Mobile Banking

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

Technologies have allowed the banking industry to expand . Cell phones are now able to monitor consumer expenditures effectively and have become a new banking tool within the generation. Many opportunities arise with technology increasing. The banking institutions must be able to determine what future technologies may arise in order to be able to capitalize on that market. Recognition is essential during this time period for CIBC as they must maintain the technology consumers demand. The Canadian Imperial Bank is placed extremely well with a significant and assured customer base from the level of the government and the public sector business. Many government parties will do business with

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

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

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.

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.

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)

Executive Summary- Bank of America (Bofa) is one of the leading creators of the mobile banking application, lately since the app has been created they have noticed that new features and platforms of the applications are starting to cause issues dealing with technical support and functions that the app possess such as viewing your mortgage or using rewards points. Jen McDonald who is the head of the digital marketing group decided one day that the company needed to go in a new direction so herself and a couple of the executive heads Aka Douglas Brown and David Carrol who are head of mobile strategy and senior vice president decided to bring in Starcom to create an application which would be more accessible for users to view there account information. Bofa Decided to launch the mobile banking app in May 2007, which allowed customers to access there accounts via Smartphone through the mobile banking browser. Brown one of the heads was the lead of development and had stated within three years the there will be around 3 to 4 million users. This would make Bofa one of the first with the newest technology and would open new opportunities in their financial department. One of the major issues that Bofa is going to face according to Brown is complexity of the application he believes adding more features could slow down the app and negatively affect the users experience, this could leave to high profile failures which could effect the company heavily. Building more apps means

Introduction Mobile Commerce – Business Context Mobile Commerce Strategy Mobile Channel Strategy Mobile Marketing Mobile Sales Mobile Service Mobile Payment Mobile Wallets Mobile Commerce Transaction Mobile Banking and Mobile Money Mobile Commerce Transformation Roadmap Mobile Commerce – Payment Business Scenarios Card based Mobile User to Business – Payments (CM2B) Mobile – Wallet – User to Business – Payments (M2B) Mobile – Wallet Mobile Users to Mobile User – Payments (M2M) – Remittance Services Mobile – Wallet CrossBorderM2M Mobile – Wallet Cross Border M2Account. Mobile Commerce – Payment Processing Models Card based

The banking industry gained the opportunity to improve the quality of services offered to their customers with a mechanism that marked the way for the introduction of sophisticated services at a negligible cost. Providing Banking Services through internet proved fruitful to bankers in terms of establishing a single platform for providing a wide range of services and reducing the cost involved in such service offerings. This mechanism revived the service structure of the banking industry and provided customers with cost, convenience and comforts.

In the banking industry its has been in the form of online banking which is now replacing the traditional banking practices as traditional banking often cost more than online banking .Most bank cost often maintenance fee and teller interaction fee for every transaction processed. Online banking has lot of benefit which add value to customer satisfaction in terms of better quality of sevices offering and also helps the bank to gain more competitive advandages to over than other competitors. Online banking or internet banking

However, banking at home on a computer had some serious limitations. In U.S. context, only 62 percent of American households have a computer which was revealed by a 2003 study conducted by the U.S. Census Bureau and only 28 percent of Americans have broadband Internet access, which is essential for efficient, convenient service. The biggest issue, however, is mobility which is eliminated by the mobile phones. They can be carried anywhere and are available with an enormous number of people. Worldwid¬e there are more than 3.25 billion mobile

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

The study came to a number of conclusions among which states that, the provision of mobile money services by various service providers has had a positive impact on the performance of the banking institutions. It therefore recommends that, banks should conduct research on other possible mobile money services packages that are user friendly and develop them so as to enable deposit/withdraw of money using mobile phone which will meet different customer requirements and capture market niches that competitors have not identified hence expand on the market share leading to

Introduction During the last years, the banking industry has developed noticeably. The financial services industry is altering rapid and visible. Previous ways of doing business are fading fast. Together with this fast transition is also the rising competition among banks. One of the greatest influences behind all of this is the growing development in information technology. Because of this, costumers have been familiar with the ways of electronic banking services and its systems. Electronic banking is sometimes defined as