Term Paper on Advantages of Mobile Banking – A very effective way of improving customer service could be to inform customers better. Credit card fraud is one such area. A bank could, through the use of mobile technology, inform owners each time purchases above a certain value have been made on their card. This way the owner is always informed when their card is used, and how much money was taken for each transaction. Similarly, the bank could remind customers of outstanding loan repayment dates, dates for the payment of monthly installments or simply tell them that a bill has been presented and is up for payment. The customers can then check their balance on the phone and authorize the required amounts for payment. The customers can also request for additional information.
Advantages of Mobile Banking
They can automatically view deposits and withdrawals as they occur and also pre-schedule payments to be made or cheques to be issued. Similarly, one could also request for services like stop cheque or issue of a checkbook over one’s mobile phone.
There are number of reasons that should persuade banks in favor of mobile phones. They are set to become a crucial part of the total banking services experience for the customers. Also, they have the potential to bring down costs for the bank itself.
Through mobile messaging and other such interfaces, banks provide value-added services to the customer at marginal costs. Such messages also bear the virtue of being targeted and personal making the services offered more effective.
They will also carry better results on account of better customer profiling. Yet another benefit is the anywhere/anytime characteristics of mobile services. A mobile is almost always with the customer.
As such it can be used over a vast geographical area. The customer does not have to visit the bank ATM or a branch to avail of the bank’s services.
Research indicates that the number of footfalls at a bank’s branch has fallen down drastically after the installation of ATMs. As such with mobile services, a bank will need to hire even less employees as people will no longer need to visit bank branches apart from certain occasions.
