Essay about Technology is Necessary for the Banking Industry

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Background of the Study

In everyday lives, people are influencing by new invented technologies, which they used as one of their communicating tools. Banks are already been adopted and utilized in such as internet and mobile technologies. They used them as one of their financial services in order to cater the needs of their customer in an easy and accessible ways. A fact, that part of the growing economic condition of the country, technologies gives the big role in making banks more productive. Without technology system, they cannot operate some of their transactions as fast as possible. Mobile Financial Services is developing by using mobile phone. It consist two commonly categories such as mobile banking services and
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For the financial inclusion, the Philippines potentially offer mobile devices as their transformational tool. Since (2004), the early innovators of the Philippines initiate mobile money services.Although levels of active usage are below what initially hoped, a Consultative Group to Assist the Poor (CGAP) study found that of all active mobile money users in the Philippines, one-half were non-banked and about one-quarter were considered poor by local standards. A shortage of cash-in and cash-out agents and strict KYC (Know Your Customer) procedures has perhaps prevented mobile usage from expanding further.
In the area of Southern Mindanao particularly in Davao City, different banks, pawnshop or even some communicating networks offered mobile financial services. In a well competitive firm in the city, Expansion strategy is one of the ideas in getting out more patrons. This strategy is rigorously aware to a customer that receiving/remitting is not the only essence of money transferring but also the essence of time, whenever or wherever they like.
There are certain networks like GCASH, Smart Money and PayPal offering mobile money that which you can be able to transfer your money via mobile phone that connected to a mobile wallet that linked to the SIM card. It allows depositing and withdrawing to their bank accounts, facilitates money remittances, loans settlement, disbursement of salaries or commissions, buy, sell
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