MOBILE BANKING

Development of IT Strategy

Development of IT Strategy

Introduction

An array of technologies and hardware, as well as various social networks perpetuated by mobile technologies, make mobile networking possible. Several types of social, cultural, and economic practices and exchanges are enabled and maintained through cell phones, smart phones, laptops, mobile gaming consoles, mobile multimedia players, e-readers, global navigation satellite systems (GNSS), and networked mp3 players. Mobile networks connect users with people they know, people they have yet to meet, and people they may never actually encounter face to face. In recent years, the element of location has been mapped onto social networks through mobile technologies and practices. This trend in technological development and social network engagement has further provoked scholarly debates concerning the relationships between the virtual space of the mobile network, and the physical space in which the network is utilized. Additionally, the desire for improved broadband connection has resulted in policy changes and increases in mobile network service provision in both developed and developing countries.

Discourses surrounding mobile networks emphasize the enabling of all manners of flexibility and publicity of interaction. Users no longer have to be tethered to a room or phone booth in order to connect with contacts and mediated information. Globally, mobile networks are employed for a variety of communicative practices. The social networks enabled and maintained by mobile networks often echo Web-based and off-line social aggregations. Collectivities that manifest around shared physical space, occupational exchanges, identity performance, familial bonds, or similar interests are often maintained through mobile networks. While communication in the form of Short Message Service (SMS, or text message) or telephony tends to dominate as the primary use of mobile networks, the types of social and communicative practices that occur via these networks are expanding as technology improves. Most notably, mobile multimedia and gaming consumption have been steadily increasing. For example, mobile gaming and music services are proliferating, and technologies like Digital Multimedia Broadcasting (or the live streaming of radio and television broadcasts prevalent in South Korea) are being considered in a variety of countries as well.

This further made advancement in the process of banking and developed an idea of mobile banking service.

Mobile Banking

Mobile computing application that provides support to the consumers to be able to bank anytime and anywhere with the help of mobile devices and different services provided by the mobile operators such as short messaging service (SMS) is basically called as Mobile Banking (Radhakrishna, Gita, and Pointon, 2007). Short message service (SMS) is utilized to support services of mobile banking as the most important medium. This mode of banking system allows the ease to its clients and removes any kind of time and space limitations from the activities involved in banking such as Account balance inquiry, or transferring of funds from one account to other account. Although this mode of banking system has become popular in many countries but there are regions where it is still not widely used (Parsons, Gotlieb, and Denny, ...