Mobile Banking Essay

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.

If you want to manage financial transactions on your mobile, install the official mobile application of your bank. To make sure you have the right application, contact your bank directly or access their official website.

Mobile banking is also popularly known as SMS banking or M-banking. It is the latest development in the banking sector that enables us to conduct banking transactions by using the mobile phone.

Aijaz ,Shaikh & Karjaluoto (2014) carried out a literature review on mobile banking adoption. In their research report journal they acknowledged that e-commerce continues to play a significant role in the international business environment. They further stated that technologies and applications now focus more on mobile commerce, mobile computing among others. Consequently, mobile banking has been considered an instrumental channel of distribution and therefore research focus on its adoption. By the year 2017 there is a prediction that over 1 Billion people will be using mobile banking globally which is a representation of 15% of the overall number of mobile users. Statistics also indicate that around half of the overall number of mobile subscribers is unbanked. This therefore indicates growth opportunities for the banks and a current slow trend in adoption of the mobile banking application.

Mobile Banking is by far the best thing since sliced bread; having internet access on your mobile phone allows anyone to do anything that is needed, that is associated with a cellular device. The ability to transfer money from one account holder to the other is remarkably easy. I’m almost

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

i n f o r m at i o n , c o m m u n i c at i o n s & e nt e rta i n m e nt

Nowadays using mobile banking make checking and making payments from your account a lot easier because you are able to check your balance and then transfer money were needed

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 payment technology offers benefits to consumers and merchants by providing advanced payment control and convenience for consumers and an elevated output for merchants.

With the rapid growth of the mobile handset market and market penetration of mobile internet, the mobile payment industry has started to take off. While there are lots of established players in the online payments arena, the mobile payments sector is ripe for disruption both by industry leaders and newcomers. Mobile payments have been suggested as a solution to facilitate micropayments in electronic and mobile commerce, and to provide an alternative for the diminishing use of cash at point of sale (POS) (Menke and de Lussanet, 2006; Ondrus and Pigneur, 2006)

Mobiles are like a money wallet, credit cards, loyalty cards, coupons offering a world of vast new services to all anywhere at anytime. People without a bank a/c can have their finances to be easily manageable through the smartphones and tabs.

On the bank customers’ survey, we also focused on education, because this might affect the demand for electronic banking products. For example, Kwast and Kennickell (1997) have illustrated how education play important role in determining household use of e-money products.

Out of 80 people who were asked by the Researcher whether they have faced with any problem when using mobile money transfer service at one time or the other 69 people said yes, and only 11 people said no. This revealed that 87% of the respondents were faced with challenges when they were using mobile money transfer service while only 13% were not faced with any challenges when using mobile money transfer service. Some of the challenges that were reported include;