MBank - Mobile Banking

Features

• Objective:
• With the businesses becoming expeditious, and most of the financial dealings being done without involving real money, the world is rapidly shifting towards virtual money. Money exchange in the near past has seen a myriad variety of forms and cultures, viz. Plastic cards, cheques, Internet etc. In the contemporary corporate world, the processes have taken a shape in which the visit to a bank physically for money transactions is considered to be a waste of time and effort.
• Undoubtedly, in the recent past, the banks have unleashed a variety of customer friendly tools, which have facilitated in making the banking easy and automated, thereby bestowing the concepts of "Anytime Banking". However, still the queues at the ATM counters, the rigidity of converting cheques to real money, and the need to possess the requisite infrastructure for Internet banking, are some of the woes which the customers still complain about. The need of the hour is to provide the means so that going to a "place" physically for money transaction can be avoided per se.
• Hence the newly evolving concept in the banking industry, that is fast gaining momentum, is to provide the customers with an interface so that they could handle their money transactions as they want, the highlights being "Wherever they are" and "Whenever they want". Simply envisaging the idea of avoiding going to the banks for petty, though unavoidable reasons, such as money transfers and ordering cheque books can be soothing and relieving enough.
• Thus we introduce our new concept - MBankTM - or in simple terms, Mobile Banking. A service offering which shall provide most of the bank's products and services over one of the smallest and cheapest intelligent device that you might have, at almost all points of time - Your mobile phone. Clicks of a few buttons while sitting in your arm chair can save you a lot of trouble for many of your banking needs. Apart from the banking transactions, a lot of other financial value added services could be adjoined to make this concept a more fruitful and enjoyable experience for the esteemed customers.
• The recent past has witnessed that there is a new communications infrastructure ready to transform the way business is done. This technological milestone is called Mobile Internet. Therefore, by bringing the Internet and the associated banking and commerce opportunities to mobile phones, the finance industry shall drive to new levels of intense competition.
• A mobile phone removes the traditional restrictions of geographical location and high entry costs, and will be the latest artillery in the arsenal of financial services. It is personal, timely and almost usually in a "switched on" mode. These attributes provide new service and sales opportunities for banks, and therefore should not be ignored.
• The existing financial institutions are currently facing a consistent set of market issues:
• Increased cost of servicing customers.
• Less customer loyalty.
• Support required for multiple customer access channels.
• Margins being eroded by competitive forces.
• Competition from new niche players.
• Meeting customer demand for greater convenience, choice and access to banking services requires an investment. The ROI in an innovative electronic channel is predicted to be significantly higher than supporting existing brick and mortar channels, as illustrated by the experience gained in Internet-based services. Banks failing to incorporate remote channel strategies will have an overall higher operating cost. Mobile banking complements other remote channels by providing immediate access to financial services for customers on the move.
• Apart from banking institutions, the mobile operators, who already have access to a large percentage of the potential banking customers, can also launch a variety of financial services. By providing latest financial offerings and money-saver schemes, they can provide their customers a value added package as well as enhance the volumes of data traffic thereby earning more revenues.
• On the other hand, the customers shall benefit by keeping themselves abreast of the latest financial offerings in the market. By providing them with personalized services, the banks and other financial institutions and reach closer to their customers while the customers can develop more rapport and fidelity with their respective service providers.

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