartphone users standing at a market share of 41.3% in the three months ending in January 2015 according to Jason Hahn. With this release the mobile payment buzz truly took off. Since this release many companies had started offering pay stations that allow for this type of payment method to be accepted. As a result, it is not a surprise to anyone that many of the largest well known companies such as Visa, MasterCard, AT&T, and Verizon have increased their mobile application presence.

Across Latin America, about one-third of personal banking customers are adopting, and using regularly, online banking, and an even newer digital banking channel, mobile banking. The percentage doing so, varies country to country. Yet not every bank is performing equally. Finalta benchmarking studies have set out to uncover how some banks, during the past three years, have managed to increase their digital advantage over the laggards, being left behind.

According to “Andrew Hoog , chief investigative officer of ViaForencis, a Chicago computer and mobile security firm, data could be gleaned if a criminal got physical access to the phone. It could also be obtained remotely if an attacker were able to con a user into visiting a malicious website (Ante)”. Hoog stated, that banking customers can be tricked with a false email or text message which would send customer to a website that would infect the mobile device and allow hacker to confiscate customers’ personal data (Ante). The development of mobile web applications is a new venture. The demand for new web apps is greater than the supply of programmers it takes to create them. The Wells Fargo’s android application displayed account holders username and passwords unencrypted (Ante). “The app also saved sensitive information such as user’s passwords such as user’s checking, savings and other account balances (Ante)”. Although USAA’s droid application may have fewer defects, “it did store an image of the

Mobile operators have quickly enabled 4G systems, alongside the inception of 4.5G services, empowering our initial adoption culture to lead the world in service of smartphone banking.

Mobile apps have brought so much convenience to the way business is done and there is virtually no area of business that apps have not changed. All banks now have their enterprise mobile apps through which customers can carry out certain transactions.

The banking industry has seen an unprecedented growth, and the reason for this is due to the technological developments that provide many new platforms for traditional banking services (Sohail and Shaikh,2008) . Mobile banking applications consider the latest edition to get the financial transactions through Smartphone.

Mobile banking is an application of mobile computing which provides customers with the support needed to be able to bank anywhere, anytime using a mobile handheld device and a mobile service such as text messaging (SMS). Mobile banking removes space and time limitations from banking activities such as checking account balances, or transferring money from one account to another. In recent research and studies it was found that while mobile banking and more specifically SMS-based mobile banking applications have become popular in some countries and regions, they were still not widely used.

The case begins with Ana Peralta,(Director of the Internet Network at Bankinter) analyzing the success of Bankinter’s foray into e-banking through a progressive portalization strategy executed through E-collaborator. This approach was a great success for the Bank nearly doubling the number of new clients with lower costs involved. Riding on this positivity, their stock doubled within a month! There was no doubt that the success of the internet business was vital to the stocks as well as the growth and strategies of the financial services provider.