Mobile Banking:
Mobile banking (also known as
M-Banking, embanking, SMS Banking etc.) is a term used for performing balance
checks, account transactions, payments etc. via a mobile device such as a
mobile phone. Mobile banking today (2007) is most often performed via SMS or
the Mobile Internet but can also use special programs called clients downloaded
to the mobile device.
A mobile banking conceptual model: In one academic model, mobile
banking is defined as: "Mobile Banking refers to provision and ailment of
banking- and financial services with the help of mobile telecommunication
devices. The scope of offered services may 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 said to consist of three inter-related
concepts:
- Mobile Accounting
- Mobile Brokerage
- Mobile Financial Information Services
Most
services in the categories designated Accounting and Brokerage are
transaction-based. The non-transaction-based services of an informational
nature are however essential for conducting transactions - for instance,
balance inquiries might be needed before committing a money remittance. The
accounting and brokerage services are therefore offered invariably in
combination with information services. Information services, on the other hand,
may be offered as an independent module.
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