The top common benefits of having this type of banking account can be seen below. 1. Control your money conveniently Smooth management of your money is the top benefit of having Internet business banking. You have the access to your account 24 hours a day, seven days a week. You may also know how much is your balance and
And was meant as an extension to already rapidly growing online banking with the added benefits like accessibility, where consumers could access their bank accounts on the move from their mobile devices. For many banks, that was yet another channel to attract and retain new customers and to increase their income. While online banking is still the most used banking method in the USA, mobile banking has increased its popularity by 7% and is preferred by 12% of consumers, according to a recent survey by the American Bankers Association. Having that in mind, let’s discuss the actual benefits consumers can gain from using mobile banking
Online Banking is a system that allows customers and banks to carry out financial transactions through internet. A big advantage of online banking is that it enables reaching online devices in far flung areas, especially rural locations. This allows
Online payment will need to have the electronic finance to support, that is, the bank or credit card companies and insurance companies and other financial institutions to provide financial services to provide online services. The electronic account management is the basic part of the. A credit card or bank account is a sign of the electronic account. And its credibility
Executive Summary Focuses on business firms identifying the industries in which the Internet is being used for businesses for example Mobile Banking identify the banking industry. The use of Mobile Banking is a new phenomenon, therefore some banks are not early adopters, and they wait to see the progress of other banks in term of risk, use, perception and problems encountered. Mobile Banking has generated new streams of innovations in processes and services leading the traditional banking environment to shift into electronic environment. Banks based on Internet managed to meet their challenges successfully by supplying vast amount of services across the globe. 1.
Some of the challenges faced by mobile money services include: Fraud Some players in the mobile money financial services, have undertaken intentional and deliberate action aimed at deriving gain (in cash or e-money), and/or denying other players revenue and/or damaging the reputation of the other stakeholders. Network/Connectivity Problems Some areas may not have dead zones or poor connectivity that can pose as a deterrent to use mobile money as individual in these zones could not make transactions or utilize mobile banking effectively. Cost Though the use of Mobile Money is a great benefit to the customer who use the service, sometimes the cost associated with using the service can prove to be too high for the customer to afford, hence some potential or existing customers would refrain from using mobile money services. Special
It is easily adjusted in wallet and having small size. It is not only portable , but reliable and durable too. Credit card decreases the chances of money theft and gives its customer an entire feelings of serenity and a peace of mind. Credit card helps its owner to pay the money amount in any currency either in the form of domestic currency or in the form of foreign currency if it is required or necessary. Credit card decreases the bulky process of currency conversion.
According to Furst et al. (2000) some of the reason for the increase in this aspect of banking are the notion that electronic banking and payments will grow rapidly, more or less in tandem with proliferating electronic commerce; industry projections that Internet banking will cut banks’ costs, increase banks’ revenue growth, and make banking more convenient for customers; and some vexing public policy issues. Chaven (2013) adds that internet offers customers faster access, more convenient and around the clock access to banking irrespective of the customer’s location and time. Salawu et al. (2007) adds that internet offers faster delivery of information from the customer and service provider, this adding to the importance of internet banking.
Hence, it can be further implied that there is a powerful urge for banking institutions to re-orient their existing marketing strategies towards internet banking services in order to empower customers on the various benefits of internet banking. Far from having reached its pinnacle, internet banking has still a long road to travel in both research and practice in both developed and developing countries. The present study has highlighted the importance of internet banking services among banking customers in Mauritius. There is equally strong empirical evidence in the study concerning the adoption of internet banking services for a developing country like Mauritius. It is highly recommended that banking professionals emphasize on trust and security aspects when communicating the benefits of internet banking services to customers.
IMPACT OF MOBILE COMPUTING Mobile computing has impressions on individuals and businesses, especially in Nigeria. The impact of mobile computing can either be Positive or Negative. Positive Impact 1. Mobile computing enables people to do their businesses from anywhere – home or office. 2.