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Mobile Banking

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Mobile banking

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2. Mobile Banking Mobile banking is a technology which helps tooperate our account through the help of amobile. It is easy and efficient for a customer totransfer funds from his account to other, payutility bills , and many more such servicesthrough mobile banking. 3. Mobile Banking refers to provision andavailing of banking and financial services withthe help of mobile telecommunicationdevices. The scope of offered services mayinclude facilities to conduct bank and stockmarket transactions, to administer accountsand to access customized information. 4. Need for mobile banking With the growing needs andexpectations of the customers, thebanks started providing services whichcould ease the operational process forthe customer as well as for the bankers,one of them is mobile banking serviceprovided by the bank. 5. From customer pointThe following are the factors which promotedmobile banking: Increasing number of online customers. Specific need of transferring funds at odd hours. Multiple transactions. Facilitate the customer to use his accountwherever and whenever required as per hisconvenience . 6. From the bank point of view..With the increasing number of customers the banksneeded to open more and more branches whichrequired more capital, more bankers andinfrastructure. The banks were in favor of mobilebanking because: Less number of people would turn to the branch. No need for heavy capital investments. Use of mobile banking as a marketing platform. A step ahead in the modern banking technology. 7. Ways of mobile banking MOBILE PHONE BANKING SMS MOBILE BANKING METHOD THE INTRODUCTION OF SMARTPHONESWITH WAP 8. Phone banking Mobile phone banking is the use of a cellular deviceto accomplish tasks such as blocking the lost debitcard, know special offers , registering complainsand finding an ATM while away from a computer. In short a Help line number or can be termed ascustomer care. Axis bank helpline number is 1-800-233-5577 For foreign customers -+91 22 27648000(charges applicable) 9. SMS banking SMS banking is a type of mobile banking, whichis a technology-enabled service offering frombanks to its customers, allowing them to operateselected banking services over their mobilephones using SMS messaging. SMS banking services are operated using pushand pull messages. 10. The introduction of smart-phones app Wireless Application Protocol (WAP) isa technical standard for accessing informationover a mobile wireless network. The app allows services like fund transfers,balance enquiry, searching ATMs and branchesaround, and many more. 11. MOBILE BANKING SERVICESOFFERED BY SOME OF THE BANKS ININDIAState Bank of India FreedoM, SMS Banking,Union Bank of India SMS Banking, UMobilePNB SMS Banking ,App basedICICI iMobile, SMS Banking, M-PESA,mRupeeHDFC SMS Banking, App BasedAXIS Bank Phone Banking, Internet Banking onMobile, SMS banking. 12. Axis bank mobile app 13. Registration process 14. Some guidelines provided by RBI for mobile banking. Banks which are licensed, supervised and having physical presence inIndia, are permitted to offer mobile banking services. Only banks whohave implemented core banking solutions are permitted to providemobile banking services. Only Indian Rupee based domestic services shall be provided. Use ofmobile banking services for cross border inward and outward transfersis strictly prohibited. The guidelines issued by Reserve Bank on Know Your Customer(KYC), Anti Money Laundering (AML) and Combating the Financingof Terrorism (CFT) from time to time would be applicable to mobilebased banking services also. Banks shall file Suspicious Transaction Report (STR) to FinancialIntelligence Unit India (FIU-IND) for mobile banking transactions as inthe case of normal banking transactions. 15. Issues Security. Handset operability. Scalability and reliability. No stop payment facility available. International Journal of Emerging Technology and Advanced Engineeringconducted a survey on mobile banking.(Group of 65 respondents)USERFRIENDLYCOMFORTABLE WITHOUTMOBILE BANKINGSECURITY ISSUES 16. Thank youSubmitted by-Ajeetesh Srivastava