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PROJECT ON: M-Banking

Findings Primary Data: Various people that included office staff help to collect the primary data on the basis of interviews, thoughts & suggestion Secondary Data: The Main sources of Secondary data were combination of information from the Internet, periodicals and books of the related topic. Hypothesis: To understand about how M-banking activity is carried out and how it is easy to use. Limitations: Lack of information pertaining to the various angles of the report. The topic is too vast to be covered in this project. These were main problems encountered by myself.

EXECUTIVE SUMMERY Mobile communication device are revolutionizing banking transaction over wireless networks & the Internet. To attract & retain customers, banks need to extend their full range of service across a wide range of mobile, wireless devices without having an impact on their current infrastructure & the delivery channels it currently supports. Wireless network, mobile gateways, WAP (wireless application protocol) & WML (Wireless markup language) all play an important role in bringing mobile banking strategy to the market. For wired customers & businesses, the next phase in this evolution is wirelessmobile banking that is available anytime-anywhere from always on mobile device like mobile phones & personal digital assistants (PDAs). With the proliferation & cost-effectiveness of the mobile delivery channel, banks have bullin delivery mechanism that can offer services & 24*7access regardless of where the customer happens to be. Unlike PC-based e banking, mobile banking provides banks with the unprecedented opportunity to reach their customer in an unrestricted environment. The big benefit for banks. Higher customer satisfaction & loyalty, more transaction-based fee revenue, lower cost of ownership, & an integrated customers relationship management channel. Mobile banking is, of course, still dependent on the Internet as a delivery network. That said, there are some critical differences between Internet & mobile banking services. The most notable of these is the Internet users experiences via mobile interface verses the Internet experiences via standard device like PCs & laptops. As mobile devices are limited to a tiny percentage of screen real estate, customers will place less emphasis on surfing/browsing & become transactionfocused customers responding to push messages that reflect proximity as well

4 as buying patterns. Pull-based customer interaction, such as those conducted via fixed-network devices like PCs, will ultimately decline in usage as push messaging becomes even more sophisticated. Introduction of Mobile Banking The Internet is revolutionizing the way the financial industry conducts business, empowering organizations with new business models and new ways to interact with customers. The ability to perform banking transactions online has created new players in the financial industry, such as online banks and brokers who offer personalized services through their Web portals. This increased competition is driving traditional financial institutions to find new ways to add the value to their products and services, gain competitive advantage and increase customer loyalty while also attracting new, high-value clients. Mobile and wireless technology, combined with the wide variety of portable devices available today, enables new revenue opportunities for financial services organizations. This provides a new channel that can be used to refresh and expand the customer base, attract prime customers and enhance loyalty. With mobile and wireless technology, banks can offer a wide possibilities of services to their customers, from the freedom of paying bills while stuck in traffic, to receiving notification of a change in stock price while having lunch, the convenience and time saving benefits of wireless financial services are huge. The challenge, then, is how to turn these possibilities into a reality for the customers.

5 Benefits A. Grow new customer base and markets B. Increase share of customer wallet C. Grow assets, number of transactions and fee D. Expand and enhance brand presence:

MOBILE

NETWORKS

PROVIDE

THE

FOLLOWING COMPETITIVE

ADVANTAGES 1.Always on 24 7 access: Mobile networks will provide the ability for consumers to be transaction- ready, much in the way cable access has facilitated online pc access and reduced consumer dial up delays 3555. 2.Advanced penetration of mobile networks: 2G (second generation) networks already cover more than 90 percent of the population in the western world, and this number is growing steadily. 3.Personalization: Through SIM (Subscriber Identity Module) cards, mobile customers have a specific profile that enables customized functionality that directly reflects the way they want to transact business over mobile devices.

6 4.Rapid evolution of global protocols such as WAP (wireless application protocol): This enables the communication channel between computers and mobile devices. The WAP component essentially provides the facility for reformatting data for display on wireless hands. 5. Faster Data Processing Speeds: Increases in bandwidth and data transmission a speed makes mobile data services efficient and cost - effective in a real time environment. 6. Security Effectively, the mobile banking transaction can be protected by a private key stored on SIM card and hence mobile phone can become a wireless wallet to protect proprietary and financial information.

7 Questionnaires A) Banking point of view : 1) Whether Mobile Banking is more convenient then Traditional Banking? a) Yes b) No c) Not yet experience

2) According to you, which category of community are relay on M-Banking? a) Businessmen b) Common people c) Professional B) Customers point of view : 1) With which facilities of banking you are most satisfied? a) Traditional Banking b) Internet Banking c) Mobile Banking d) Other 2) Are you satisfied with the facilities provided in Mobile Banking? a) Yes b) No c) Not yet experience d) Other

3) Which feature of Mobile Banking you like more? a) Flexibility b) Time saving c) Durability d) Easy accessibility 4) Do you feel Mobile Banking is Costlier then other modes of Banking?

8 a) Yes b) No c) Not yet experience

5) Whether you are facing any problems, while using M-Banking Systems? a) Yes b) No c) Not yet experience

6) Would you like to give any suggestions to prevent problems of M-Banking? a) Yes b) No c) No Suggestion

9 A) Banking point of view : 1) Whether Mobile Banking is more convenient then Traditional Banking?

10% Yes 30% 60% No Not experience

Explanation : Mobile Banking is more better then Traditional Banking because it offers more facility like Alert facility,SMS facility and customer can access to their bank blance at any time. No,Mobile Banking is not convenient then Traditional Banking as it involve more formalities and middle class, lower class customers can not affored to Mobile Banking. I conclde that, most of the customers of bank are feel thet Mobile Banking is more convenient.

10 2) According to you, which category of community are relay on M-Banking?

10% 20% Bussinessmen Common Professional Other

60% 10%

Explanation : As per chart, 60% of Businessmen relay on Mobile Banking because, they mostly involved in stock exchange so they required each and every update of stock market which the get easily on their mobile by availing Mobile Banking. Only 10% of common customers of bank are availing Mobile Banking service because they are interested in depositing and lending of their money in their account. We conclude that, most of Business customers of bank are using and relay on Mobile Banking.

B) Customers point of view : 10

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1) With which facilities of banking you are most satisfied?

10%

10%

40%

40%

Traditional Mobile Internet Other

Explanation : As per chart, there is equal percentage for Mobile Banking and Internet Banking because both offer wide services. On other hand Traditional Banking is a used 10%of customer. Conclusion is that, Mobile Banking and Internet Banking both are satisfying customers.

2) Are you satisfied with the facilities provided in Mobile Banking?

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70 60 50 40 30 20 10 0 Yes No Can't say

Explanation: Yes, 70% of customers of bank are satisfied with Mobile Banking because of its latest facility. 20% of customers are not satisfied because they are not comfortable with formalities of Mobile Banking. 10% customers have no idea about Mobile Banking so there is no question of satisfaction.

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13 3) Which feature of Mobile Banking you like more?

15% 30% 15% Flexibility Time saving Durability Accessability

40%

Explanation : In todays modern world every customer has value of Time, so they acquire latest facility which is time saving. There is 40% of customers are availing Mobile Banking system for the sake of time saving. 30% of customers used this facility as flexibility offered by this system, its easy for them to access any information on mobile like latest updatation of stock market, bank balance checking, Reminder facility etc. Mobile Banking can be easily accessible and is Durable in nature.

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14 4) Do you feel Mobile Banking is Costlier then other modes of Banking?

9%

50% 41%

Yes No Can't say

Explanation : Yes, Mobile Banking is costlier because this facility is availed by only those customers of bank, which has, 1) Saving A/C of same bank 2) Demate A/C of same bank 3) Credit card of same bank So middle class and lower class customers need not to have demate A/C and Credit card & it also charge for Alert and SMS facility.

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15 5) Whether you are facing any problems, while using M-Banking Systems?

50 40 30 20 10 0

Yes

No

Can't say

Explanation : Yes, there is problem in Mobile Banking regarding lack of security, lack of personal touch, lack of efficiency& some times problem in accessibility. No, there is no problem in Mobile Banking. Everything is up to the satisfaction level. I conclude that, in spite of various problems in Mobile Banking is best.

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16 6) Would you like to give any suggestions to prevent problems of M-Banking?

35%

5%

5%

Yes No Can't say

60%

Explanation: Yes, there should be personal touch i.e. instead of sending message, if there is facility that we can solve our problems with bankers personally. SMS facility is good but need to grow. At last I would like to conclude that with some innovations, Mobile Banking can become popular in middle class and lower class customers.

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Bibliography

1. E-banking: the global perspective Gupta Vivek 2. E-Commerce in Indian banking Bhasin 3. Banking and Finance C.M.Chaudhary 4. IT in Banks - Katury Nageshwara Rao.

webiblography 1.www.google.com

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