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The advent of the Internet revolutionized the way the financial service industry conducted their
businesses. They empowered organizations with new business models and new ways to offer
non-stop accessibility to their customers. The ability to offer financial transactions online has also
created new players in the financial services industry, such as online banks, online brokers and
wealth managers who offer personalized services, although such players still account for a tiny
percentage of the industry. Mobile devices, especially smart phones, are the most promising way
to reach the masses and to create "stickiness" among current customers, due to their ability to
provide services anytime, anywhere, their high rate of penetration and potential to grow has made
them a dominating force in the world of e-banking. The mobile banking business model depends
on banking agents, i.e, the retail or postal outlets that process financial transactions on behalf of
telcos or banks. The banking agent is an important part of the mobile banking business model
since customer care, service quality, and cash management will depend on them.
Mobile Banking models are classified into 3 main categories. 1) Bank Focused Models, 2) Bank-
Led model, 3) Non-Bank led model. The bank-focused model emerges when a traditional bank
uses non-traditional low-cost delivery channels to provide banking services to its existing
customers. Examples range from use of automatic teller machines (ATMs) to internet banking or
mobile phone banking to provide certain limited banking services to bank customers. The bank-led
model offers a distinct alternative to conventional branch-based banking, through which a
customer conducts financial transactions at a whole range of retail agents (or through mobile
phone) instead of at bank branches or through bank employees.
This model promises the potential to substantially increase the financial services outreach by
using a different delivery channel (retailers/ mobile phones), a different trade partner (telco / chain
store) having experience and target market distinct from traditional banks, and may be significantly
cheaper than the bank-based alternatives. The non-bank-led model is where a bank does not
come into the picture (except possibly as a safe-keeper of surplus funds) and the non-bank (e.g:
telco) performs all the functions.
Mobile Banking is the hottest area of development in the banking sector and is expected to
replace the credit/debit card system in future. Currently (September, 2008), there are 47 million
mobile users, with approximately 2 million being added every month While the government incurs
a transaction cost of Rs 12-13 for every Rs 100 it shells out, mobile banking helps it reduce the
cost to a mere Rs 2. RBI estimates that around 40 per cent of Indians lack access to formal
financial services and are largely 'unbanked'.
The number of mobile users is estimated to have far surpassed the number of Internet users.
Hence it is important to safeguard the secure usage of this medium for financial transactions.
Some techniques that can be implemented for the same include using the phone-lock function on

2. your mobile device when it is not in use, choosing passwords which are difficult to crack and
keeping them safe and ensuring that the phone is configured securely, especially when it comes to
configuring the Web browser and email software. Keeping your mobile phone updated with the
latest patches and updates including anti virus updates help a lot.
Financial adviser and banking counselor employed with one of India's leading financial institutes.
To read about term loans & term deposits in detail click below
http://www.barclays.in/channels/mobile/mb_features.htm
Article Source:
http://EzineArticles.com/?expert=Michal_More
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