Research in business and economics journal volume 9 august, 2014 mobile banking and mobile money, page 1 mobile banking and mobile money adoption for financial inclusion alice s. Moreover, the extant literature appears limited by its narrow focus on sms banking in developing countries. It was established that though customers have remained loyal to banks, the banks have not been able to grow their. A startling finding is that this already impressive level of adoption is set to continue growing very rapidly over the coming years with juniper. Determining the factors that motivate the customer to use mobile banking services. International journal of managing information technology ijmit vol.
Transactionbased services, such as a funds transfer or a bill payment, involve movement of funds from one source to another. A startling finding is that this already impressive level of adoption is set to continue growing. Trends in the utilization of mobile banking and payments. Risk mitigation best practices for mobile and online. Number of banking transactions in the netherlands from 2014 to 2018, initiated through mobile banking, internet banking, by phone or on. Concurrently, the federal reserve banks of boston, richmond, and dallas conducted an identical survey of the fis in their districts. Pdf a study on how mobile banking has affected the. Today traditional banking services, based on lending and deposit taking operations, are only part of banking activities. Bain, customer loyalty in retail banking, 2014 figure 1. Mobile financial services consumer financial protection. Mobile banking is generally defined as a service provided a financial institution that allows its customers to conduct financial transactions remotely using a mobile device. Determining the factors that impede the customer from using mobile banking services. Article pdf available august 2014 with 3,273 reads. Have you used online banking on a desktop, laptop, or tablet e.
Firstbank of nebraska mobile banking setup for android phones 10. Customer satisfaction and loyalty have been traditionally two main goals aimed at by managers. Mobile banking allows people to manage their money on the go. As the industry moves on one more year, exciting new developments are taking place. Mobile banking risk identification and mitigation by jerome f. Survey of consumers use of mobile financial services 2014. A survey was conducted to provide a state of the art of online banking authentication and communications security implementations. Pros and cons of mobile banking renju chandran research scholar, dept. Mobile banking as a situation whereby the customer interacts with a bank via mobile device, such as mobile phone and personal digital assistant pda. The federal reserve bank of atlanta conducted a mobile banking and payments survey of financial institutions fis in the sixth federal reserve district1 between july and august 2014. Mobile banking has moved quickly beyond being simply online banking using a. Combs, supervisory examiner, federal reserve bank of minneapolis. The delivery of a mobile banking service to a consumer involves the participation of four primary players. It will ask you one of your online banking security questions.
International journal of scientific and research publications, volume 4, issue 10, october 2014. Have you used an atm for any banking transactions in the past 12 months. Ebanking services features, challenges and benefits 53 allows the customer to perform financial transactions from hisher home computer via a modem. Below is a reproduction of the survey instrument in its entirety. Etim winston salem state university abstract as the developed economies are poised to transition many smart mobile phone users. During the survey period in march 2014, it was found that the mobile banking penetration in. Have you used mobile banking in the past 12 months. The findings illustrate an active environment for mobile.
Survey on customer satisfaction, adoption, perception, behaviour. Risk mitigation best practices for mobile and online banking. You can also classify mobile banking based on the nature of the service. Between global regions the applied single or multifactor authent. Mobile banking is the use ofa mobile phone to connect to a financial institution to access bankcredit account. Mbanking mobile banking mpesa mobilebased cash transfer service by safaricom ltd. The results from the study revealed that, each factor measured had some level of significant effect on con sumer intention to adopt and use mobile banking services provided by access. Data is sourced from the world banks global financial inclusion database. Mobile payments infrastructure access and its regulation. Percentage of investment in mobile money compared to last year 20 vs. The development of mobile payment services is an important financial innovation. Indonesian banking survey 2014 5 more intense competition for funds, customers and talent having gone through 20, indonesian banks are facing an even more challenging environment in 2014 given the tight economic conditions. To offer the best featurepacked online banking mobile applications that. Mobile banking activities fall within the scope of the banking business, and oversight is provided by the competent financial market authority for prudential supervision, if the definition of.
Pdf key factors affecting mobile banking adoption among banks. Pdf the impact of mobile banking on enhancing customers e. The purpose of this paper is to characterize both these concepts in the mbanking. In 2014, the mobile financial services sector continued to expand, boosted by the creation of. Traditional bricks and mortar banking infrastructure struggles to make the business model work to serve lowincome customers, particularly in rural areas. The research sifts through early entries in mobile banking features, data transfer technology evolution along with handheld mobile device advances. Influence of digital banking on customer satisfaction. This is a list of countries by mobile banking usage as measured by the percentage of the population. It is expected to bring massive benefits to an economy because it allows for a cheaper way to extend financial services to a larger number of peoplecurrent users of financial services. Page 4 2014 mobile banking and payments survey please refer to the definition below for questions in the mobile banking section. Some benefits of internet banking to customers as identified by angelakopoulos and mihiotis. A study of mobile banking usage in iran emerald insight. Annals of the university of petrosani, economics, 141, 2014, 4958 49 ebanking services features, challenges and benefits imola driga, claudia isac abstract. Mobile banking and mobile money adoption for financial inclusion.
Mobile banking faq find answers to the most frequently asked questions here. Mobile deposit allows you to deposit checks from your iphone, android phone, or ipad tablet. Lai, mobile banking and payment in china, it pro, mayjune 2014, pp. The ffiec supplement to guidance on authentication in an online banking environment calls on institutions to extend customer awareness and education efforts to both retail and commercial customers. Lott december 2016 the views expressed in this paper are solely those of the author and not necessarily those of the federal reserve bank of atlanta or the federal reserve system. The results show that the nonadopters of mobile banking asserted that.
This study purposed to investigate the influence of digital banking on customer satisfaction case of national bank of kenya bungoma county. With the use of a mobile device, the user can perform mobile banking via call, text, website, or app. This paper explores the effect of mobile banking on the banking industry. Mobile payments infrastructure access and its regulation ussd.
Simply take a picture of the front and back of your endorsed. This statistic presents the mobile banking penetration in selected european countries in 20 and 2014. Adaptive lab researchnow, december 2014 as well as seeing more regular users, mobile is now a more popular channel overall. Challenges and factors influencing initial trust and behavioral. Smart phone downloadable app user guide document version 1. The chart below summarizes these various types of mobile banking. Pdf advantages and disadvantages of mobile banking the.
Mobile devices smartphones and tablets are easy to use and can be taken almost anywhere. Pdf a study on how mobile banking has affected the banking. Factors affecting customers adoption of mobile banking services. Mobile banking is the performing of finance related functions on a mobile device like a smartphone or tablet. The scope of offered services may include facilities to. Mobile banking, online banking, customer perception, extended tam. The netherlands, luxembourg and austria are again the most developed mobile banking markets in 2014, while for the second year in a row turkey is the top mobile banking hotspot as it shows potential to rise signi. It further seeks to investigate if banks improve financial performance as well as customer conversion and retention due to mobile banking. Determinants of mobile banking adoption in the ghanaian. Survey of consumers use of mobile financial services 2014 questionnaire.
Have you used telephone banking in the past 12 months, either with a landline phone or mobile phone. Pdf mobile banking and payment system a conceptual. Between global regions the applied single or multifactor authentication schemes differ greatly, as well as the security of ssltls implementations. This study makes several recommendations for continued research in the area of mobile banking. Consumers and mobile financial services 2014 federal reserve.
Mobile banking gives you access to your accounts from your mobile web browser or a downloadable mobile banking application, depending on your preference and your phone capabilities. In the information technology it based era, mobile phone users consumers and business as well as social network are coming to realizing the value of mobile device and its utilization along with application in their daily business and. The findings were that while basic mobile phones were widely adopted and used mainly for communication with mostly family and friends, they were rarely used for servicing high order tasks like mobile banking or mobile money transfers. Mobile banking in india was expected to have an annual growth rate of 43% between 2012 and 2016 7 mainly due to the rapidly growing number. Objective of the study the main objective of the study is to examine the determinants of. A bank, mobile network operator mno, a mobile banking technology vendor, and the consumer. The first is a downloadable mobile application that installs software directly to your mobile device. Therefore, the following research objectives were considered worthy of exploration. Focusing on the mobile banking mbanking, the importance of these concepts is even greater due to the increasing focus of banks on mobile phones in order to reach out to a larger set of customers. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Sep 07, 2015 the purpose of this paper is to explore barriers, the mediating role of usability and the moderating effects of selfefficacy and perceived image on consumers attitudes toward use of mobile banking mb in iran. Bankers surveyed said that the top three challenges for the year are margin pressure, tougher competition and. Traditional bricks and mortar banking infrastructure. Mobile banking and mobile money adoption for financial. A survey of authentication and communications security in. Number of live mobile money services by region 20012014. The bracketed text are programming instructions that 1 indicate whether or not a question is single choice sp or multiple choice mp and.
Dec 30, 2015 however, numbers suggest that the rate of acceptance of technology is quite low. In 2014, more banking interactions happened on mobile than happened on laptop or desktop, in. Mobile banking categorized as the latest development in electronic bank services. Banking in the development and growth of the economy.
1285 294 699 1129 71 1291 1506 47 1440 1014 1517 637 1282 34 1475 680 155 1482 1056 823 1013 1050 236 326 823 87 1445 982 786 190 1119 811 43 229 646 898 1366 1479 1393 691