Banks would save a huge amount of money on card issuance and merchant acquiring with zero point of sale cost. Mobile banking could be used to make remittances from person to person, banking purposes and to make payments for purchases or services provided.

Mobile operators benefit from increased customer stickiness, data usage and, potentially, customer experimentation with other forms of mobile content.

Given this win-win-win situation, we expect uptake of mobile banking services to be robust among mobile subscribers, users and the banks.

Over the next five years, mobile banking deployments will develop significantly - from "online banking" applications to one with richer interfaces and multiple mobile payment capabilities. The successful evolution of mobile banking and payments will be on the basis of the ability of financial institutions and mobile operators to balance ease of use with security.

I certainly am looking forward to the convenience of banking on my mobile. But, now that banks will have our mobile numbers (it was optional to give it to banks earlier), could it mean more unwanted calls and SMS from banks?

Concluded.

* Contributed by: -
Prof. Pooja S. Kushwaha is a Science Graduate, has 2-Years Advance Diploma in IT from Regional Engineering College, Jaipur, cleared 'O' Level from DOEACC, M.C.M, M.C.A. Presently working as Faculty - Information Systems at ICFAI Business School, Indore. She has presented various research papers in different conferences & seminars, and also published the same in national journals.
Article posted on October 26, 2008.