Mobile Banking Set to Boom World-Wide
Banking transactions is no longer limited to visits to local banks and Internet banking. According to a research, mobile banking, or banking transactions done through mobile phones is set to increase tenfold by 2011.
Juniper Research, a telecoms analyst said that their research shows that mobile banking transactions is set to jump to around 816 million in just four years. In the same research, results show that more and more financial organizations will offer or add more transactions offered for mobile banking, including services such as account management, financial information, bills payment, fund transfers, and of course, customer service.
The challenge behind this trend is security. Financial institutions offering mobile banking services should find ways to further improve security measures to gain the confidence of their consumers. Transaction costs and customer support may be a possible obstacle in deterring users from making transactions through their mobile phones.
on 2008-10-14 at 01:04:43
Is Juniper Research reliable? It's kind of difficult to approximate future progress when it comes to technology because there are so many things affecting it; for instance, this economic crisis is threatening even space missions of NASA to Mars. If there's no money to fund research on online banking, then its development will be greatly hindered.on 2008-10-12 at 20:40:18
The problem is that the sophistication of hackers seems to also increase with new developments in internet security. I'm sure online banking is the future of banking, but it has many challenges on its path before people can fully trust it.on 2008-09-21 at 22:22:15
I really wouldn't be surprised if this happens earlier than predicted. Already people in tech savvy countries like Singapore and Japan are hooking more and more to this. It's just a matter of time.