Increase in Mobile Banking due to Smartphones

Written by Gopi Chand Alla

It is known that mobile banking gives us the flexibility to access and pay bills, view statements and perform transactions on our accounts via a mobile device. This can be possible only when our mobile have certain features like data plan and network access, such mobiles are called Smartphones.

It is stated that use of smart phones doubled since last year, the studies conducted by Javelin Strategy & Research reveal this fact. In their research it is found that smartphone users are the one likely to use mobile banking as they are well-equipped with sophisticated technologies and network access. Also in their research it is found that this year there has been a drastic hike in financial institutions offering or supporting mobile banking service. After these observations it is found that organizations offering mobile banking service are able to lock their customers.

The author concludes the article with a confrontation that there is a long way to go before mobile banking with smartphones becomes a success. Bank Administration Institute’s (BAI) suggests that there should be proper interaction between wireless carriers, telephone companies and handset makers so that mobile banking can expand its services. They cite several issues such as reliability, security that need to be addressed by telephone carriers.

References:

Steve, R. (Ed.). (2009, August 10). CU360, 35(14). Retrieved September 7, 2009, from Business Source  Premier database.