Mobile banking is also called mbanking, SMS banking or M-Banking. It refers to carrying out account transactions, checking balances, making payments and other banking services by use of portable equipment like a mobile phone.
By one academic definition of a conceptual model of mobile banking, it is said to be availing and providing financial and banking services using devises of mobile technology; a scope of services including, but not limited to, administering accounts, facilities to carry out stock market and bank transactions and to access customised information. In today’s world, mobile banking is mostly performed using the Short Message Services (SMS) or mobile internet. It can also be done using particular programs called clients, which are downloaded into the mobile equipment.
According to the academic definition above, mobile banking can consist of 3 major inter-related ideas, which are mobile financial services for information, mobile brokerage and mobile account access.
The industry of financial services worldwide has been revolutionised by the advent and technological advancement of the Internet. It has changed the way business is conducted, empowering business organisations and individuals with models such as mobile banking and other new ways to give to the customer access to information 24 hours a day. This has attracted other players involved in the financial industry like online brokers, wealth managers and online banks for mobile banking. Over the recent past, the wireless and mobile market has experienced the quickest growth in the world. The numbers of customers subscribing to mobile networks, some of whom use mobile banking, exceed the 2.5 billion mark.
