The Implementation of Mobile Banking in Modern Banking Business

Abstract

The development of mobile banking ensued after the development of the mobile phone market as well as the sudden emergence of the internet and electronic trade. In order for mobile banking to function properly, there needs to be a good collaboration between the banks and mobile phone companies, as well as a satisfactory software support for various services. Nowadays, almost all banks offer mobile banking to their customers. In the beginning, the clients had only the option of viewing their account information, while today they can complete transactions and do shopping. Mobile banking is seen as the newest means in e-banking, which will enable a suitable way of performing banking transactions by way of using the mobile phone or other mobile devices. The potential for e-banking can be a lot more feasible than by using the computer, because there are more mobile phone users than computer ones. In the beginning, clients were only able to have an insight into the balance of their accounts, and today they can perform many other transactions related to their payment cards, current and foreign currency accounts and loans. Mobile banking is the latest channel in electronic banking that will provide a convenient way to perform banking transactions using mobile phones or other mobile devices.

Keywords

e-banking, mobile banking, safety and protection of data, e-commerce