Mobile Apps And The Banking Industry Essay

Mobile Apps And The Banking Industry Essay

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Mobile applications has taken the banking industry to another level. Mobile apps is a form of mobile banking that is the use of a cellular device to perform online banking tasks while you’re away from your computer. One benefit of Mobile banking is that it says individuals a lot of time. Instead of having to go to the nearest bank you can do just about anything you need to do at the bank on your cellular device, instead of making cash deposits and withdrawals. A few tasks that individuals can do while accessing mobile apps is monitoring their account balance, transferring funds between accounts, bill payment and locating ATMs. Mobile banking operates across all of the major service providers in the U.S. with three different ways: mobile web, SMS messaging, or applications for IPhone, Android, and Blackberry devices. Mobile applications connect individuals directly to their bank server for the complete banking experience without having to access the mobile web browser. The mobile applications can be downloaded directly from the bank’s website or through the app store for a cellular device. The mobile app industry is taking mobile apps to the next level by introducing person-to-person payments (P2P) and remote deposit capture (RDC). Person to person payments is when you and another individual can send money to one another’s account within the mobile app. RDCs is when an individual receives a check instead of having to go to a bank, they can just take a picture of the front and back of the check and then the check will deposited.

In every type of industry, it is important to have a value chain. A value chain describes the full range of activities that workers and firms carry out to bring a product or service from its conception t...

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...ts on how to target their customers however they all share the same goal; that is to provide flexible mobile services.

The banking industry is a broad and highly monitored industry. The want and need for consumers to be able to access banking and financial information on the go with unlimited mobility has lead to the growth of mobile banking apps for both personal and business use. The use of mobile banking apps leans more heavily towards consumers than it does businesses. According to research on over 8000 credit unions and banks done my Malauzi Software, an internet banking provider, over 150 mobile apps are specifically built for businesses and over 140 apps feature RDC, Remote Deposit Capture. In Malauzi’s survey of credit unions and banks it was found that more credit unions than banks are issuing banking apps but growth in bank apps is quickly on the rise.

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