Mobile banking systems allow users to avail various banking and financial services using telecommunication devices. These services include various information and monetary transactions having evolved from simple SMS banking to complex processes of access to information, investments, support and content services, covering personal as well as the business sectors. Mobile banking system has the following entities as its participants: platform providers of mobile money, telecom operators, payment processors, financial institutions, money transfer agents and regulators. Opportunities in the market are categorized on the basis of transaction mode (sms, wap, direct operator billing, smart cards/nfc, etc.), payment location, nature of payments (P2P, P2B, B2P, B2B) and type of purchases made (transfers, top ups, coupons, merchandise).
With increasing number of smartphone users, mobile banking subscribers are also expected to grow in millions, having banks shift their focus to customer mobile transactions. It is both preferable and comfortable for users to conduct transactions using their smartphones, giving banks an opportunity to gain a competitive leverage over others and position themselves better in the market. M-banking also facilitates mapping, recording and studying customers’ financial transactions and behavior and offer customized services accordingly; allowing banks to gain customer loyalty.
Though time and place convenience and user friendly interfaces for conducting easy banking are aiding in the rapid growth of mobile banking, security is a crucial factor for mobile banking adoption. Service providers also need to overcome handset operability issues by developing stable applications to suit various currently available platforms. Development of new innovative technologies to complement other applications on the user device is essential for this purpose. Connectivity and network infrastructure also become a hindrance in the growth of the user base, resulting into poor user experience, calling for focus on overall experience enhancement by requisite investment in developing stable yet flexible software, technological platforms and applications.
Mobile banking is booming in regions were exists a major under-served or under-banked population in spite of the technological advances or newly experiencing the smartphone boom. Market adoption here varies significantly among saturated and unsaturated countries being slow, intermediate or advanced, developing countries such as India, China, Bangladesh, South Korea, parts of Latin America and Africa and Brazil seeing a robust growth compared to developed regions of Germany, UK, France, Australia and Thailand.
Few m-banking facility providing participants are Aepona, ABSA, Comviva, C-SAM, Don River, LUUP, Google, Obopay, Sybase, eSery Global Ltd., Monitise, SunTrust, Harris Online, Vesta, Union M-Banking, Arvest, Visa, TCF and PayPal Mobile replacing services provided by MoneyGram and Western Union.
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