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About Mobile Banking Essay

910 words - 4 pages

Background of the Study
Many people nowadays have mobile phones. This is because of the relatively low cost of purchasing a mobile phone, low cost of sending a Short Message Service or SMS and the limited availability of landline. One service that can be availed with the use of mobile phones is the mobile banking services. Mobile banking shows some potential to change the way depositors perform financial transactions. Many people have already started using their mobile phones in performing transactions to avail of the different financial services offered by financial intermediaries and have experienced its convenience. However, many people remain skeptical of the benefits of mobile banking ...view middle of the document...

Moreover, there may have been many branches of different banks scattered around Metro Manila but the problem is traffic in almost every city. Depositors who are trying to reach the deadline on time may not be able to do so because while they are on their way to the banks, they are held up on traffic. Depositors would sometimes prefer not dealing with their banks to prevent such problems and to reduce their transaction costs. Because of these reasons, and the fact that many people already have their own mobile phones, the researchers have taken interest to study mobile banking and how will it affect the delivery of financial services for easier transactions.
There are recent studies conducted which discussed about mobile banking. One study is about how people adopts with the introduction of mobile banking as a new technology innovation. According to a research done by La Salle students, in a country like the Philippines, where mobile phone users are everywhere, mobile banking would be advantageous for those in the provinces where fewer banks can be found. Mobile phones can bring banking within everyone’s reach although people are not yet ready for mobile banking for reasons which include having suspicion on the process on how transactions work in mobile banking and that customers still prefer the old way in doing transactions with banks which is personally visiting a bank.2 For this paper, the researchers have taken interest in the need to further study how people and companies perceive mobile banking as an easier way to perform financial transactions and how will it affect the decisions of the depositors in using the services offered by mobile banking.
In another study discussed...

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