‘Mobile Banking refers to provision and availability of banking-and financial with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transaction, to administer accounts and to access customized information.’ (http://en.wikipedia.org/wiki/Mobile_banking).
This is some of the categories of mobile marketing where it meant is to describe marketing with mobile phone. Also mobile banking is an example of horizontal telecommunication converges. With this mobile technology, banks can now offer many services to their clients or customer without the face to face conversation. By this they can now minimize the consumption of time of their customer as well maximize the full services of the company. By Smart Phone and 3G connectivity provide some capabilities that older text message-only phones do not. According to Celent, a financial consultancy, said that almost 35% of online banking households used mobile banking by up to the present. Another study by Bear Insight forecasts that the number of mobile banking users in the US as well as the European market will grow from 12 million in 2009 to 86 million in 2015. However, in rural areas where low income populations only attract the mobile banking, the company will now depends on banking agents. Especially for clients in remote locations, it will help the deposit and withdraw at banking agents where the feasibility of agents depends on local regulations.
As we all know Globe Telecom is the leading mobile network operator in the Philippines and now working with Consultative Group to Assist the Poor (CGAP) to create ecosystem or mini-economies with multiple locations for people to transact with GCASH, their mobile banking service, via SMS messaging. Rizza Maniego-Eala, President of GXchange, Inc, Globe’s wholly-owned subsidiary running its m-commerce business with its flagship service, GCASH, explain Globe’s strategy to expand financial services using mobile phones.
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