Mobile banking provides the ultimate customer banking
The introduction of the Internet revolutionized the way the financial service industry conducted their businesses and empowered organizations with new business models and new ways to proffer non-stop accessibility to their customers. The ability to offer financial transactions online has also shaped new players in the financial services industry like online banks, online brokers and wealth managers who offer personalized services and such players still account for a tiny percentage of the industry.
Mobile devices are the most promising way to attain the masses and to create “stickiness” among current customers due to their capability to provide services anytime, anywhere, their high rate of dissemination and potential to fabricate has made them a dominating force in the world of e-banking. The mobile banking business model depends on banking agents, the retail or postal outlets that process of financial transactions. The banking agent is an essential part of the mobile banking business model since customer care, service quality, and cash management will depend on them.
Mobile Banking models are classified into three main categories including Bank Focused Models, Bank-Led model and Non-Bank led model. The bank-focused model emerges when a traditional bank employs non-traditional low-cost delivery channels to provide banking services to its existing customers ranging from the use of automatic teller machines (ATMs) to internet banking or mobile phone banking to provide certain limited banking services to bank customers.
Mobile Banking is the newest area of development in the banking sector and is expected to restore the credit/debit card system in future. The number of mobile users is predictable to have far surpassed the number of Internet users and it is significant to safeguard the secure usage of this medium for financial transactions. Some techniques that can be put into practice for the same include using the phone-lock function on mobile device when it is not in use choosing passwords which are difficult to crack and keeping them secure and ensuring that the phone is configured securely when it comes to configuring the Web browser and email software.