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

874 Words4 Pages
EXECUTIVE SUMMARY
The way we live today is so much influenced by computing technologies. Computers control the economy, transportation, banking and many other functions. Internet and mobile technologies are increasingly being adopted and utilized in the banking industry; this has reshaped the consumption of financial services. Electronic banking is considered a way of delivering banking services through the internet to the consumer at a reduced cost to the banking industry and improved convenience to the customer . However there exists a low internet connectivity in the developing countries given the costs of connection especially in rural areas and yet banking services need to be brought closer to the population to enhance development . A viable solution here is mobile banking. Mobile banking is considered as a service that enables users to receive information regarding the status of their accounts, transfer among bank accounts, to facilitate stock trading and direct payment confirmation using mobile devices.

So with this in mind, in CFCU we are planning to implement mobile banking technology. The main objective is to develop mobile application for Android and IOS for the customers to have real time access to their bank accounts. Customers can access their accounts, Transfer money, Deposit checks, pay their bills using our feature that allows them to set up monthly recurring payments. Furthermore, for better visualization, we also plan to present customers with dashboards
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