"Emerging Trends on Functional Utilization of Mobile Banking in Developed Markets in Next 3-4 Years"

Abstract

Mobile Banking channel is more than a decade old now. In the initial days, Mobile usage by Banking and financial world was limited to the SMS or basic banking services etc. However the with the advent of technology, Mobile banking channel is offering many dynamic functionalities. Within the developed markets, the transaction users over mobile for Mobile based transactions of Far Eastern countries is far exceeding that of North America and Western Europe. While phone would become more “smart” enough and technologies proliferate, North America and Western Europe would catch up with greater force by next 3 to 4 years. These countries have not utilized the true potentials of the most cost effective channel such as mobile banking and there is a growing need to envisage the possible functionalities which can change the face of corporate sector. This paper looks at various advanced functions which could be conducted over mobile banking as the technology of the hardware, infrastructure, network, software would improve and become de-facto functions in the new era and changing aspirations of the banking world from this new-age channel.

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