Advantages Of Mobile Banking Essay

In today’s world it is very important to have different kind of products and services for people who don’t have account. Bank should provide different schemes for rural and urban areas. Schemes can be made on the basis of employment also like people who work on daily basis should be allowed to save small amount of money in the bank.

Financial literacy is important for financial inclusion because people are not yet awareness about the banking facilities and they fell into the hands of non financial institutions mainly it happens in rural areas. So there is a need to make financial literacy compulsory which is possible with the help of banks. Banks are doing a bit to make people aware about the financial services but its not enough there

To make people aware of banking services mobile phones can be used for advertisement purpose. Mobile phone has a great scope in banking sector only there is a need to aware people about it. India is not so much popular for mobile banking so further people can use mobile for banking also first they should have a link with bank.

What I have seen the main problem is that people are not aware of the latest schemes that are present in the system. It is because lack of communication between the system and its people.

Banks have a big role to play to make each and every scheme successful. How they can do this by train there employs and BCs about the latest schemes that bank have introduces for its people and how they can promote these schemes is through financial literacy camp. And when employs and BCs are trained well they can deliver it easily and also they will be in a better position to make people understand the latest

Financial services should be made easily available to the underprivileged people so that they are not left in the clutches of informal sources of finance or they have to find non financial institutions. Banks has to open branches in rural areas of the state and also establish financial literacy camps to make them understand the banking services.

Technology is one of the precious tools which help banks to provide access to banking services in far flung areas. ATMs, can be installed with multi language function by providing audio facility in ATM’s in regional languages so they can easily manage without taking help of any people. so that uneducated people can also operate it. In this why it will be user friendly for people who are illiterate; Bank needs to reshape its business policies to integrate specific plans to promote financial inclusion for poor people. For bank it’s both as business opportunity as well as a corporate social responsibility. Bank has to make use of all resources available including technology and expertise available to help in financial services. It may seem that taking banking to the sections constituting the bottom of the pyramid may not be that much profitable but it should always be reminisced that even the relatively low precincts on high volumes can be a very profitable