The Future of Banking: the Mobile Banking Revolution

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The Future of Banking: The Mobile Banking Revolution
Brett Lord
Florida Institute of Technology
Strategic Management
Professor Uchenna Nwabueze
March 24, 2013

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.
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NFC technology. Near-field communication, or NFC, technology is gaining momentum in the mobile banking area. NFC-enabled will be able to pay merchants, redeem coupons and store merchant loyalty cards. These smartphones can make point-of-sale purchases and redeem cash-back rewards at subscribing
Moreover. Trowbridge’s (n.d.) article discusses the end of branch banking as we know it with the spread of mobile banking. As more people bank online and via smartphone, banks are evaluating the future of the old-fashioned branch. Trowbridge article states that "The number of transactions in branches is plummeting," says Brett King, author of "Bank 3.0" and "Branch Today, Gone Tomorrow." Customers don 't visit branches as often, "because people do so much more of their day-to-day banking without them." The following are excerpts from her article:
Do-it-yourself banking
The branch of the future "will look more like an airport check-in than a traditional bank branch," Coyne says. Fewer tellers will manage a handful of self-serve computer screens, much like airline ticket agents at major airports do.
Talk to experts by teleconference
Need to meet with a mortgage loan officer or personal banker? Pull up to a computer. You 'll soon be meeting him or her via teleconference in the branch rather than in person. "As the technology becomes more mainstream, eventually you 'll be able to
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