Bank of America's Mobile Banking Applications

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

12. Banks like USAA use provide web-based and mobile computing options for their customers. Web-based computing allows users to complete longer more detailed processes like applying for a credit card or a home loan. Mobile computing, however, allows users to connect with companies, mostly in a limited fashion, while on the go. USAA, for example, allows customers to transfer money, review their products through their mobile

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

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

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 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.

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.

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 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 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.

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.

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.

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.

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