mobile banking in india....rohan tyagi...section-a....enrolment no- 10bsphh010650

8/4/2019 Mobile Banking in India....Rohan Tyagi...Section-A....Enrolment No- 10BSPHH010650

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Mobile Banking in INDIA

(Banking Management Assignment)

1/1/2011Rohan Tyagi Dr S.C.BihariSection- A (Faculty Guide)

Seat no- 09

Enrollment no- 10BSPHH010650


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Mobile banking in India

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Table of Contents

What is Mobile Banking? ............................................................................................................. 4

History of Mobile Banking ........................................................................................................... 4

Mobile Banking in India ............................................................................................................... 6

Growth of M-Banking in India .................................................................................................... 7

Banking for the Rural: The M-Banking way ............................................................................. 9

Is Rural India ready?.................................................................................................................. 11

Stakeholders in M-Banking ....................................................................................................... 11

M-Banking Services .................................................................................................................... 11

M-Banking Technologies ............................................................................................................ 13

Advantages of M-Banking .......................................................................................................... 14

Most popular M-Banking Services ............................................................................................ 15

Challenges in the Indian Market ............................................................................................... 16

New Initiatives ............................................................................................................................. 17

Conclusion ................................................................................................................................... 20


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ABSTRACT

The last time that technology had a major impact in helping Indian banks service theircustomers was with the introduction of the Internet banking. Internet Banking helped give thecustomer's anytime access to their banks.

However the biggest limitation of Internet banking is the requirement of a PC with an Internetconnection, not a big obstacle if we look at the US and the European countries, but definitely abig barrier if we consider most of the developing countries of Asia like China and India.

Mobile banking addresses this fundamental limitation of Internet Banking, as it reduces thecustomer requirement to just a mobile phone.

Mobile usage has seen an explosive growth in most of the Asian economies like India, Chinaand Korea. In fact Korea boasts about a 70% mobile penetration rate and with its tech-savvy

populace has seen one of the most aggressive rollouts of mobile banking services.

Still, the main reason that Mobile Banking scores over Internet Banking is that it enablesAnywhere Banking'. Customers now don't need access to a computer terminal to access theirbanks, they can now do so on the go when they are waiting for their bus to work, when theyare traveling or when they are waiting for their orders to come through in a restaurant.

Customer's can check out their account details, get their bank statements, perform transactionslike transferring money to other accounts and pay their bills sitting in the comfort of theirhomes and offices.

Intense competition and innovation within the telecommunications sector in the last decadehas catapulted India into the largest and fastest-growing mobile phone market in the world.Today India is uniquely poised to make use of mobile banking technologies as a conduit fornot only bridging the digital divide, but also fostering financial inclusion.

The scope in India for future expansion and technology upgrades in mobile-related productsand services is massive, unleashing even greater rural development potential. Mobile banking(m-banking) is the cheapest way to reach rural customers. While it costs $523 to $837 to setup a micro-banking outlet, it costs only $209 if they are supplanted by mobile bankingtechnologies. In the same vein, the RBI reports that while the government typically incurs atransaction cost of 1213 percent, mobile banking brings the cost down to a mere 2 percent.


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What is Mobile Banking?

Mobilebanking is a term used for performing balance checks, account transactions, payments,credit applications and other banking transactions through a mobile device such as a mobilephone or Personal Digital Assistant (PDA). It is also known as M-Banking, SMS Banking. Theearliest mobile banking services were offered over SMS1.

Mobile Banking refers to provision and availability of banking- and financial services with thehelp of mobile telecommunication devices. The scope of offered services may include facilitiesto conduct bank and stock market transactions, to administer accounts and to access customizedinformation2.

With the introduction of the first primitive smart phones with WAP support enabling the use of

the mobile web in 1999, the first European banks started to offer mobile banking on this platformto their customers.

History of Mobile Banking

According to Tomi T. Ahonen and Joe Barrett in the book Services for UMTS: Creating Killer

Applications in 3G, mobile banking services were offered as far back as 1997, when banks sent

customers SMS alerts regarding their account details.

The first mobile banking and payment initiative was announced during 1999. The first majordeployment was made by a company called Paybox (largely supported financially by

Deutsche Bank). The company was founded by two young Germans (Mathias Entemann andEckart Ortwein) and successfully deployed the solution in Germany, Austria, Sweden, Spain and

1http://en.wikipedia.org/wiki/Mobile_banking
http://en.wikipedia.org/wiki/Mobile_phonehttp://en.wikipedia.org/wiki/Mobile_phonehttp://en.wikipedia.org/wiki/SMShttp://en.wikipedia.org/wiki/SMShttp://en.wikipedia.org/wiki/Smart_phoneshttp://en.wikipedia.org/wiki/Wireless_Application_Protocolhttp://en.wikipedia.org/wiki/Mobile_webhttp://en.wikipedia.org/wiki/1999http://en.wikipedia.org/wiki/Mobile_bankinghttp://en.wikipedia.org/wiki/Mobile_bankinghttp://en.wikipedia.org/wiki/Mobile_bankinghttp://en.wikipedia.org/wiki/Mobile_bankinghttp://en.wikipedia.org/wiki/1999http://en.wikipedia.org/wiki/Mobile_webhttp://en.wikipedia.org/wiki/Wireless_Application_Protocolhttp://en.wikipedia.org/wiki/Smart_phoneshttp://en.wikipedia.org/wiki/SMShttp://en.wikipedia.org/wiki/Mobile_phonehttp://en.wikipedia.org/wiki/Mobile_phone


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the UK. At about 2003 more than a million people were registered on Paybox and the companywas rated by Gartner as the leader in the field.

Unfortunately Deutsche Bank withdrew their financial support and the company had to

reorganize quickly. All but the operations in Austria closed down.

Another early starter and also identified as a leader in the field was a Spanish initiative(backed by BBVA and Telephonica), called Mobi Pago. The name was later changed to MobiPay and all banks and mobile operators in Spain were invited to join. The product was launchedin 2003 and many retailers were acquired to accept the special USSD payment confirmation.Because of the complex shareholding and the constant political challenges of the differentowners, the product never fulfilled the promise that it had. With no marketing support and nocompelling reason for adoption, this initiative is floundering at the moment.

Many other large players announced initiatives and ran pilots with big fanfare, but never showed

traction and all initiatives were ultimately discontinued. Some of the early examples are thefamous vending machines at the Helsinki airport supported by a system from Nokia.

Siemens made announcements in conjunction with listed and high-flying German e-commercecompany, Brokat. Brokat also won the lucrative Vodafone contract in 2002, but crashed soonafterwards when it ran out of funds.

Israel (as can be expected) produced a large number of mobile payment start-ups. Of the many,only one survived Trivnet. Others like Adamtech (with a technically sound solution calledCellpay) and Paytt disappeared after a number of pilots but without any successful productiondeployments.

Initiatives in Norway, Sweden and France never got traction. France Telecom launched anambitious product based on a special mobile phone with an integrated card reader. The solutionworked well, but never became popular because of the unattractive, special phone thatparticipants needed in order to perform these payments.

Since 2004, mobile banking and payment industry has come of age. Successful deploymentswith positive business cases and big strategic impact have been seen recently.


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Mobile Banking in India

Mobile Banking has given the traditional banking a newer look Anywhere banking3.

Now you dont need a PC or a laptop with internet connectivity, just you need your cell phone

with you.

Mobile banking in India is set to generate fee-based income of Rs 20250 crores over the nextfive years, according to a report by Boston Consulting Group.

The income will be shared between banks, telecom operators, service providers and devicemakers with the pie tilting more towards the bankers. The fee will be available thanks to the$350 billion worth of transactions in the mobile banking and payments space. About 70% of thisincome is expected from an urban customer base while the remaining 30% will be from the ruralareas.

The main factors boosting mobile banking in India would be:

Lower cost of transaction. Favorable regulatory environment. Governments unique identification campaign. Tech-savvy younger population. Low internet, high mobile penetrations. High remittance requirements.

It is far less costly to offer banking and payments services using mobile technology than to buildnew branches. A business correspondent enabled with a mobile phone can service a customer formuch cheaper rates than the cost of service at a bank branch.

Though not many agree with the numbers, bankers and other industry experts share theenthusiasm that mobile banking and payments is the next big thing in financial services.

Initiatives in the recent past have been positive which is, in turn, is giving a positive direction formobile banking. Currently, government payment to rural employees is driving the mobilebanking space but going ahead standardization of services across different platforms andinteroperability between various players will help the business grow big.

3http://www.papaflyfilms.com/64687/mobile-banking-an-introduction/
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Though volumes havent come up yet in the market, mobile banking is expected to pick up soon

thanks to the financial inclusion initiatives run by the banks, experts say.

If we look at the growth in our mobile tie up with Nokia over the lastfour months, then going

ahead we can easily have two million transactions in a year, says Lalit Sinha, generalmanager (alternative banking), Union Bank.

Its tie-up with the Finnish mobile maker is for prepaid transactions in both rural and urban areas.

However, going ahead technology will play a major role in making mobile banking more userfriendly, experts say.

The platform provided by National Payments Corporation in India, which will provide customersaccess to mobile banking across banks and telecom operators will be a step in the right direction.

Growth of M-Banking in India

Since mobile telephony was introduced in 1994, the growth in India has been phenomenal and sohas been its positive impact on economic development and poverty with immense potentialuntapped till now. Initially perceived to be a luxury product, mobile phones have moved frombeing style statements to being social and economic necessities.

Currently, India is the second largest mobile phone nation worldwide with over 600 millionsubscribers with 100% penetration in the urban market and over 31% fast growing penetration in

the rural regions.

In this backdrop, mobile telephony has evolved as a platform for future innovations that can havelong ranging socio-economic benefits for India. Mobile Banking is one such innovation.

A major relief came in the regulation area when the Telecom Regulatory Authority of India

(TRAI) and RBI (Reserve Bank of India) reached an understanding about their respectiveroles in mobile banking. This will not only make the roll out of services smoother, but will alsohelp in avoiding regulatory crossfire which was witnessed between capital market regulatorSEBI (Securities and Exchange board of India) and the Insurance Regulatory and DevelopmentAuthority over regulating unit-linked insurance products.

Obopay, a pioneer in mobile payments service in US, entered India with a different approach.They have partnered with Nokia and Yes Bank to launch Mobile Money Services to the Indianmarket. These partnerships have enabled them to penetrate faster in this market.


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Obopay brings in the expertise from global markets such as USA and Africa. It is platformagnostic and hence can work on any mobile handset, service provider and financial institution. Itworks on all forms including SMS, IVR, External Application download and Mobile WebBrowser.

Fig 1 (Mobile banking Transaction trends)


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Marrying mobile phone to bank accounts has definitely generated a lot of interest in governmentand customers alike. RBI has already relaxed mobile banking policies and increased the mobilepayment limit to Rs 50,000.

This has already created a lot of interest amongst large banks and telecom service providers whoare fighting to have a share in this booming market. According to a Tower Group Research, itwill grow from 10 million active users in 2009 to over 53 million active users in India by

2013.

Mobile banking and money transfers will be one the top 10 mobile applications by 2012 globallyand India, worlds second largest mobile market, will remain the most strategic market forObopay and rest of the mobile banking operators.

Banking for the Rural: The M-Banking way

A need for a holistic mobile banking solution in India was felt for quite some time now.

Focus on mobile banking services in India continues to flicker on the radar of key stakeholders.While domestic mobile phone penetration rates are close to 60% and growing rapidly,banking services penetration rates are still less than 40%. This makes the mobile bankingchannel an important platform for extending banking services in urban as well as under bankedareas

RBI has given the go-ahead to banks and mobile operators to roll out their services in rural areas

by July 31.

Currently, India is the second largest mobile phone nation worldwide with over 600 millionsubscribers with 100% penetration in the urban market and over 31% fast growing penetration inthe rural regions.

On the other hand, more than 40% of the population in India is un-banked . Of those whoare banked, a major chunk of the population is still under-banked, creating an opportunity in bothfinancial and telecom sectors.

Using the existing network and base to offer financial services in backward regions is certainly a

boon for India which has over 60% population living in rural and backward areas. More sobecause of infrastructure challenges in rural areas, people crunch as well as increased operationalcosts. For example, a bank has to invest a significant amount of money to start a bank branch.Also, the ATM penetration in rural areas is not that high, with only 40 ATMs per million peoplein India.


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The obvious answer here is rural market where mobile banking can go a long way in realizingthe Indian governments dream of 1 bank account per India as well inclusive growth.

It is estimated that there are more mobile users in the rural areas than bank account holders and

this fact can be utilized to expand financial services without actually having to open bankbranches. Millions of migrants will be able to easily transfer funds to their families in far-flungrural areas using simple SMS services. The rural customers will turn to local businesscorrespondents for withdrawing and submitting money.

Working closely with microfinance institutions, banks, and telecom operators will,thus, be the agenda of mobile banking providers.

Next step will be to tie-up with local kiranas, transportation authorities, NREGS,government bodies and Gram Panchayats to enable mobile banking to reach the grassroot levels for basic services.

Another success mantra will be customization to suit the diverse geographical andsegmental (urban and rural/ financial status) needs. What works for the urban rich,may not necessarily appeal to the rural rich or even the urban poor.

Technology will play a big role in making this service accessible and simple to use . Themo bile banking solutions should be able to run on low end handsets, across all mobile

services provider, must be localized and have a safe, simple and quick user interface.

Security of the transactions should be a given and customers should be assured ofstrong regulatory hold to extend trust in one and all.

Easy KYC norms should be implemented so that unbanked population can benefit frombasic financial services.

In short, an entire eco-system will be created so that the application or the solution can becomepopular.


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Is Rural India ready?

Although mobile banking is especially valuable for rural regions because of the lack ofalternatives, delivery depends on overcoming several impediments.

The most pressing of these is meeting the prerequisite of mobile network and electricitycoverage. Also, physical security concerns are more acute in rural areas, especially withbranchless banking models that use agents.

Oversight mechanisms need to be installed at the kiosks where physical transactions take place,due to problems associated with crime and bribery. Although many transactions can be cashless,hard cash still needs to be available for customers. As a result, the security and logistics of thetransportation channels used by providers need to take priority. This will be particularly difficultin more remote areas.

The textual and technical illiteracy problem in rural India elicits a need for multilingualsupport and perhaps voice-based services to carry out transactions. Of the mobile banking

technologies discussed above, none has been tested for scalability and reliability.

The government thus needs to play a more active role in building support and encouragingresearch, perhaps by making use of the Financial Inclusion Technology fund to subsidize theseprojects.

In sum, it appears that while there is a huge unmet need for mobile banking in rural India, theregion is definitely not yet equipped for large-scale deployment of this technology.

Stakeholders in M-Banking

a) Consumersb) Merchantsc) Mobile Network operatorsd) Mobile device manufacturerse) Financial institutions and banksf) Software and technology providersg) Government

M-Banking Services

Banks offering mobile access support some or all of the following services:


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1. Account Balance Enquiry2. Account Statement Enquiries.3. Cheque Status Enquiry.4. Cheque Book Requests.

5. Fund Transfer between Accounts.6. Credit/Debit Alerts.7. Minimum Balance Alerts.8. Bill Payment Alerts.9. Bill Payment.10.Recent Transaction History Requests.11.Information Requests like Interest Rates/Exchange Rates.

One way to classify these services depending on the originator of a service session is thePush/Pull' nature.

Push' is when the bank sends out information based upon an agreed set of rules, forexample your banks sends out an alert when your account balance goes below a threshold

level.

Pull is when the customer explicitly requests a service or information from the bank, so arequest for your last five transactions statement is a Pull based offering. .

The other way to categorize the mobile banking services, by the nature of the service, gives ustwo kind of servicesTransaction based and Enquiry Based.

So a request for your bank statement is an enquiry based service and a request for your fund'stransfer to some other account is a transaction-based service. Transaction based services arealso differentiated from enquiry based services in the sense that they require additionalsecurity across the channel from the mobile phone to the banks data servers.

Based upon the above classifications, we arrive at the following taxonomy of the serviceslisted before.

Push Based Pull Based

Transaction

Based

Fund Transfer Bill Payment

Other financial services likeshare trading.

Enquiry Based Credit/Debit Alerts. Minimum Balance

Account Balance Enquiry Account Statement Enquiry.


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Alerts Bill Payment Alerts

Cheque Status Enquiry. Cheque Book Requests. Recent Transaction History.

Table 1 (Types of services)

M-Banking Technologies

Most of these services can be deployed using more than one channel. Presently, MobileBanking is being deployed using mobile applications developed on one of the following 4channels.

1. IVR (Interactive Voice Response)2. SMS (Short Messaging Service)3. WAP (Wireless Access Protocol)4. Standalone Mobile Application Clients

Fig 2 (Mobile banking operation)


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Advantages of M-Banking4

For Customers:

1. We can find mobile connectivity in the remotest of places also where having an internetconnection is a problem.

2. We can make transactions or pay bills anytime. It saves a lot of time.3. Mobile banking thorough cell phone is user friendly. The interface is also very simple.

We just need to follow the instructions to make the transaction. It also saves the record ofany transactions made.

4. Cell phone banking is cost effective. Various banks provide this facility at a lower cost ascompared to banking by self.

5. Banking through mobile reduces the risk of fraud. We will get an SMS whenever there isan activity in our account. This includes deposits, cash withdrawals, funds transfer etc.We will get a notice as soon as any amount is deducted or deposited in your account.

6. Various banking services like Account Balance Enquiry, Credit/Debit Alerts, BillPayment Alerts, Transaction History, Fund Transfer Facilities, and Minimum BalanceAlerts etc. can be accessed from our mobile.

For Banks:

Increase market penetration.Go for underserved population segments, and grow the total revenue pie. Mobile banking canserve primarily to reduce the cost of deploying customer touch points into lower income ormore remotely located population segments. Mobile-as-ATMs can enable merchants tobecome cash-in/cash-out points; mobile-as-POS can serve to substitute cash andelectronically capture transactions at the store.

Sell more services to existing customers.Develop new products that target unmet needs of existing customers. These new servicescould exploit the new functionality available through a mobile phone (e.g., location

4http://www.tiddee.com/11-advantages-using-mobile-banking-through-cell-phone
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awareness, under the new functionality view) or its value as a personal technology (the

new way to interact view).

Retention of most valuable customers.Protect the roughly 20 percent of customers who bring roughly 80 percent of the value,offering them a quality and breadth of service that will make them less vulnerable tochurn. Banks also can fully exploit the immediacy of the mobile environment to extendthe benefits of control and choice, and hence convenience, across their entire productrange.

Reduce cost of service provision.Cutting costs is not only about margin: seeking low cost position in the market also

should deter competitors from engaging in value-destroying price wars, therebyprotecting the revenue base. This is fundamentally about replacing more expensivechannels and devices with the cheaper mobile solution (the deployed base view).

Most popular M-Banking Services

Lets have a look at some of the popular m-banking services used by Indians.

Usage Unique Users (in millions)

Used Mobile Banking 43.70

Checking Account Balance 39.97

View last 3 transactions 28.15

Status of cheques 21.06

Payment reminders 20.92

Request a cheque book 19.11


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Table 2 (Popular M-Banking services users)5

Challenges in the Indian Market

Security concerns of end users act as an impediment to the uptake of mobile banking services.These concerns relate to being subjected to fraud in this mode of payment as well as with respectto data privacy.

The lack of awareness about services and security protocols are also impeding the growth ofthese services. The low penetration of smart phones is another impeding factor, which mayprevent the large-scale adoption of sophisticated mobile banking applications6.

Though reforms in the form of the RBI instituting regulatory protocols for mobile banking havebeen introduced, the regulator still has some way to go in terms of facilitating the mobileecosystem for growth with an integrated framework.

Some of the impediments are:

Low awareness. Low comfort level of users due to poor literacy levels, language barriers, etc. Prevalence of entry-level handsets that do not support applications like JAVA. Limited ability of the existing distribution channels to be leveraged for banking

transactions.

Concerns with respect to the security of mobile banking transactions.

The key impediments to the uptake of mobile banking are:

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6 http://www.tele.net.in/discussion-board/item/7732-mobile-banking-opportunities-and-challenges-in-

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Lack of support for all handsets: There are different handset designs across 7-10manufacturers.

Regulatory restrictions: There are limits on the size of transactions. Security risks: Trojans and other viruses are evolving rapidly in mobile banking

services. Lack of support in local languages.

New Initiatives

Some of the players in the Indian mobile phone market have taken initiatives to launch there ownservices. Two such initiatives are discussed below:

Nokia introduces Mobile Money on all devices

Global handset maker Nokia had started embedding the Mobile Money client service in all itsdevices in India7.

The service is available not only on high-end Symbian smart phone devices, but also on

Nokias Series 40 feature phones and Series 30 entry level devices. The service is supportedby keyboard devices, touch devices and a combination of the two.

The Mobile Money service provides access to financial services to the unbanked and under-banked population through mobile phones, empowering people and their businesses. The

service eliminates the need for intermediaries.

In its functions, the service is integrated with the phone and other phone services. For example,the selection of the recipient in a send-money transaction is directly integrated with the phonebook. Sending money thus becomes as simple as sending a message or making a phone call. Tomake the service simpler, the user-interface is decoupled and separated from data transport.Therefore, the user would not need to know which transport (SMS, GPRS or wifi) is in useduring the transaction.

The Mobile Money service allows users to avail of multiple financial services functions:

7http://www.business-standard.com/india/news/nokia-introduces-mobile-moneyall-devices/440692/
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Account management with detailed balance information, Tracking and details of each transaction, Payment of bills Money transfer Cash withdrawal from business correspondents cash-out outlets (registered Nokia

stores) and automated teller machines and prepaid SIM top-ups.

People with Nokia phones without the Mobile Money client, can simply visit a Nokia Moneyagent and get the application loaded on to their phones. They can also use the service throughtext messages, which do not require a client.

Nokia is building an open ecosystem for mobile payments in India and the Nokia Money mobilefinancial services initiative is already being implemented through partnerships with Union Bankof India, YES Bank, Obopay and a wide range of merchants, retailers and businesscorrespondents. The servicesUnion Bank Money and YES Bank's Mobile Money Services

are available in several regions and would be rolled out across India in the coming quarters.

Consumers would have the option of choosing and subscribing to either Union Bank Money orYES Bank Mobile Money Services from their Nokia devices. The service can be activated atNokia retail outlets, as well as outlets that are authorized banking correspondents of YES Bankand/or Union Bank of India.

Airtel Launches Airtel Money, Indias First Mobile Wallet Service

Airtel has launched Indias first mobile wallet service by a telecom operator8.

Aimed at offering customers with an efficient alternative to cash transactions, airtel money willprovide airtel customers across the country with a convenient and secure way of makingpayments through the ubiquitous mobile platform.

In 2010, bharti airtel was granted the license to use the Semi Closed Wallet by the Reserve Bankof India.

Currently available in Gurgaon, Delhi, Noida, Ghaziabad, Faridabad only, Airtel has

already established partnerships with several merchants (including coffee shops,

8http://www.pluggd.in/airtel-money-how-to-use-297/
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restaurants etc) to accept payments via airtel money which will gradually be scaled, up to

over 3,000 merchants across the cities. Airtel money will subsequently be launched in otherkey cities in India.

We can use airtel money for the following purposes:

Load cash: Load cash on your airtel mobile by visiting your nearest airtel retail outlet[Minimum is Rs. 10, Maximum is Rs. 5,000 and monthly limit stands at Rs. 50, 000].

Pay bills & recharge: You will be able to use this cash in your mobile for makingbill payments (electricity, gas, financial services, etc.) and rechargeLimits same asabove.

Shop & make payments: Instead of cash, pay over-the-counter merchants such asyour nearest kirana store, chemist, etc using your mobile phone. You can even sit athome and pay for services like booking movie tickets online

Airtel had recently announced a JV (joint venture) with State Bank of India to provide

banking and financial services to millions of unbanked Indians using the mobile platform .With this launch of airtel money airtel now offers a complete suite of financial products onmobile devices for the banked as well as unbanked population of the country.

Pricing/Charges:

Airtel will charge a month subscription fee of Rs. 5/month and charges Rs. 5/payment.

Essentially, this is not a semi closed wallet service (as allowed by RBI) that enables us to addmoney, but not withdraw.


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Conclusion

Mobile banking is going to become the big killer mobile application arena. However, bankswhich are going mobile for the first time need to tread the path cautiously. The biggest decisionthat banks need to make is the channel that they will support their services on.

Mobile banking through an SMS based service would require the lowest amount of effort, interms of cost and time, but will not be able to support the full breath of transaction-basedservices. However, in markets like India where a bulk of the mobile population users' phones canonly support SMS based services, this might be the only option left.

On the other hand a market heavily segmented by the type and complexity of mobile phoneusage might be good place to roll of WAP based mobile applications. A WAP based service canlet go of the need to customize usability to the profile of each mobile phone, the trade-off beingthat it cannot take advantage of the full breadth of features that a mobile phone might offer.

Mobile application standalone clients bring along the burden of supporting multiple mobiledevice profiles. Mobile banking has the potential to do to the mobile phone what E-mail did tothe Internet.

Nevertheless, Bank's need to take a hard and deep look into the mobile usage patterns

among their target customers and enable their mobile services on a technology withreaches out to the majority of their customers.


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References

1. Mobile Banking, 2011. What is Mobile Banking? [Online]

Available from:http://en.wikipedia.org/wiki/Mobile_banking[Accessed 6th August 2011]

2. History of Mobile Banking, 2011. [Online]

Available from:http://www.ehow.com/about_6721541_definition-mobile-banking.html

[Accessed 15th August 2011]

3. Mobile Banking: An introduction. [Online]

Available from:http://www.papaflyfilms.com/64687/mobile-banking-an-introduction/

[Accessed 15th August 2011]

4. 11 advantages of using mobile banking through cell phone, 2011. [Online]

Available from: http://www.tiddee.com/11-advantages-using-mobile-banking-through-cell-

phone[Accessed 19th August 2011]

5. Mobile Banking: Opportunities and challenges in the Indian market, 2011.

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mobile banking in india....rohan tyagi...section-a....enrolment no- 10bsphh010650

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