1.1 Background of the study
In this competitive business environment technology has been the most influencing factor especially in banking industry. Currently majority of banks are running in the application of information and communication technology (ICT) for their banking transactions. According to molla (2005),” information and communications technologies (ICTs) have changed the way of conducting business transactions and meeting the growing demands of customers for most organizations”.
Now Technology has become gradually fundamental component in the competitive business environment of the financial service industry. Recent innovations in telecommunications have enabled the launch of new access methods for banking
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In Ethiopia this service has been introduce on October 25, 2012 (www.voanews.com).Mobile banking services consist of things such as balance Enquiry, fund transfer among other services. The adoption of mobile banking has brought about changes in banking operations following the advancement of mobile Communication techniques and the collaboration with mobile service providers as a result, the mobile banking technology has become more conductive to individuals and banking sector.
Banks who apply mobile banking are relatively advantages by reducing operational cost of the bank and also maximize the satisfaction of customers need.
Like any other system, it had many challenges not only for the customers but also for the service providers, the service improved and became more effective but also user friendly as years went by, considering mobile phones continuous inventions provided a blend in platforms. According to Lee and Kim (2007) mobile banking services have managed to provide freedom of time along with cost savings to its users and room for market growth for the service providers.
The mobile phone menu and other extra up to date applications can now connect bank systems to the phone network, hence introduction to more user friendly interfaces. Consumers can now enjoy financial services anytime
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It permits its clients to accept data on: account balances of the customer; transactions on the customer's accounts Furthermore cash trade rates(currency exchange rate) The opportunity to use advanced technologies in service delivery have created challenges to developers of financial services; competitive advantage can be gained in form of costs reduction or customer satisfaction increase or lost investing in wrong technologies. In order to rise to the challenges service providers are even more interested to enhance their understanding of consumer behavior patterns (Salim khraim et al, 2011). Mobile banking has a long way to go as majority of customers prefer banking in the traditional ways (Ashta, 2010; Wang et al, 2003). Key question is why customers are not adopting mobile banking. Various factors may influence customers’ adoption of technology. There is a need, therefore, to understand users' acceptance and adoption of mobile banking and to identify the factors affecting their intentions to use mobile banking. This information can assist developers in the building of mobile banking systems that consumers want to use, or help them to discover why potential users avoid using the existing
Easy access to your bank account from anywhere to transfer money, view statements, business emails, person to person payment, and bill pay and quicken/QuickBooks. This system eliminates the hassle of standing in lines and traveling to a near location to perform a transaction. Customers can keep track of the accounts daily to detect any fraud of suspected activities. The mobile site has trusted security that included touch ID to log on securely. Mobile banking can be connected to any device to smart tool to access your bank
Mobile phone Shortcuts for Account Information Verizon Mobile users have access to their account information which they can get on request using the various mobile phone shortcuts available. The shortcuts make it easy and fast to get information or access certain services such as payment services and each shortcut is for specific information and one can use them to query their account information anytime. A customer can choose to either call or text the shortcuts and they will get the reply sent to their phones with the information
In the text, the ‘banking’ concept of education is distinguished as ‘the scope of action allowed to the students extends only as far as receiving, filling, and storing the deposits.’ Freire illustrates the roles the ‘banking’ concept plays in student’s education; how it affects the teachers, affects the students, and the type of relation it creates between a student and teacher. In the passage, Freire pointed out how the teachers who are using this precise model are having all the power, the power to determine a bright mind’s future. Having ‘power’ isn’t necessary displayed as having authority, it can also be displayed as how they teach, talk, and the mindset they bring to the classroom. Freire claims “”...
Finally, we will review how mobile technology is likely to influence the banking industry in the future. Bank of America, originally founded in 1904 as Bank of Italy merged with NationsBanking in September 1998. Ever since Kenneth Lewis became a CEO in 2001, Bank of America has expanded its business in retail banking, global wealth management, middle market lending, large corporate lending, global treasury services, investment banking and online and mobile banking, which we will discuss, as mentioned before over the course of this essay. (case study) What benefits does mobile banking provide to consumers?
Those banks recently need significant encounter from claiming making imaginative portable provisions. Its Ping it service, started in 2012, permits clients will send and accept cash from their versatile apparatuses on or from any individual with in UK telephone What's more ledger. It not withstanding need more than 3 million users, What's more over £1 billion need been sent through Ping it to date. "We're even now executing or neglecting likewise considerably transactional stuff under the present versatile applications concerning illustration possible,”.
Bank of America: Redefining Customers Introduction How can Bank of America (BofA) gain value by positioning itself in the fast changing and growing industry of mobile banking? It is certain that the increased usage of mobile applications and smart phone users may rapidly shift the way consumers bank. Bank of America is considering how they can fulfill customers’ needs and desire for better quality mobile banking as technology develops. As increasing numbers of technology-savvy users want more functionality of applications, there are managerial issues arising from building new applications or to add complexity to current applications.
Consumers should carefully check and verify purchases made on their bill. Criminals can try to make small purchases that many people may miss or not care about, but could lead to bigger purchases and other problems down the road. The more cases investigators have the easier it can be to pinpoint the cause, which can give further clues into who the criminals are. To help with this many banks offer smartphone applications that allow users to log into their accounts and view pending transactions, allowing them to quickly report unknown transactions before more harm is
Theoretical Framework Several theoretical models have been developed and applied to study the acceptance and usage behavior of information technologies, but among the various theories proposed, most popular include Ajzen and Fishbein’s Theory of Reasoned Action and Theory of Planned Behavior; Davis’ Technology Acceptance Model, Venkatesh et al.’s Unified Theory of Acceptance and Use of Technology, and Rogers’ Diffusion of Innovation Model. Since 1950s, psychologists have been trying to connect the aspects of attitude and behavior to adoption. Fishbein’s work (1967) had identified the importance of conscious intention in contributing to the behavior, as well as the influence of the expected outcomes on the strength of intention. Fishbein added a social dimension to this cognitive perspective on behavior, by incorporating the influence of “subjective norms” or social pressures.
The term Internet has evolved into many meanings since its birth and has become an essential tool as a distribution method. The users being consumers and makers are aware of all situations and give them a headed advantage and an increased competition scenario. The development of e-commerce from mere advertisements to websites and applications on mobile has seen a new tail in making, tossing the old school methods for a leap. This also requires understanding of how the consumers of the targeted market approach this new technology over the traditional approach.
Safaricom has come up with a range of unique and innovativeproducts and services such as M-pesa, Okoa Jahazi, Simu ya jamii, cloud, video conferencing, Telepresence, Loyalty programs, voice services, data messaging, M-shwari, 4G connections, sambaza and bonga points among others M-PESA- In 2008 Safaricom revolutionized the way Kenyans and the rest of Africa would transfer money. M-PESA is a money platform in which people can send and receive money through the use of their mobile phones. M-PESA has enabled Kenyans to do business, withdraw, deposit and save
I would frame the banking as an industry that is built on trust. Trust that is reaffirmed by the governments, and regulators. Banks have an imperative role in our economic growth, and development. Correspondingly, without the bank industry, there is no industry to replace them as the conduit for social and economic policy. Equally important, there is no industry to replace them as the key performer in creating our economies multiplier effect.
People in Africa have been using this old method for years, how do the Gates plan on convincing millions of people that this new way of banking is safer? In the event that they do convince all of these people, who will educate them on how to use the phones and the mobile banking feature? Also, how will they afford all of this? Not only do they have to make the phones, but they would need to build locations where people can convert their money, banks, and stores where people can buy new phones. In fact, he points this out himself when he says, “making sure there are enough locations where people can convert digital money…”
In matters of confidentiality, Banking is risky due to the highly sensitive nature of information which is often exchanged, recorded and retained. The purpose of this article is to discuss the clash of confidentiality and disclosure in the banking sector across the globe. The Black’s Law Dictionary defines confidentiality as secrecy or the state of having the dissemination of certain information restricted. Breach of confidentiality, then, refers, to the violation of this trust that has been placed in another in a fiduciary relationship, in this case bank and their customers.
According to the model, when a user is introduced to a new technology, his or her overall attitude towards using the said technology is a major determinant as to whether or not the user will actually
7 Telecommunications The telephone is one of the most important means of communicating with the outside world. It is also frequently used for contacting members of staff within an organisation. 7.1 The advantages of telephone communications The telephone has a number of advantages: • The most important is the speed with which people can be contacted and the ease of use.