Mobile Banking And Its Impact On The Economy, Transportation, Banking, And The Banking Industry

Internet banking refers to an online facility which provides an alternative channel for delivering banking or financial services and enables individuals to access their accounts anytime and anywhere through a bank’s web site (Z. Liao, Z., and M. T. Cheung, 2012). In other words, online banking named as E-banking, internet banking or virtual banking. Generally, the operation of online banking is connect to the core banking system designed by bank and then contrast to branch banking which refer to traditional way of bank customers accessed to banking services. Nowadays, internet banking is one of the most important businesses in electronic business around the world (Ariff et al, 2012). Most of the conventional banks have to operate and provide the online banking service to their customers as needs by

Flexible virtual banking system: Financial institutions have spent a great deal of time and money developing online banking functionality to allow customers an easy and convenient way to manage their money (Williamson, 2006). A customer can check balance by logging into banks website through

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 present project is Sever Integrated Banking is the easiest form of accessing one’s Bank account. The main objective of this project is to facilitate the Bank Customer to access his/her account without having needed to go to Bank or ATM. Now we can access our bank account and conduct a host of banking transactions and inquiries through Internet service. The Net Banking solution’s self-service capabilities empowers customers to manage their banking activities better. The general procedure is that the Customer has to go to near ATM/Bank in order to access his account. The main disadvantage of this system is, it is time consuming, costly and it is a tedious process to go there for every small work. The current project gives the best alternative. As it is 24 hrs available and has a maximum reach even to the places where banks are not available. Customers can make fund transfers to others, knowing all information regarding all policies and also customer can pay all bills through net only.

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.

Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.

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.

Furthermore, the development of the mobile phone also benefits the banking services. People can easily access to their account through the mobile Internet. Secondly, particular applications have been invented for mobile users to manipulate their banking service. For example, HSBC has

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

Perceived risk arises from the uncertainty that customers face when they cannot foresee the consequences of their purchase decisions. (Aldás-Manzano, et al., 2009). Mobile banking risk is perceived to be higher than traditional banking channels as they operate on open technological infrastructure which creates implicit fears that hacking and other malicious attacks that cause financial loss and manipulation of personal data might occur. (Koenig-Lewis, et al., 2010)

Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Financial institutions are expanding the services offered through mobile banking to attract younger customers as well as reduce costs. In an effort to reduce costs, banks are investing in technologies to change the banking landscape with do-it-yourself banking, teleconferencing with customers, eliminating paper, and reducing branch size.

Chian-Son Yu Department of Information Technology and Management Shih Chien University # 70, DaZhi Street, Taipei, Taiwan csyu@mail.usc.edu.tw

Banking agents are the backbone of mobile banking, i.e., performing transactions over a mobile device, most often a mobile phone. To enable clients to convert cash into electronic money and vice versa which can send be sent over their mobile phone, clients will have to visit a branch, automated teller machine (ATM), or banking agent. Especially in remote and rural locations, where cash is still the most important way to pay and transact, a mobile banking service is dependent on

On 11 April 2014, Finserve Africa a subsidiary of Equity Bank got its MVNO Licence. This act was intended to reduce the trade expenses and increase revenue stream by granting money transaction plus many other telecommunications services to more than 8 million subscribers. Equity Bank’s mobile and banking services platform launches a year after it had to deal with a myriad of inquiries from industry regulator, Communications Authority of Kenya, Members of the National Assembly and the industry top watchdog, the Central Bank of Kenya (CBK). The CA later approved use of thin-SIM technology in Kenya, even though there was opposition from competitors claiming that the technology could compromise some of the services they offered to there customers login security. Equitel’s 0.1mm-thin SIM can be overlapped on any other conventional SIM card. This makes it likely to enjoy use of Equitel and together utilize your original SIM – pretty much like handling a dual SIM phone only now you won’t have to purchase a new phone to host an another SIM card. If already donning a dual SIM phone, then you can either buy the regular SIM or opt for tri-SIM functionality by using some money on the thin-SIM.

Citibank had designed its own mobile banking software that can be downloaded and installed on more than 100 handsets over any carrier’s network