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Mobile Banking: Services and Benefits

Mobile banking allows customers to perform basic banking tasks like checking balances and making payments using a mobile phone. It provides benefits like convenience and lower costs for both customers and banks. Services are classified based on whether they are initiated by the bank or customer (push/pull) and whether they are transactions or inquiries. Common mobile banking services include accessing account information, transfers, payments and investment services. Technologies used include SMS, GPRS and USSD. While mobile banking offers benefits, challenges remain around interoperability, security, scalability and customer education.

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77 views17 pages

Mobile Banking: Services and Benefits

Mobile banking allows customers to perform basic banking tasks like checking balances and making payments using a mobile phone. It provides benefits like convenience and lower costs for both customers and banks. Services are classified based on whether they are initiated by the bank or customer (push/pull) and whether they are transactions or inquiries. Common mobile banking services include accessing account information, transfers, payments and investment services. Technologies used include SMS, GPRS and USSD. While mobile banking offers benefits, challenges remain around interoperability, security, scalability and customer education.

Uploaded by

jhankar5306
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

MOBILE BANKING

INTRODUCTION
Mobile banking is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone.

REASONS OF GENESIS OF MOBILE BANKING


Introduction of new technologies.

Control costs, removal of cost duplication


Cater to increasing online channel customers Personalize customer interactions

Unparalleled convenience and proactive customer service

CLASSIFYING SERVICES
On the basis of originator of service session 1. Push 2. Pull On the basis of nature of service 1. Transaction Based 2. Enquiry Based

Push Based

Pull Based

Transaction Based

* Fund Transfer * Bill Payment * Other financial services like share trading. Credit/Debit Alerts. * Minimum Balance Alerts * Bill Payment Alerts
*

Enquiry Based

* Account Balance Enquiry * Account Statement Enquiry. * Cheque Status Enquiry. * Cheque Book Requests. * Recent Transaction History.

MOBILE BANKING SERVICES


Account Information Payments, Deposits,

withdrawals, and Transfers Investment Support Content Services

PRODUCT BENEFITS
Customer Benefits Secure, Convenient and easy method of payment Anywhere anytime payment Merchant Benefits Additional payment method for customers Small payment amounts can be accepted Portable payment options for merchants on move (Taxis, Couriers, Doctors etc) Banks Additional channel for customer payments Use of existing Infrastructure Value added service to customers

TECHNOLOGY BEHIND MOBILE BANKING

SMS (Short messaging service) GPRS (General Packet Radio Service) USSD (Unstructured Supplementary Service

Data)

EXPECTED EVOLUTION OF WIRELESS SERVICES

Challenges before mobile banking


1. Interoperability 2. Security 3. Scalability & Reliability 4. Personalization 5. Customer Education

Mobile Banking- INDIAN SCENARIO


Increasingly faster transmission via GPRS 3G technology to be launched soon in India, is expected to

bring in a mobile revolution.

Users are slowly getting used to the concept of a mobile hand

held device as digital cash or wallet to carry out purchases happening.

Presently in India low-value m-commerce transactions are

High value mobile transactions would pick up once the

concerns of mobile secure transactions are being addressed.

STATISTICS

Cell phone teledensity is still very low in India at around 6%, In comparison, Chinas cell phone density is at around 35%, while some of the European and Asia-Pacific countries have 100% teledensity or more in mobile telephony. In the past two years, the number of people using mobiles has increased three times Indian cellular services market is projected to reach $24 billion by the end of 2009, a CAGR of 35.6%, Gartner said. Indian cellular services market had recorded the highest growth in Asia Pacific and Japan region in 2004 with a CAGR of 67%. India is all set to be among the top four countries in mobile phone subscriber numbers by the end of year 2008, according to industry analysts As on August 31, 2008, There were 62.57 million mobile subscribers in India, according to data provided by the TRAI. Fixed Phone users already lag behind by 47.44 million

RBI guidelines
Regulatory and supervisory issues Registration of customer Transaction limit Security standards Approval by RBI

CONCLUSION

THANK YOU!!!

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