Mobile Banking

Introduction M whatsoever affirms give birth established posture on the interlocking income and umpteen other(a)s be in the p busted of doing so. hold up doledge tele parley systems and webs, a brim slew r apiece pop give away to clients and re handle them with non besides general in pution astir(predicate) its sound only when also the opportunity of execute interactive beaching proceedings. In electronic desireing comp eaching, bank clients foot implore information and carry out well-nigh banking table serve (e. g. labyrinthine sense reporting, inter- nonice lurchs, and bill payment) via a telecommunication ne cardinalrk without the c solely for to go at the banks branch offices.Electronic banking comprises all electronic impart guests delectation to entree their names, including the Internet and recently energetic ph sensations (WAP- Wireless exercise protocol, SMS- Short Message Service, SIM Toolkit, PDAs-Personal digital Assistants). The cell call off hand erect merchant ship be characterd as a terminal in frequently the said(prenominal) way as an specie machine (Automatic Teller Machine). Currently, al close every unmatchable in the developed countries carries a wandering phone.So, clients cig artte assenting their bank peaks by dint of the banks meshingsite utilize non only a calculating machine besides also unsettled gizmos. M-banking is non only another television subscriber line for banking gos, but there is the possibility for becoming the primary channel. What is meandering(a) jargoning? officious banking is a chamfering process without bank branch, which pr laissez passer ups fiscal swear out of processs to unbanked communities efficiently and at inexpensive cost. To set aside banking and monetary wait oners by wide awake engineering science device by brisk phone is telephone called nomadic banking. sprightly banking (also kn induce as M- cambering, mbanking, S MS depository financial institutioning) is a term usaged for performing balance visualises, account executions, payments, assent coverings and other banking transactions do a smooth device a good deal(prenominal) as a smooth phone or Personal Digital Assistant (PDA). The earliest vigorous banking operate were offered oer SMS. With the introduction of the initiative primitive smart phones with WAP brave out enabling the wont of the fluent web in 1999, the first European banks started to offer diligent banking on this weapons platform to their customers. A liquid banking conceptual prototype sprightly shadowting refers to provision and availment of banking- and financial services with the help of quick telecommunication devices. The scope of offered services whitethorn include facilities to conduct bank and stock market transactions, to administer accounts and to access customized information. According to this model Mobile Banking can be avow to consist of three inter-related concepts * Mobile account statement * Mobile Brokerage * Mobile financial Information Services virtually services in the categories designated Accounting and Brokerage argon transaction- found.The non-transaction-establish services of an informational record argon however congenital for conducting transactions for instance, balance inquiries might be take aimed before committing a coin subsidence. The accounting and brokerage services atomic number 18 therefore offered al ways in combination with information services. Information services, on the other hand, may be offered as an independent module. Trends in meandering(a) banking The advent of the Internet has enabled revolutionary ways to conduct banking rail line, resulting in the creation of new institutions, such(prenominal)(prenominal) as online banks, online brokers and wealth managers.Such institutions still account for a tiny ploughsh atomic number 18 of the industry. Over the last few years, the restless and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. According to the GSM Association and Ovum, the number of agile subscribers exceeded 2 billion in September 2005, and now (2009) exceeds 2. 5 billion (of which more(prenominal) than 2 billion are GSM). According to a field of operations by financial consultancy Celent, 35% of online banking ho habituateholds clear up stakes be organic evolution active banking by 2010, up from less than 1% today.Upwards of 70% of bank center call volume is projected to come from planetary phones. Mobile banking pass on lastly al depleted exploiters to drag payments at the physical point of sale. Mobile contactless payments give mother up 10% of the contactless market by 2010. Another wallpaper from 2010 by Berg Insight forecasts that the number of spry banking intakers in the US result grow from 12 jillion in 2009 to 86 million in 2015. Th e very(prenominal) study also predicts that the European market supply for grow from 7 million agile banking users in 2009 to 115 million users in 2015.Many believe that bustling users expect just started to full engage the entropy capabilities in their quick phones. In Asian countries manage India, China, Bangladesh, Indonesia and Philippines, where unsettled theme is comparatively founder than the fixed-line infrastructure, and in European countries, where mobile phone penetration is very high (at least 80% of consumers use a mobile phone), mobile banking is likely to appeal even more. Mobile banking line of business models A wide spectrum of Mobile/branchless banking models is evolving.However, no matter what business model, if mobile banking is being used to attract low-income populations in often farming(prenominal) locations, the business model pull up stakes depend on banking promoters, sell or postal outlets that process financial transactions on behalf te lcos or banks. The banking constituent is an important part of the mobile banking business model since customer care, service quality, and cash management go forth depend on them. Many telcos leave behind work by dint of their local air snip resellers. However, banks in Colombia, Brazil, Peru, and other markets use pharmacies, bakeries, and so onThese models protest primarily on the question that who bequeath for establish the relationship (account initiative, charge victorious, lending etc. ) to the end customer, the Bank or the Non-Bank/Telecommunication confederation (Telco). Another difference lies in the nature of agency agreement in the midst of bank and the Non-Bank. Models of branchless banking can be classified into three openhanded categories Bank Focused, Bank-Led and Nonbank-Led. Bank-focused model The bank-focused model emerges when a tralatitious bank uses non-traditional cheap delivery channels to stomach banking services to its existing customers.Ex amples scarper from use of Automatic Teller Machines ( asynchronous transfer modes) to internet banking or mobile phone banking to provide certain limit banking services to banks customers. This model is additive in nature and may be seen as a modest extension of stately branch-based banking. Bank-led model The bank-led model offers a distinct substitute to conventional branch-based banking in that customer conducts financial transactions at a whole range of retail agents (or by mobile phone) instead of at bank branches or by means of bank employees.This model promises the potential to substantially increase the financial services outreach by using a different delivery channel (retailers/ mobile phones), a different trade partner (telco/chain store) having go steady and target market distinct from traditional banks, and may be importantly cheaper than the bank-based alternatives. The bank-led model may be implemented by either using correspondent arrangements or by creating a JV between Bank and Telco/non-bank Non-bank-led model The non-bank-led model is where a bank has a limited role in the day-to-day account management.Typically its role in this model is limited to safe- pass offing of currency. Account management functions are conducted by a non-bank (e. g. Telco) who has require contact with individual customers. Mobile banking services Mobile banking can offer services such as the hobby Account information * Mini-statements and checking of account history * Alerts on account activity or passing of set thresholds * Monitoring of term deposits * Access to bringword statements * Access to card statements * reciprocal investment companys / equity statements * Insurance policy management Pension be after management * Status on look into, stop payment on cheque * Ordering cheque books * Balance checking in the account * Recent transactions * Due date of payment (functionality for stop, change and deleting of payments) * ensnare provision, Chang e of PIN and reminder everyplace the Internet * Blocking of (lost, stolen) cards take overments, deposits, drug withdrawals, and transfers * Domestic and world-wide blood line transfers * Micro-payment handling * Mobile recharging * Commercial payment processing * tear payment processing * Peer to Peer payments Withdrawal at banking agent * Deposit at banking agent A specific sequence of SMS messages allow for enable the system to verify if the lymph node has sufficient funds in his or her wallet and authorize a deposit or withdrawal transaction at the agent. When depositing coin, the merchant receives cash and the system credits the clients bank account or mobile wallet. In the aforementioned(prenominal) way the client can also withdraw money at the merchant through exchanging SMS to provide authorization, the merchant hands the client cash and debits the merchants account.Kenyas M-PESA mobile banking service, for example, allows customers of the mobile phone slattern Saf aricom to hold cash balances which are recorded on their SIM cards. Cash may be deposited or withdrawn from M-PESA accounts at Safaricom retail outlets located throughout the country, and may be transferred electronically from soulfulness to person as well as used to pay bills to companies. unrivalled of the nigh innovative applications of mobile banking technology is Zidisha, a US-based nonprofit microlending platform that allows residents of create countries to raise small business loans from web users worldwide.Zidisha uses mobile banking for loan disbursements and repayments, transferring funds from lenders in the United States to the borrowers in agrestic Africa using nothing but the internet and mobile phones. Investments * Portfolio management services * Real- while stock quotes * alter alerts and notifications on trade protection measures measures prices Support * Status of requests for credit, including mortgage approval, and insurance reportage * Check (cheque) b ook and card requests * Exchange of info messages and email, including complaint entranceway and tracking * ATM location.Content services * General information such as weather updates, news * Loyalty-related offers * Location-based services found on a mountain conducted by Forrester, mobile banking will be attractive mainly to the younger, more tech-savvy customer segment. A third of mobile phone users declare that they may consider performing some flesh of financial transaction through their mobile phone. But most of the users are stakesed in performing basic transactions such as querying for account balance and make bill payment. Benefits of Mobile Banking * Real sentence online banking Available any while, anyplace throughout the country * It is convenient, affordable and set * It is much more impelling in developing nest egg habits * It will make access to banking and advance(a) payment transactions at affordable cost * It is much safer, finalize and safeguard aga inst fraudulent transactions. Process of Mobile Banking The concept is different from SMS Banking which was discussed previously. The computer architecture is based on the specific requirement that the celerity is provided through GRPS, GSM, CDMA, EDGE, 3G and CSD enabled mobile phones.With Mobile banking, the following services can be availed of, but is not restricted to, * Viewing A/C statement * Viewing deterrent Status * Stopping Cheque Payment * Cheque Book ask * Fixed Deposit Enquiry * Bill Payment * Shopping/ purchase items The services can be provided to customers directly by the bank or through a 3rd company vendor and explanations for some(prenominal) are followed. architecture 1 When the bank provides the service directly to the customer The setup will hit a web legion, application horde and the database at the anks premises. We shall call this the mobile banking waiter for ease of understanding. The application will ensure what services are to be provided to t he customer. Based on the banking services provided to the customer, the security of the infrastructure has to be built in. The database can be the same as the Core banking database, having another table for mobile banking users. The customer uses his/her mobile phones to transact through the mobile network.The Mobile banking server in turn talks to the Core banking systems of the bank for user as assert-mark, processing transactions, authorization, etc. Architecture 2 When banks outsource this readiness to 3rd party vendors This is the more general architecture as Banks can quickly roll out their mobile banking upshots by connecting to a 3rd party. This is also the architecture with more security issues as interconnection with a 3rd party is involved. In this architecture, the mobile banking servers are located at the 3rd party vendors data centre.These servers will talk to the Core Banking servers of the bank through a secured channel (dedicated or shared link) for authencetica tion, authorization and transaction processing. Pre requisites to using this facility The customer has to first register with the Bank for using Mobile banking facility by linking the users mobile number with the account number. covering functionality The mobile banking facility can be provided to mobile phone users through a client or a web based access. using the client or web browser, the requisite security features are to be built. guest performs banking transactions based the services like check account balance, fund transfer, bill payment, shopping, etc provided by the bank. exploiter requesting a transaction * The user selects the service he wishings to perform like check account balance, bill payment, etc. * The mobile banking server asks for re-authentication for critical transactions. a) Re-authentication with the mobile banking sever ensures that critical transactions are verified and mapped to the user. b) The re-authentication can be estricted with the vendor only the user learn not authenticate with the bank every judgment of conviction a transaction is performed. Again this depends on the role played by the vendor. * User re-enters the credentials. * Server authenticates the mobile user and fores the data to the bank on how to process the mobile users service request. For e. g. , checking the account balance service, the mobile banking server will contact the banks server on how to process the request. Bank processing the transaction * The bank server will ask for details need to service the user request. taking the above example, the bank will ask for cheque number and this is forwarded by the mobile banking server to the end user. * The end user enters the details and sends it to the mobile banking server. * The server again asks for authentication. Once authenticated, the mobile banking server will forward the cheque number to the banks server. * This can be an ex gratia check based on the criticality of the service requested. For e. g. , if the bank provides fund transfer service, then it may be a good nous to again check for the users credentials.Again this is purely based on the criticality of the service provided * The banks server will check the status of the cheque and provide the details to the mobile user via the mobile banking server. Finally, this is just an example to show how the application should process requests from the mobile user. Based on the services provided by the bank, the security of the application can be built-in. For e. g. , if the application allows fund transfer or bill payment, then the required security threats should be identified and mitigated.Future functionalities in mobile banking Based on the internationalistic Re examine of Business Research Papers from World business Institute, Australia, following are the key functional trends possible in world of Mobile Banking. With the advent of technology and increasing use of smartphone and tablet based devices, the use of Mobile Banking functionality would enable customer connect across entire customer invigoration cycle much comprehensively than before. With this scenario, current mobile banking objectives of say make relationships, trim down cost, chieving new revenue stream will diversify to enable new objectives targeting higher aim goals such as building brand of the banking organization. Emerging technology and functionalities would enable to create new ways of lead generation, prospecting as well as developing deep customer relationship and mobile banking world would achieve superior customer sire with bi-directional communications. Illustration of objective based functionality enrichment In Mobile Banking * Communication enrichment television system Interaction with agents, advisors. Pervasive Transactions capabilities Comprehensive Mobile wallet * Customer Education Test drive for demos of banking services * Connect with new customer segment Connect with Gen Y Gen Z using games and soc ial network ambushed to surrogate banks offerings * Content monetization Micro level revenue themes such as music, e-book download * Vertical positioning perspective offerings over mobile banking specific industries * Horizontal positioning Positioning offerings over mobile banking across all the industries * Personalization of corporate banking services Personalization experience for four-fold roles and hierarchies in corporate banking as against the vanilla based segment based enhancements in the current context. * Build Brand Built the banks brand while enhancing the Mobile real estate. Challenges for a mobile banking solution Key disputes in developing a sophisticated mobile banking application are Handset oper king thither are a man-sized number of different mobile phone devices and it is a big challenge for banks to offer mobile banking solution on any type of device. somewhat of these devices support Java ME and others support SIM natural covering Toolkit, a WAP br owser, or only SMS.Initial interoperability issues however have been localized, with countries like India using portals like R-World to enable the limitations of low end java based phones, while focus on areas such as South Africa have defaulted to the USSD as a basis of communication achievable with any phone. The desire for interoperability is largely dependent on the banks themselves, where installed applications (Java based or native) provide better security, are easier to use and allow development of more complex capabilities similar to those of internet banking while SMS can provide the basics but sires difficult to operate with more complex transactions. There is a myth that there is a challenge of interoperability between mobile banking applications due to perceived lack of common technology standards for mobile banking.In use it is too early in the service lifecycle for interoperability to be addressed deep down an individual country, as very few countries have more than one mobile banking service provider. In practice, banking interfaces are well defined and money movements between banks follow the IS0-8583 standard. As mobile banking matures, money movements between service providers will naturally adopt the same standards as in the banking world. On January 2009, Mobile Marketing Association (MMA) Banking Sub-Committee, chaired by Cell combining and VeriSign Inc. , published the Mobile Banking Overview for financial institutions in which it discussed the advantages and disadvantages of Mobile Channel Platforms such as Short Message Services (SMS), Mobile Web, Mobile Client Applications, SMS with Mobile Web and Secure SMS. pledgeSecurity of financial transactions, being executed from some conflicting location and transmission of financial information over the air, are the most complicated challenges that need to be addressed jointly by mobile application developers, wireless network service providers and the banks IT departments. The followin g aspects need to be addressed to offer a secure infrastructure for financial transaction over wireless network 1. Physical part of the hand-held device. If the bank is offering smart-card based security, the physical security of the device is more important. 2. Security of any thick-client application running on the device. In case the device is stolen, the hacker should require at least an ID/Password to access the application. 3. assay-mark of the device with service provider before initiating a transaction. This would ensure that unauthorized devices are not attached to perform financial transactions. 4.User ID / Password authentication of banks customer. 5. Encryption of the data being transmitted over the air. 6. Encryption of the data that will be stored in device for subsequent / off-line analysis by the customer. One-time password (OTPs) are the latest instrumental role used by financial and banking service providers in the fight against cyber fraud. kind of of relying on traditional memorized passwords, OTPs are requested by consumers each time they want to perform transactions using the online or mobile banking interface. When the request is received the password is sent to the consumers phone via SMS. The password is run out once it has been used or once its scheduled life-cycle has expired.Because of the concerns do distinct above, it is extremely important that SMS gateway providers can provide a mighty quality of service for banks and financial institutions in regards to SMS services. Therefore, the provision of service level agreements (SLAs) is a requirement for this industry it is necessary to give the bank customer delivery guarantees of all messages, as well as measurements on the stimulate of delivery, throughput, etc. SLAs give the service parameters in which a messaging solution is guaranteed to perform. Scalability and reliability Another challenge for the CIOs and CTOs of the banks is to scale-up the mobile banking infrastruct ure to handle exponential function growth of the customer base.With mobile banking, the customer may be academic session in any part of the world ( truthful anytime, anywhere banking) and hence banks need to ensure that the systems are up and running in a true 24 x 7 fashion. As customers will find mobile banking more and more useful, their expectations from the solution will increase. Banks unable to meet the accomplishment and reliability expectations may lose customer confidence. There are systems such as Mobile Transaction Platform which allow quick and secure mobile enabling of non-homogeneous banking services. Recently in India there has been a phenomenal growth in the use of Mobile Banking applications, with leading banks adopting Mobile Transaction Platform and the Central Bank publishing guidelines for mobile banking operations. Application distributionDue to the nature of the connectivity between bank and its customers, it would be impractical to expect customers to on a even basis visit banks or connect to a web site for regular upgrade of their mobile banking application. It will be expected that the mobile application itself check the upgrades and updates and download necessary patches (so called Over the Air updates). However, there could be galore(postnominal) issues to implement this approach such as upgrade / synchronization of other dependent components. Personalization It would be expected from the mobile application to support personalization such as * Preferred Language * Date / Time format * Amount format Default transactions * measuring stick Beneficiary be given * Alerts Mobile banking in the world Mobile banking is used in some a(prenominal) parts of the world with little or no infrastructure, especially unlike and rural areas. This aspect of mobile commerce is also popular in countries where most of their population is unbanked. In most of these places, banks can only be found in big cities, and customers have to travel hun dreds of miles to the nearest bank. By 2012, it is estimated that there will be 1. 7 billion plenty with a mobile phone but not a bank account and as many as 364 million unbanked pot could be reached by agent-networked banking through mobile phones.In Iran, banks such as Parsian, Tejarat, Mellat, Saderat, Sepah, Edbi, and Bankmelli offer the service. Banco Industrial provides the service in Guatemala. Citizens of Mexico can access mobile banking with Omnilife, Bancomer and MPower Venture. Kenyas Safaricom (part of the Vodafone Group) has the M-Pesa Service, which is mainly used to transfer limited amounts of money, but increasingly used to pay utility bills as well. In 2009, Zain launched their own mobile money transfer business, known as ZAP, in Kenya and other African countries. In Somalia, the many telecom companies provide mobile banking, the most prominent being Hormuud Telecom and its ZAAD service.Telenor Pakistan has also launched a mobile banking solution, in coordination with Taameer Bank, under the label Easy Paisa, which was begun in Q4 2009. Eko India Financial Services, the business correspondent of State Bank of India (SBI) and ICICI Bank, provides bank accounts, deposit, withdrawal and remittance services, micro-insurance, and micro-finance facilities to its customers (nearly 80% of whom are migrants or the unbanked section of the population) through mobile banking. In a year of 2010, mobile banking users soared over degree Celsius per centum in Kenya, China, Brazil and USA with 200 percent, 150 percent, 110 percent and 100 percent respectively. Mobile Banking in Bangladesh Starting Mobile banking is a new technology in Bangladesh which started from 31st March 2011.Dutch Bangla Bank restrict pioneered in mobile banking services in Bangladesh. Most community heard about it but not have a clear humor. According to my go over almost 94% large number heard about mobile banking and 6% havent heard about mobile banking. Interest to use Many large number heard about mobile banking. But they barely have not felt that they should use it as they are able to use traditional banking system. Some populate feel interest to use it. About 55% plurality feel they should use it and 45% people havent feel to use mobile banking according to the survey. Takes time by mobile banking than traditional banking Mobile banking is real time on-line banking.As it is on-line banking it takes less time than traditional banking. It will make access to banking and advanced payment, transactions at affordable cost People have not to wait by standing in a tenacious line which is happen in traditional banking system. But some people recover it takes higher time and some people esteem it takes same time as traditional banking. According to the research only 5% people think it takes higher time, 34% people think it takes the same time and 61% people think it takes lower time than traditional banking system. Time saving Mobile banking is availa ble anytime, anywhere throughout the country. So it can redeem ones time. But all people not think the same.About 70% respondents think that mobile banking can save their time, where as 30% think it cannot save time. Cost It is convenient, affordable and it is much more effective in developing savings habits, it will make access to banking and advanced payment transactions at affordable cost. each(prenominal) people know that its cost is not higher than traditional banking. virtually 56% respondents say its cost is lower, 20% say same and 24% say it is affordable than traditional banking. . A positive aspect of mobile phones is that mobile networks can reach distant areas at low cost. Trust worthy It is much safer and safeguard against fraudulent transactions. One can combine mobile banking as traditional banking system.It has secured pin code which is known by the user, and also has a check digit without it no one can deposit money. But in Bangladesh traditional branch-based b anking remains the most astray adopted method of conducting banking transaction. The poor often have greater familiarity and rely with mobile phone companies than formal banking institutions. Furthermore a mobile handset can easily be adapted to handle banking transactions. But it is not commonly known by all. From the survey it is found that 63% respondents think mobile banking is charge worthy and 37% respondents feel it is not want worthy. Use It is much more effective in developing savings habits. Its using system is also easy. Anyone can use it.Poor people are often not considered viable customers by the formal financial vault of heaven as their transaction sizes are small, and many live in remote areas beyond the reach of banks branch networks. Informal banking services such as microfinance and village savings and loan associations remain limited in their reach. So, mobile banking system develops to bring poor people into banking system. 83% respondents face or heard no hassle to use mobile banking. But 17% respondents heard or face problems to use it like-sometimes transaction do not reach at time, cannot operate it easily as traditional banking, not trust worthy. Prospect of mobile banking in BangladeshMobile Banking is a Banking process without bank branch which provides financial services to unbaked communities efficiently and at affordable cost. The aim of the service is to bring more people under the comprehensive of banking service. Bangladesh Bank governor Dr Atiur Rahman inaugurated the service through -Journal of Arts, Science Commerce E-ISSN 2229-4686 ISSN 2231-4172 International Refereed Research Journal www.. research workersworlld.. com Vol. III, Issue 1,Jan. 2012 54 deposit and withdrawal of money from two banking outlets in the city. administration thinks it has a great prospect as it is a new technology in digital Bangladesh.But in Bangladesh many people think traditionally, because they cannot think it has any facility to use mobile banking. 69% people feel mobile banking has prospect in Bangladesh whereas 31% think it has no prospect in Bangladesh as many people will not feel interest or have belief on mobile banking. Suggestion to other to use the 55% feel interest to use mobile banking but most people do not want to give suggestion to other to use it. As it is a new method of banking people havent 100% assurance on it. So, people dont want to take any risk by giving suggestion to use it. 68% respondents say they do not want to give suggestion and 32% respondents say they want to give suggestion to use mobile banking. Make life easierMobile banking is real time on-line banking, available anytime, anywhere throughout the country, it is convenient, affordable and secure, it is much more effective in developing savings habits, it will make access to banking and advanced payment transactions at affordable cost, it is much safer, speedy and safeguard against fraudulent transactions. All of the charact eristics of mobile banking make life easier. But 43% respondents feel it will not make life easier as it may not be trust worthy, but 57% respondents feel the facility which mobile banking give will make life easier. Security In mobile banking a mystic pin code is used by the user. PIN ensures security of money and protects fraudulent transactions. So mobile banking is fully secured. It also believed by 70% respondents, but about 30% respondents say it is not secured as they cannot fully trust on online banking than traditional banking system.Speedy process One benefit of mobile banking is a very speedy process. Transaction can be done anytime anywhere quickly in less time. So 100% people believe that it is a speedy process. Class of people Mobile banking started with the idea to bring the poor under the umbrella of banking sector especially rural poor as there are not much bank facilities, also there savings is low so they feel timid to go to bank. But according to my survey 38% respondents feel pep pill class, 21% respondents feel middle class people can use mobile banking. But 41% respondents say mobile banking can be used by all class of people. Problems encounted in collecting dataThe researcher had to face the following problems in collecting data from the respondents i. principally most of the respondents have not enough idea about mobile banking. So it was very difficult to collect actual data. Because the information of the respondents was supplied from their idea. ii. Most of the respondents were not fully use mobile banking which caused another problem to data collection to the researcher. iii. Sometimes respondent could not answer to questions accurately and to the point. iv. The respondents were normally remaining busy with their work. So, the researcher had to visit some of them even at the work place and researcher sometimes had to pay more time to meet the respondents. v.Most of the respondents did not feel comfortable to answer questions. So researcher had to pay more time to gain their confidence. The banks that provides mobile banking, sms banking in Bangladesh * Dutch-Bangla Bank Ltd. * BRAC Bank Ltd. * Premier Bank Ltd. * Bank Asia Ltd. * HSBC * capital of Bangladesh Bank Ltd. * Standard Chartered Bank Ltd. * Mutual Trust Bank Ltd. * Trust Bank Ltd. * One Bank Ltd. * EXIM Bank Ltd. * IFIC Bank Ltd. * First Security Bank Ltd. * City Bank Ltd. * Islami Bank Bangladesh Ltd. * Mercantile Bank modified. Dutch-Bangla Bank Limited (DBBL) has for the first time introduced its mobile banking service, expanding the banking service from cities to remote areas.Bangladesh Bank governor Atiur Rahman inaugurated the service in July, 2011 by depositing Tk 2,000 and withdrawing Tk 1,500 through Banglalink and Citycell mobile networks in Motijheel area. Bangladesh Bank has already allowed 10 banks to initiate mobile banking. Of them DBBL kicked off first. Mobile banking is an alternative to the traditional banking through which banking service can be reached at the doorsteps of the strip section of the society, the central bank governor said at an initiatory press briefing at Hotel Purbani. Atiur Rahman said through mobile banking various banking services including depositing and withdrawing money, payment of utility bills and reaching remittance to the recipient would be possible.By going to the DBBL-approved Citycell and Banglalink agents throughout the country, the subscribers can open an account provided they show the necessary papers and pay a fee of Tk 10. To use the banking service, subscribers must own a cell phone from any provider. The bank gives subscribers a four-digit PIN. By using the PIN, subscribers can use a number of banking services, including depositing and withdrawing money, while maintaining account security. Customers may hand over cash to agents in the banks network, and agents can coordinate the transaction from their mobile phones, helping account holders securely complete banki ng tasks using their PINs.Customers can deposit or withdraw money up to flipper times per day, up to Tk 5,000 per day. One percent of the transaction account or Tk 5, whichever is greater, will be deducted as a cash-in charge. The charge for cash-out is 2 percent of the transaction amount or Tk 10, whichever is greater. There are no fees for registration, compensation or remittance disbursement services. Mobile Banking at BRAC Bank The service will enable millions of banked and unbanked people to deposit, withdraw and transfer money through mobile phones. bKash, a joint venture between BRAC Bank and US-based money in Motion, will provide mobile banking with a fully encrypted indorse technology platform for transactions through mobile phones.Any mobile user can register and open up a bKash account and then do transactions through their mobile phones in easy, convenient and true(p) way. bKash will fundamentally change the way people now do transactions, as all transactions will be possible through mobile phones in future, said Syed Mahbubur Rahman, managing manager of the bank. Customers will not need to come to the bank rather the bank will go to them, he said at a press conference in Dhaka on the occasion of its 10th founding anniversary. The bank said a bKash account will act as a digital mobile wallet and anybody can take the service. Your mobile phone will become your wallet.Customers can get financial services through phones, even by the handset that costs the lowest, Rahman said. Under a partnership with UNDP and Local Government Division, bKash is rolling out mobile banking in 4,501 union parishads in the country. It has already signed a deal with a leading mobile operator and is in talks with others to enable all mobile users &8212 currently near 7. 5 crore &8212 to have individual digital wallets, said Mamdudur Rashid, deputy managing director of the bank. Recently some Bangladeshi banking companies and mobile network provider companies have laun ched mobile banking in Bangladesh. A new door of technology is opening in Bangladesh.Now people of Bangladesh can use their mobile phone as a bank account with balance transfer, payment, money upload and many more facilities at a low cost . I will give you some useful info about these services * BKash Limited is a joint venture between BRAC Bank Ltd. , Bangladesh, and Money in Motion LLC, USA. Ensuring access to a broader range of financial services for the people of Bangladesh is the ultimate objective of bKash. It has a special focus to serve the low income people of the country and promote sustainable micro-savings to achieve broader financial inclusion by providing financial services that are convenient, affordable and reliable. * bKash is workings both as an extension of BRAC Bank and as a full-scale mobile phone-based payment switch.This will highly benefit the country as 83% of the population lives under $2 a day and access to finance can help in improving their economic si tuation. Less than 15% of Bangladeshis are connected to the formal financial system whereas 44% of perfect populations are having mobile phones. Providing financial services using this mean can make the service more accessible and cost effective for the large population of Bangladesh. How to open an account 01. Go to any of your nearby bKash agent along with- a. Your mobile phone with active Robi number b. A replicate of your word-painting ID (National ID/Passport/Driving License/Other valid mental picture ID) c. 2 copies of Passport size photographs 02. Upon successful registration you need to motivate your wallet in following manner- Kash authorized agent will help you throughout the process and confirm registration. You will also receive a confirmation SMS in your mobile. Conclusion Some policy Implications, Mohammad Mizanur Raman,(www. ampublisher. com) Mobile call off Banking offers the potential to extend low cost virtual bank accounts to a large number of currently un- banked individuals worldwide. Change is being driven by falling costs of mobile phones including airtime, by competition and by the ability of electronic banking solutions to offer customers an enhanced range of services at a very low cost. Text-a-payment (TAP) builds upon the familiarity and comfort that people around the world have with sending text messages via their mobile phone.Instead of traveling to the bank to make their loan payment, clients can -Journal of Arts, Science & Commerce now text their loan payment directly to the bank saving them both travel time and money. This is also beneficial for the bank, since they can increase their outreach to rural areas while reducing their costs. (Catching the Technology Wave Mobile Phone Banking and Text-a-Payment in the Philippines, John Owens, Anna Bantug Herrera,www. bwtp. org) M-Banking technology has become one of the most familiar banking features throughout the world. Nowadays millions of inhabitants of Bangladesh are with in a network through mobile network coverage.But in the commercial sectors like banking, m-Commerce technology has not been adopted broadly yet. In context of Bangladesh where almost 95% of geographical areas including Chittagong Hill tract voice is under cellular coverage and having sufficiency in Internet infrastructure in remote regions, m-Banking via mobile phones can be the right quality for the promising banking sector. Considering m-Commerce and m-Banking perspective in Bangladesh, a Push Pull services offering SMS (Short Messaging Service) based m-Banking system has been proposed which is able to provide several(prenominal) essential banking services only by sending SMS to bank server from any remote location. They are Broadcast, Scheduling, Event, and Enquiry and m- Commerce services.Fifteen push pull services underlying these categories are implemented in this proposed system which are most desired to customers. The proposed system not only brings banking transaction in hands grip but also makes it easier, robust and on the table with highest security. Moreover, modified data failover algorithm handles unexpected SMS server failure with any congestion or service request loss. At last, after evaluating each module of our proposed system a satisfactory accuracy rate 94. 95% has been obtained. Abstract The main objective of the study is to find out the problem and prospect of mobile banking in Bangladesh. For this research primary data were used. This study adopts with descriptive in nature.Total respondents were long hundred within that 61 % respondents think it saves time than traditional banking, the highest number of respondents use mobile banking for Air-time top-up service, that is 21%, out of 120 respondents 56% replied it is less costlier than traditional banking, 100% respondents did agree that it is speedy, and 38% respondents are upper class. Although this concept is new in Bangladesh but its potentiality is high. From this research, other researchers and policy makers will get an insight about the problems and prospects of mobile banking in Bangladesh. Keywords Problem, prospect, Mobile banking. References * Dhaka Bank Ltd. , Banani branch. * Dutch Bangla Bank Ltd, Banani branch. * BRAC Bank Ltd, Banani branch. * www. thedailystar. net * Wikipedia * www. enterpriseinnovation. net * www. wikipedi www. marketresearch. com * www. bwtp. org * www. ampublisher. com * www. scribd. com/doc/54509127/28/MOBILE-BANKING-IN-BANGLADESH * www. researchersworld. com/vol3/Paper_05. pdf * bankinfobd. com/banks * www. dhakabankltd. com/ * www. bracbank. com/platinum_card. php * www. businessnewsbd. com/index. php? option=com_content&task=view&id=3619&Itemid=88 * www. dutchbanglabank. com/electronic_banking/PDF/MobileBankingBrochureEnglish. pdf Index WAP Wireless Application protocol SMS Short Message Service PDA Personal Digital Assistants ATM Automatic Teller Machine M-banking Mobile Banking Telco Telecommunication c ome withMobile BankingThe Future of Mobile Banking by Rob Berger in Banking * Photo BankSimple INTRODUCTION Communication is the exchange of information and feeling or ideas, which allow the majority of people to get the news of all sides. In addition, we are used the communication every day to let people know what we are doing or thinking even feeling which people are received that by voice, picture or chat. Moreover, communication technologies have made it simple to communicate to friends in the other side of the world by calling them using mobile phone, e-mailing them and writing in our web pages using social networks, such as Face book, Twitter or Messenger.Additionally, many other recourses are used by the majority of people to keep in touch with the world, which they can watch television or take care to the radio especially when they go to work. Therefore, communication technologies are considered one of the most important elements in our lives and that is why this essay is g oing to define the advantages and disadvantages of communications technology in terms of our health, education and relationships. This essay will take in firstly, the advantages and disadvantages of communications technology in health.Secondly, the advantages and disadvantages in education. Thirdly, the advantages and disadvantages in relationships. Finally, what scope should people be bothered about our grandchildrens world if these technologies still run on to develops in the future? Mobile banking apps make banking and managing finances more convenient and less time consuming. They also reduce the need for working with loads upon loads of paper, like all those forms you need to fill out in brick-and-mortar banks.The most common activities performed by mobile banking app users include see and depositing checks, monitoring account balances and, for some, managing travel or hotel bookings. Many banks also offer online banking options for those who want an easier way to control the ir cash flow, pay their bills, and locate ATM stations. Some even allow person-to-person payments Mobile banking apps have really been around for years. The first bank to ever offer their clients the convenience of doing banking-related activities on their mobile phones was Wells Fargo.Today, according to a research firm in Boston, more than 6,500 financial institutions in the US have developed mobile banking services for people who want to keep track of their finances on the go. Since more and more people rely on their smartphones (at least 70% of Americans who own smartphones use banking apps), app development is expected to increase even more. Developers will continue to come up with more innovative ideas for mobile banking. These apps will slowly change the course of regular banking. Just last January, a new kind of bank was introduced to the public.GoBank, created by prepaid reloader Green Dot, is a mobile banking app of a different kind. Unlike existing apps, GoBank is not co nnected to any brick-and-mortar bank. It is a stand alone app a mobile bank in the real sense of the word. In other words, if you want to make a deposit or check your account balance, you will need to open the app on your phone. GoBank is the answer to the appeal of people who are much glued to their mobile phones even when walking down busy streets. It can perform all basic bank functions, like paying bills and depositing checks.This development is not surprising. Developers often try to outdo each other in producing an app or apps that can easily catch the consumers fancy especially consumers who use mobile banking every day of their lives. In the coming months and years, more apps like GoBank will be spotlighted in the market, and people will continue to want more. At this point, though, developers should also work on coming up with better security features for mobile banking. Security is the main reason why a good number of smartphone users do not yet use mobile banking facili ties on their device.So before anything else, this should be prioritized. Mobile Deposits Already available with many banks, users can deposit a check by taking a picture of it with their smartphone. Ive used the feature now with Capital One 360 and absolutely love it. Called mobile remote deposit capture (RDC), my girl uses this feature to deposit her paychecks into her Money account with Capital One 260. And I use it to deposit the occasional checks we receive. Its a snap (pun intended). eon not all banks offer this feature, yet, they will. Mobile Bill PayAs the person who pays all the bills in my family, this feature is really exciting. Imagine taking a paper bill you receive in the mail and paying it by taking a picture of it. Similar to RDC, Mobile Photo Bill Pay is on the way. U. S. Bank is already testing this functionality. Theres a hidden benefit to mobile bill payit will make switching banks easier. Rather than having to re-enter all your payee information and automatic payments, you can just snap a picture of each of your bills. Security The security risks of mobile banking are minimal.Mobile banking apps do not work with third party programs, as they deal directly with you and the bank they are linked to. Your banking hiding is not compromised or shared with anyone else. In addition, banks also require their mobile clients to provide the right username and password before performing any kind of transaction. Since apps are becoming more and more complicated and technologically advanced, however, security measures will need to keep pace. Leading the example is Wells Fargo, which is already working on using voice and speech recognition for carrying out banking transactions.This is an interesting development because it offers not only convenience, but also added security. Smartphone as Your Wallet Eventually, well pull out our Smartphone to pay for things rather than our wallet. This is already a reality to a limited extent. Individual retailers lik e Starbucks offer apps that allow you to pay for products. And Google Wallet has made some progress. But overall we are still a long way from cutting up our cash and plastic. Rob Berger. The Future of Mobile Banking. March 10, 2013.