Business consultancy project

Mobile Banking

The fast-modified market requirements and growing consumer demands urged the development of the new technologies for shifting from traditional financial services to the new agile financial services. Together with other mobile payment solutions, mobile banking is becoming the one of highly required service. (Rossi & Tuunainen, 2004).The adaptation of the next-generation technologies enabled Banking to consider the new way for reinforcing cooperation with the consumer. Banks are diligently using the different advanced technologies for the attraction of the consumer market. Mobile banking service gradually penetrated the market by overtaking online banking. According to the Online Banking Report, which was evaluated by MMA in Y2009, starting from the emergence period mobile banking penetration elevated continuously, and in the nearest future, the penetration rate will reach the online banking level. (Mobile Banking Overview, 2009)
Figure.17. Mobile Banking vs Online Banking
Through mobile banking, consumers can do different money transactions, balance inquiry, bills payment. The most common used Mobile Banking services are the following: (Mobile Banking Overview, 2009)

• 
  Account alerts, security alerts.
  
• 
  Balance check
  
• 
  Customer service via mobile
  
• 
  Money transfer notification
  
• 
  ATM location information
  
• 
  Online payments
  

Previously mobile banking service was done only through short message service (SMS), but the enlargement of the data services in the wireless telecom industry and highly advanced smartphone technologies allows to use banking through the web browser and download the mobile baking application. Now, most of the banks have their mobile applications and try to provide the most of services through applications. Mobile banking allows managing personal financial tasks by performing online banking tool. The customer only needs to install the required application, sign up, and verify the details of the account. (Rossi & Tuunainen, 2004)

4.