The Future of Banking: The Mobile Banking Revolution
The Future of Banking: The Mobile Banking Revolution
Brett Lord
Florida Institute of Technology
Strategic Management
BUS5480
Professor Uchenna Nwabueze
March 24, 2013
Abstract
Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Financial institutions are expanding the services offered through mobile banking to attract younger customers as well as reduce costs. In an effort to reduce costs, banks are investing in technologies to change the banking landscape with do-it-yourself banking, teleconferencing with customers, eliminating paper, and reducing branch size. Regardless of the technology to be introduced in the future the banking industry has been inexplicitly changed by it.
Keywords: mobile banking, online banking, banking
The Future of Banking: The Mobile Banking Revolution Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Now consumers could bank 24/7 eliminating the need to visit their local branch. Today 's consumers are Internet-savvy and want the convenience of checking their bank balances on the fly and performing transactions as quickly and efficiently as possible. In response to the ever-increasing demand for portability and convenience, many financial institutions have been ramping up their mobile banking efforts and coming up with ways to please today 's consumers. The challenge traditional banks are having is trying to transform themselves for the consumer who places a higher value on time than local convenience (see Appendix A for a list of mobile banking capabilities).
The Future of Banking
Changing Scope of the Banking Industry
Technology is changing how consumers handle and conduct
Brett Lord
Florida Institute of Technology
Strategic Management
BUS5480
Professor Uchenna Nwabueze
March 24, 2013
Abstract
Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Financial institutions are expanding the services offered through mobile banking to attract younger customers as well as reduce costs. In an effort to reduce costs, banks are investing in technologies to change the banking landscape with do-it-yourself banking, teleconferencing with customers, eliminating paper, and reducing branch size. Regardless of the technology to be introduced in the future the banking industry has been inexplicitly changed by it.
Keywords: mobile banking, online banking, banking
The Future of Banking: The Mobile Banking Revolution Mobile banking changed the landscape of personal banking. As the Internet became more ubiquitous and smartphone and tablet use is increasing, the desire for consumers to conduct their banking on the go grew exponentially. Now consumers could bank 24/7 eliminating the need to visit their local branch. Today 's consumers are Internet-savvy and want the convenience of checking their bank balances on the fly and performing transactions as quickly and efficiently as possible. In response to the ever-increasing demand for portability and convenience, many financial institutions have been ramping up their mobile banking efforts and coming up with ways to please today 's consumers. The challenge traditional banks are having is trying to transform themselves for the consumer who places a higher value on time than local convenience (see Appendix A for a list of mobile banking capabilities).
The Future of Banking
Changing Scope of the Banking Industry
Technology is changing how consumers handle and conduct
References: Dutta, P (n.d.). Information About Internet Banking. Retrieved from http://www.ehow.com/facts_4963230_information-internet-banking.html Gonzales Ribiero, A (2012, Feb 8) Kissel, C. (2012, Sep 17). How banks changed, where they are going. Retrieved from http://www.bankrate.com/finance/banking/how-banks-changed-where-going.aspx Trowbridge, D