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Mobile Banking Essay

2730 words - 11 pages

The Rise of Mobile Banking

It is truly amazing how fast new ideas can manifest themselves in such a mysterious world filled with mystery and opportunities. These ideas are able to take on the world by full throttle with the strong encouragement of particular communities and groups of people. Within the finance world, new technologies have had such a substantial impact in a vast amount of areas. The ways of doing things are growingly simpler thanks to the massive contribution to this technology age where tasks are done in an instant. More specifically, banking has become increasingly more popular in the United States thanks to the added convenience of being able to access banking services ...view middle of the document...

The banks that were included in this American launch were Bank of America, Citibank, Wachovia, Washington Mutual, Wells Fargo and ING Direct. Flat in simple, it was an opportunity to get more customers to use banking services. This was also around the time where many consumers were confused on which bank they would like to stick with, especially given the state of the economy. Due to the search for company loyalty, banks were fighting to offer the most services they could to grab hold of new customers but most importantly, their own. According to Asaf Butcher at JupiterResearch, the more services a bank was able to offer, the less likely you were to quit a bank entirely (Butcher 1). Mobile banking was changing the minds of many people with regard to their own situations and it’s quite easy to tell why. The convenience factor within having a device ready to just plug away at to find out what is going on with your funds is important. So basically, without the rise of smartphones, mobile banking would not have made it as far as it would have simply for the lack of technology that could support its main goal. Yes, people could have used their computers over even Wi-Fi devices to manually go to the websites of their current banks but this is where the consumer experience was heavily lessened. With devices like an iPhone that can instantly open up an app for you to do something so productive with was impressive to many people. Finally, now that it’s understood how banking got it’s official start in the US, it is important to discuss what specific functions it contains that makes people so happy to own the app on their mobile devices.
One thing that cannot be ignored is the rise of mobile computing in general. Mobile computing allows people to get tasks done without having to be even close to a computer. According to a Google research team, after year 2011 more people use smartphones to access the Internet than through pcs (Sharma 1). This alone shows the growth of technology, contributing to more and more consumers actually buying phones that can replace the traditional keyboard in mouse. But even more interesting is how these replacement devices can successfully do productive tasks. When it comes to email nowadays, many people are using their cellphone. When it comes to contacts and remembering/saving numbers, people again rely on their cellphones. Even when it comes to little things such as jotting notes down, cellphones are being relied upon. Out of all American adults, a staggering 87% own a cell phone, with 45% of the phones being smartphones. This translates to over 104 million adults that own cellphones, and this number is on a steady incline. Of these 104 million adults, 25% or just over 26 million only access the Internet from their cellphones. It is certain that people are starting to rely on their phones for all computational needs and banks are finally now able to start capitalizing on it. Having the services stretched out through third...

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