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From the bank's point-of-view, representatives consider that the main advantages are: m-banking can be used as a very good distribution channel, it increases sales volume, it reduces costs of distribution, and it increases customer satisfaction.
Market Overview
The banking sector is characterized by intense and tough competition. The intensification of competition is mainly influenced by globalization. However, in order to counteract this matter, banks have the opportunity to provide their financial services across the world without investing important amounts of money, due to technical developments. This opportunity has allowed banks to enter new markets that otherwise required tremendous financial, technical, and human resources efforts. Another feature that characterizes nowadays m-banking sector regards customers' price-sensitivity, which forces banks to introduce innovative services.
Specific Applications
M-banking aims at three important target groups: the youngsters, the young adults, and the business people. The youngsters segment includes people aged 14-18 that require ubiquitous services. This segment is regarded as a future prospective clientele, the young adults segment is considered...
Its most important role is related to stock market activities and it is also regarded as a future financially significant clientele. The business people group is the most important target for m-banking operators (Tiwari & Buse, 2007).
The range of mobile application provided by m-banking include: mobile accounting, mobile brokerage, and mobile financial information. Mobile accounting includes: money remittance, issue standing orders for bill payments, transfer funds to and from sub-accounts, subscribing insurance policies. Mobile brokerage is mostly used for selling and purchasing financial instruments. Mobile financial information focuses on account information and market information.
Reference List
Mobile banking (2007). Wikipedia, the free encyclopedia. Retrieved January 31, 2008 at http://en.wikipedia.org/wiki/Mobile_banking.
Tiwari, R. & Buse, S. (2007). The Mobile Commerce Prospects: A Strategic Analysis of Opportunities in the Banking Sector. Hamburg University Press. Retrieved January 31, 2008 at http://cmslib.rrz.uni-hamburg.de/hamburg-up/servlets/MCRFileNodeServlet/hup_derivate_00000183/HamburgUP_Tiwari_Commerce.pdf?hosts=local.
Reference List
Mobile banking (2007). Wikipedia, the free encyclopedia. Retrieved January 31, 2008 at http://en.wikipedia.org/wiki/Mobile_banking.
Tiwari, R. & Buse, S. (2007). The Mobile Commerce Prospects: A Strategic Analysis of Opportunities in the Banking Sector. Hamburg University Press. Retrieved January 31, 2008 at http://cmslib.rrz.uni-hamburg.de/hamburg-up/servlets/MCRFileNodeServlet/hup_derivate_00000183/HamburgUP_Tiwari_Commerce.pdf?hosts=local.
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