THE ADVENT OF MOBILE BANKING SERVICE

It has been made easy to access your bank accounts from any location using our mobile phone. The modern technology has gained such heights, that the banking services are made available through the mobile phones which we use daily. Today, almost 90% people have their mobile phone. Banking services have been made available on the mobile phones in the recent years. This facility is also growing fast and wide like the mobile phones. The bankers also try to reach their customers with whichever way it is possible either through SMS or through GPRS networks. One may not take trouble of going to the bank for making various transactions. Money transfers can be done through the mobile banking service. Mobile banking is also known as m-banking. The services in mobile banking are easy and quick. Various transactions like money transfer, making payments and balance enquiries can be done through mobile banking services. According to the survey, about 70% of the people will be using the banking services from their mobile phone by 2012. It is a secure and easy method of using the services of the bank. The introduction of internet has given an rising impact towards the entire banking sectors. Telecommunicating devices are connected with the GSM network to make the mobile banking service possible. It is proved as a time saving as well as energy saver. The new mobile phones that come in the market are loaded with banking software. This type of phone is heading to capture the market in a great way. The mobile banking service has created a great impact on the lives of people, today.

The introduction of mobile banking systems has uplifted the mobile phone manufacturing business too. Some of them are already on the verge of booming too. A person can stay at home and transfer funds to anyone in the world through the mobile banking services. Because of this innovation, many financial institutions have been able to get an opportunity to provide their flawless services. Because of these services many commercial and new banks have evolved in the market today. Various banking model are used by the bankers in order to find a cheapest way to reach to their customers. Different models have different expenditure incurred to make the mobile banking system available to the customers. The IT sector has been able to prepare and tackle the unforeseen revolution in the banking sectors. People may use very expensive mobile phones to very cheap ones. Expensive phones are pre-loaded with various software which is useful in our daily activities and also supports internet networks. The cheap ones have SMS facilities only. Accordingly, the mobile companies manufacture devices suitable for the banking services.

There are many limitations with the mobile banking services too. Certain software is compatible with certain types of phones only. These services are available to mobile devices that have compatibility to the software. Internet must be connected to the phone through GPRS services. A cost is applicable to use these services.