The use of mobile phones in order to effectuate banking transactions is bound to increase in a significant way in the near future. This growth in mobile financial services not only depends on technological advances, but also on consumer confidence in the provided services. Almost every person has a cell phone now and knows how to use it.
In our fast-paced, ever-connected world, mobile technology is an attractive if not essential feature that banks can offer their customers. But mobile banking does not merely benefit banking customers. In terms of customer satisfaction, service costs, and security, mobile technology benefits banking institutions themselves. Customers are giving more portion of their lives to their cell phones. So financial institutions are adopting Mobile banking to fulfill customer’s needs via mobile phone.
This would both be benefit for customers and financial institutions. * It would help banks provide their customers with their regular services online. * It would save the money and time of the banks. * It’s a faster and cheaper way of communication for banks. * Mobile phones can be taken anywhere so the banking can be done by the customer anytime and anywhere. Problems: Well there are few problems using the mobile banking. One has to keep the password safe in order to prevent miss use. If the cell is lost, it can lead to a lot of trouble.
As the mobile banking is all online, so there are chances of the app being hacked by hackers. Recommendations: Looking at the advantages of the mobile banking, its clear that it is its both beneficial for customers and financial institutions. As per security, the banks and other financial institutions should spend more on the security of the online service proving applications. They should create more security layers and more authentication gates so that only the right customer can open their accounts.