A Study on Prospects and Challenges of Mobile Banking in India
Keywords:
Mobile banking, importance, Major Challenges in adoption in Mobile BankingAbstract
Every industry relies on banking as its backbone, and technology plays an important role in every industry. The role of technology is increasing very rapidly day by day, which is also promoting the banking industry. One of the biggest financial institutions that frequently investigates the potential of technology to deliver superior customer service is banking. Banking has changed over time, moving from the old brick and store model where customers waited in line for services to the current one where banks are always available to provide services. With the advancement of technology and the changing demographics and lifestyles of people, traditional branch banking is being replaced by electronic banking (e-banking) and, more recently, mobile banking (m-banking). More people in wealthy nations use cell phones than bank accounts. It's hardly surprise that mobile banking is currently gaining major traction given the convenience of smartphones and their abundance of applications. The main objective of this paper is to discuss about mobile banking, importance of M-banking, major challenge in adoption.
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