of Mobiles & Banks I

Mobile banking is a lucrative market as of now ; in India. The Banking stalwarts are burning the midnight oil to provide the most competitive service to its customers thanks to the technological developments which have put life on the supersonic lane. Usually customers had to get their feet moving to a bank and stand in queues , ATMs channelled the queues but still there remained a lag.

These conventional modes of banking required substantial investment on infrastructure and were feasible in urban and semi-urban establishments mostly. In the villages they occupy shoddy establishments and are as reliable as Don Quixote was with his patched up lance.

Observing this, the banks are trying constantly to move their customer base to ATMs , POS and Internet banking. While the first one has somewhat been engraved in the daily lives of people ; the others have met with lukewarm response. The reason stems from the fact that most people in our country still don’t have access to a stable internt connection even after the broadband boom.

This is where mobile banking cuts in and overtakes the others. None of the others are as scalable as mobile phone. Almost every one has a piece after the telecom bubble inflated and mobile calls became cheaper than landline.

Mobile Banking entails banking tasks like balancing checks, account transactions, encashment etc ;through the handset. It has encroached upon the people like anything owing to the growing acclimatization of people in technological environments.

Around the last few years, Mobile Banking & WAP have grown exponentially.With multifaceted approach mediums such as SMS, Freeware Client and Mobile Internet (WAP), it is drawing in more people by the hour.

Telecos in India are coming up with new enhancements every day, inculcating techniques to up the vigilance and coming up with ways to make it more generalised. The onset of smartphones is also a key factor in the growth of this sector.

The bubble isn’t going to burst anytime soon.

 

[Dhruv Bindhani]

Mobile banking is a lucrative market as of now ; in India. The Banking stalwarts are burning the midnight oil to provide the most competitive service to its customers thanks to the technological developments which have put life on the supersonic lane. Usually customers had to get their feet moving to a bank and stand in queues , ATMs channelled the queues but still there remained a lag.

These conventional modes of banking required substantial investment on infrastructure and were feasible in urban and semi-urban establishments mostly. In the villages they occupy shoddy establishments and are as reliable as Don Quixote was with his patched up lance.

Observing this, the banks are trying constantly to move their customer base to ATMs , POS and Internet banking. While the first one has somewhat been engraved in the daily lives of people ; the others have met with lukewarm response. The reason stems from the fact that most people in our country still don’t have access to a stable internt connection even after the broadband boom.

This is where mobile banking cuts in and overtakes the others. None of the others are as scalable as mobile phone. Almost every one has a piece after the telecom bubble inflated and mobile calls became cheaper than landline.

Mobile Banking entails banking tasks like balancing checks, account transactions, encashment etc ;through the handset. It has encroached upon the people like anything owing to the growing acclimatization of people in technological environments.

Around the last few years, Mobile Banking & WAP have grown exponentially.With multifaceted approach mediums such as SMS, Freeware Client and Mobile Internet (WAP), it is drawing in more people by the hour.

Telecos in India are coming up with new enhancements every day, inculcating techniques to up the vigilance and coming up with ways to make it more generalised. The onset of smartphones is also a key factor in the growth of this sector.

The bubble isn’t going to burst anytime soon.

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