10-04-2017, 09:29 PM
Abstract:
Globally, various initiatives use the mobile phone to provide financial services to those with or without access to traditional banks. This paper outlined vividly the use of mobile phone in the banking industry, its economic implications, and in general a systematic look into the various forms of mobile banking with emphasis on the security measures that makes the whole process safe for adoption. The emergence of m obile banking technology systems has implications for the general discussions about mobile telephony in the developing world. Existing theory about the significance of mobile communications in the developing w orld has focused on voice and text messaging. Moreso, the emergence of mobile banking also underscores how, occasionally, innovations emerge from unexpected places and have the capability of reconfiguring the significance of a technology to its users, offering a way to lower the costs of moving money from place to place and opening a way to bring more users into contact with formal financial systems. Key Words: Mobile phone, banking system and economy
INTRODUCTION
Banking can simply be expressed as the business of keeping, lending, exchanging and issuing money [Barnhart and B arnhart, 2000]. It can also be express as the business of bankers. Banking today is undergoing a radical transformation. The symptoms are obvious; new products, new players, new channels are appearing daily. This transformation is taking place across all sectors of the banking industry. Information technology is one of the major issues on any bank chief executive s agenda, thrust into prominence by the massive and increasing magnitude of its costs at a time when competitive pressure has never been greater, (Carrington et al., 1994). Information system/technology can be any organized combination of people, hardware, softw are, communications networks, and data resources that collect, transforms, and disseminate information in an organization,[http:/jonathandonnerdpnner.te ller.m-banking use pdf.]. Banks urgently need to improve the ability to think strategically about information technology investments. Only banks that use their technology resources effectively have the opportunity to secure real competitive advantage in this fast changing industry through real product or service differentiation. Since 1980, banking in the UK has undergone tremendous structural changes, this has been primarily the result of new regulation and new technology, which itself precipitated the change in regulation. One of the most important regulatory changes is the abolition of credit controls on sterling lending, which was followed by the expansion of the bank s direct consumer lending, credit card and montage business. MATERIALS AND METHODS Mobile Banking Technology: If technological revolution is at its peak, one of the notable sectors of the economy where technology is at it helm of affairs w ith respect to customer service is BANKING. Over the years, banking has transcended from a traditional brick-and mortar model of customers queuing for services in the banks to modern day banking where banks can be reached at any point for their services. In today s business, technology has been on the predominant indicators of growth and competitiveness. The banking industry today is in the industry of it revolution. The combinations of regulatory and competitive reasons have lead to increasing importance of total banking automation in the banking industry. Information technology has basically been used under two different avenues in banking. One is communication and connectivity and other is business process. Reengineering both, basically focusing on increasing its customer reaches. Information of technology enables sophisticated product development, better market infrastructures, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. The latest revolution seems to happen with respect to mobile banking an attempt to leverage on the synergies of mobile banking technology in telecomm and information technology in the banking services
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