Mobile is leaving its profound and everlasting mark on almost every field, thus turning our daily life simpler and easier than before. I remember the lines of Susan Sontag- ‘Existence is no more than the precarious attainment of relevance in an intensely mobile flux of past, present, and future.’ These lines seems to be true in the present era, which is also considered as the age of mobile phones. In the recent years, mobile has received a lot of attention in the banking department too. Over a decade mobile has become the most significant strategic change in retail banking. Because of this reason, the focus on the mobile banking efforts have been augmented to a great extent.
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Online banking have been duly replaced by mobile banking for everyday tasks. In the coming years mobile will definitely further emerge as one of the major medium to maintain relationships with the banking customers because it will enable to play a critical role in banking interactions. This will in turn help the banks to develop strategies that align with customer expectations and business objectives. Mobile banking efforts target the goals that the bank is looking to fulfill, the strategy meet these objectives, and finally considering Technology needed to implement these strategy. The mobile banking offerings are needed to be tested and optimized to achieve business objectives and identify new innovative ways to meet the changing needs of customers and prospects.
Mobile banking aids in shifting customers’ behavior, raising their needs and expectations, and increasing new opportunities for banks and their competitors. So today banks are required to assess the present and future state of the mobile banking market. For this they need to plan their own mobile banking road map, to successfully execute these plans. And they also need to think over how they will continue to enhance and improve their mobile offerings going forward. The analysts and developers seek to answer the questions related to mobile banking by exploring on mountains of research and deep diving into data, in order to provide eBusiness teams at banks with an entire framework for establishing and maintaining a world-class mobile banking strategy.
The Federal Trade Commission issued a report entitled “Paper, Plastic … or Mobile?” This study highlighted primary consumer and privacy issues which is a clear cut outcome of the expanding widespread use of mobile payments. According to the report, the FTC recognizes the advantages of mobile payments. This includes convenience and ease for consumers and potentially less transaction costs for merchants, thus resulting in a two way benefit. However, the FTC bring to notice some areas concerned with consumer protection in the mobile payments system, including dispute resolution and privacy. The paper recommends that companies must develop strong and clear policies on how consumers can resolve disputes. The FTC observes that mobile payments have various funding sources conferring different levels of protection and recommends that organizations must establish and communicate well-defined policies related to disputes.
Thus, it has become extremely important for the banks to change in order to remain relevant. After all the banking department is facing a massive growth in mobile phone penetration globally, which is being considered to be one of the biggest social changes that human beings were ever submitted to. This social transformation will eventually impact the way that we trade and pay as well.
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