Search goodExperience goodand Credence good There are many ways to classify services. One classification considers who or what is being processed and identifies three classes of services:
Location-based services A report by the US Federal Reserve March found that 21 percent of mobile phone owners had used mobile banking in the past 12 months. A third of mobile phone users say that they may consider performing some kind of financial transaction through their mobile phone.
But most of the users are interested in performing basic transactions such as querying for account balance and making bill Future functionalities in mobile banking[ edit ] Based on the 'International Review of Business Research Papers' from World business Institute, Australia, following are the key functional trends possible in world of Mobile Banking.
With the advent of technology and increasing use of smartphone and tablet based devices, the use of Mobile Banking functionality would enable customer connect across entire customer life cycle much comprehensively than before.
Illustration of objective based functionality enrichment In Mobile Banking: Challenges for a mobile banking solution[ edit ] Key challenges in developing a sophisticated mobile banking application are: Handset accessibility[ edit ] There are a large number of different mobile phone devices and it is a big challenge for banks to offer a mobile banking solution on any type of device.
Initial interoperability issues however have been localized, with countries like India using portals like "R-World" to enable the limitations of low end java based phones, while focus on areas such as South Africa have defaulted to the USSD as a basis of communication achievable with any phone.
The desire for interoperability is largely dependent on the banks themselves, where installed applications Java based or native provide better security, are easier to use and allow development of more complex capabilities similar to those of internet banking while SMS can provide the basics but becomes difficult to operate with more complex transactions.
There is a myth that there is a challenge of interoperability between mobile banking applications due to perceived lack of common technology standards for mobile banking.
In practice it is too early in the service lifecycle for interoperability to be addressed within an individual country, as very few countries have more than one mobile banking service provider.
In practice, banking interfaces are well defined and money movements between banks follow the IS standard. As mobile banking matures, money movements between service providers will naturally adopt the same standards as in the banking world.
The types of cybercrimes which may affect mobile-banking might range from unauthorized use while the owner is using the mobile banking, to remote-hacking, or even jamming or interference via the internet or telephone network data streams. This is demonstrated by the malware called SMSZombie.
A, which infected Chinese Android devices. It was embedded in wallpaper apps and installed itself so it can exploit the weaknesses of China Mobile SMS Payment system, stealing banks credit card numbers and information linked to financial transactions.
It went past Google's protections in its Android app marketplace and targeted Wells FargoChaseand Citibank customers on Android devices worldwide before its removal by Google in September Mobile security In the banking world, currency rates may change by the millisecond. Security of financial transactions, being executed from some remote location and transmission of financial information over the air, are the most complicated challenges that need to be addressed jointly by mobile application developers, wireless network service providers and the banks' IT departments.
The following aspects need to be addressed to offer a secure infrastructure for financial transaction over wireless network: Physical part of the hand-held device. If the bank is offering smart-card based security, the physical security of the device is more important.
Security of any thick-client application running on the device. Authentication of the device with service provider before initiating a transaction.
This would ensure that unauthorized devices are not connected to perform financial transactions.the marketing mix in banking sector service Recently, banks are in a period that they earn money in servicing beyond selling money.
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A Radically Different Future for Banking. The problem with innovation is that it is unpredictable in terms of timing, scale and consequences.
Yet respondents in the Economist’s research made bold predictions about how the banking business models will look in five years’ time. Email marketing automation connects interactions from any channel or device, and combines customer data and behaviors to create real-time relevant communications.
The main purpose of this study is to get an overview of bank marketing and to find out of role of marketing in the banking industry and see that how marketing mix (product, price, place, & promotion) is most important for a bank.
Marketing is the process of introducing and promoting the product or service to the market and encourages sales from the buying public.
The study examines the fundamental role of marketing in the Nigerian Banking Industry.