Tag Archives: Mobile

Banking

The Approach Made Easy By Mobile Banking

Banking has now become user friendly with the new addition of facilities that banking provides to its customers nowadays. Mobile banking is one of the latest method of accessing bank accounts and related financial services with the help of mobile telecommunications. This method of banking has made life for many much simpler that it was in the earlier days where people used to line up in front of the bank for their turn to visit the manager or for queries.

Mobile banking enables one, get the answers to all their questions and even access their account directly over their cell phones right from the place they are in at that time instead of taking the pain of walking up to the bank. This service is mostly used for administering of accounts and to access customized information issued, balance checking, making payments, credit application etc by bank or the financial institutions. Mobile banking Services in India is known as M-banking or SMS banking.

Since the last few years the evolution of GPRS connection and the active usage of it has made it is for anyone and everyone to adopt mobile banking. Net banking was anyways bought to use since long but now it easier to be accessed, only through mobile banking. However, mobile banking is gaining popularity now only due to the outstanding development of the wireless networking technology and mobile banking facility provided by the banks, access to bank has become easier and  at any time mode and this innovation of latest technology has changed the banking scenario drastically.

One of the greatest benefits of this banking is it’s any time banking factor i.e. the user can access his/her account at any time and from anywhere, even he/she is on a move one can access the account. This flexible banking approach has made it easier for many to do their payments and check their credits and deposits and can even view details regarding their investments. This particular kind of banking allows the user to send and receive money from their mobile instantly and paying utility bills has now become very easy helping one save time by not having to stand in queue and save  energy by just doing so through their mobile phones as it’s confirmed as a secured platform.

To deal with certain issues was considered a risky task since user’s had to visit the bank innumerable times and make many requests for the task to be performed but now due to mobile banking it has become much easier since they can do all these tasks from their home or office itself:

Checking recent done transactions.

Requesting for change of pin numbers.

Lodging instruction for blocking stolen credit cards etc.

The facility of mobile alerts through SMS service has made it accessible for the bank to reach to their customers directly and faster. And all these tasks which were considered eventful, mobile banking has made it handy now.

Shilpika Ponnappa, Get more information on Mobile Banking, Secure Credit Card

Banking

Retail banking on mobile device

This application brings various features like online secure banking, payment of utility bills, monitoring portfolios, mini bank statements, fund transfer within same bank account or other bank accounts to the hand held communication devices. Thus, m-commerce is a very necessary update that bridges the business transactions and the busy life. With this feature enabled on the cell-phones, the users can avoid the overdue payments and therefore, plan up an organized financial discipline for themselves.

Business Challenge:

Internet and mobile: These are two technological advancements that have profoundly affected human behavior in the last decade. This has lead to various mobile data services being offered but the challenge had been to ensure the security of data being communicated over the network and that residing on the mobile phone.

Mobile (m-) banking (one of the first areas of commercial transaction on the wireless internet) has had similar concerns and the growth has therefore been limited.

The solution required the user to carry out entire set of retail banking activities which till now were only possible over the wired network.

Benefits:

The solution provides online secure banking to the user for managing their accounts using their mobiles thereby giving an enhanced user experience every-time he logs in. It also provides the user to conveniently pay their bills and manage portfolios using their mobile devices.

The extension of the internet banking is the m-banking where the customer requirement is reduced from having a fully fledged PC to a bare mobile phone. The banking transactions now are not only on the finger tips but also within one’s pocket or purse. It also enables the transactions without any time limitations on geographical issues.

The most common technologies are

1. Interactive Voice Response

2.Short Message Service

3.Wireless Access Protocol

4. Standalone Mobile Application Clients.

The biggest decision that banks need to make is the channel that they will support their services on. The m- banking scenario is not universal and its structures and purposes vary from country to country. The various financial functions that can be operated using the mobile phones are micropayments to merchants, bill-payments to utilities, P2P transfers between individuals, and long-distance remittances.

The m banking method is generally less expensive than any of the alternatives being available. It is also said by Mercatus, the world’s premier university source for market-oriented ideas that, banks that offer mobile financial services can increase their new customers’ acquisitions by as much as sixty percent. The mobile adoption is increasing the past techniques of online banking, ATMs and debit cards.

About Endeavour Software Technologies

Endeavour provides strategic consulting and technology services with an aim to deliver end to end mobile solutions across different mobile platforms.  Specializing in iphone application development, it can enable businesses in the manufacturing, media, print, healthcare, consumer solutions, Telecom and Business Intelligence verticals.

Banking

Mobile Banking Solutions

Over the years, mobile phones have ceased to be just mobile phones. The advent of Smartphones and surge in mobile phone telephony technology has made a phone much more than just that. A mobile phone is a personal digital assistant cum a workstation. Growing usage of Internet via services like EDGE, 3G and LTE has further enhanced its usage and dependence. Usage of mobile Internet globally, almost tripled between 2009 and 2010, as per a report from Cisco, but that’s not the most surprising bit. The real news is, they expect mobile data use to increase by a factor of 26 by 2015 – and a large part of that growth will come from users who don’t even have electricity at home. So it is only logical that the credit unions saw mobile banking as a great opportunity to reach out to new and existing customers.

Mobile Banking, basically, is a system that allows financial institutions to conduct a number of banking transactions through a mobile device. It has been gaining traction all over the world. Among the biggest advantages of mobile banking is the no-fee checking, feature. The biggest reason for the spectacular growth in mobile banking is that there is a need and it is possible to meet the need with technology that actually works. There is also a spirit of optimism and a willingness to try out new things. The degree of rampant innovation in this sector is almost unheard of. Also, a new breed of consumers all over the world is starting to emerge with an open mindset and with big dreams. They want to embrace new innovations. Mobile banking gaining so much traction is a proof of this trend.

There are a lot of advantages to mobile banking.

Some of them are as follows. In case of online banking, you must have an Internet connection and a computer. This is a problem in developing countries. However, with mobile banking, connectivity is not a problem. You can find mobile connectivity in the remotest of places also where having an Internet connection is a problem. It saves a lot of time. It is also very cost effective, and various services can be accessed at the tip of your fingers. Banks can also use it to promote services like auto loan refinance rates, microfinance rates and other special services to a specific group of individuals. Mobile banking also reduces the risk of a fraud. One can get SMS intimations and notifications post every transaction. So if a wrong transaction has happened, one can easily notify the bank. It prevents fraudulent activities. Thus, with the convenience it offers to customers and banks alike, Mobile banking is here to stay.

California Coast, founded in 1929, is one of the oldest credit unions in San Diego. It offers competitive deposit rates, lower loan rates, enhanced technology and additional services. It enjoys a shared branch network of more than 3,000 locations, and more than 25,000 surcharge-free ATMs nationwide.