Mobile Apps And The Banking Industry Essay

Mobile Apps And The Banking Industry Essay

Length: 1383 words (4 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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...


... middle of paper ...


...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Mobile Industry : Bank Of America

- Introduction Founded in 1904 as Bank of Italy, and after a name change and merger, it soon became known as Bank of America (BofA). After several acquisitions, the corporation had grown significantly; covering over 82% of U.S. markets, with revenues exceeding $119 billion, and over 250,000 employees.1 As the adoption of mobile and smart phones grew, Bank of America realized the potential of a mobile app and the competitive advantage and value it would bring to its firm and customers. Mobile banking was initially introduced in the U.S....   [tags: Bank, Economics, Smartphone, Bank of America]

Better Essays
1011 words (2.9 pages)

Telecommunication Industry: The Bond Between Loyalty of Customers Essay

- ... Relationship Marketing Relationship marketing is sustaining as well as enhancing the relationship of customer and this can be used when the customer has options of choosing competitive alternative products and there is never- ending request for the commodity or the accommodations. in the accommodation industry, such as the telecommunication sector, such kind of strategies play an essential part in order to enhance the retention. In marketing, customer relations should be translated into availaing and loyal customers....   [tags: e-banking, customer´s need, business]

Better Essays
1348 words (3.9 pages)

Essay on Customer Base For Better Student Banking

- Marketing Plan: Week 3 Assignment: Situation Analysis Yuxing Zheng Trine University MKTG 6943 November 16, 2016 Section 4. Situation Analysis The customer base for Better Student Banking (BSB) is the student population of New York City, which is approximately 197,000 people as of the 2000 census. A snapshot of the age demographics of the customer base is presented in Table 1 below. The age ranges that should be most highly targeted should be the 18-24 demographic, members of which are most likely opening their first bank account or get their first student loan; the 25-44 demographic, members of which are likely to have less established, loyal relationships with other banks; and th...   [tags: Marketing, Bank, Marketing plan, Debt]

Better Essays
919 words (2.6 pages)

Essay about Methods to Secure Cell Phone While Using E-Banking

- Methods to secure cell phone while using e-banking.To access to e-banking you should use some electronic devices such as laptop, cellphone… etc. The majority of access e-banking by cellphone increase rapidly each year. Using online banking by cell phone will force the sensitive information to travel from the cell phone device to the bank website.to protect this important information ,expert suggest some rules or tips .This rules can decline the e-banking risks by smartphone more than 40%.The rules as following :Treat Your Phone as Your Computer.If we bank online, we must make sure our laptops protected from hackers and worms....   [tags: electronic devices for financial processes]

Better Essays
1562 words (4.5 pages)

Essay about Final Guidance on Mobile Medical Apps

- Recently, there has been a reported surge in smartphone ownership, in the UK 51% of the population owning a smartphone[1] [2], while in the US data show that about 95 million Americans used their mobile phones either as healthcare tools or to find health information. A recent research found that there are approximately 43,000 medical applications available online only in the iTunes store, and over 8,000 in the Google Play store, numbers that are growing by 150 percent per year [3]. Statistics have demonstrated that on average, users check their smartphones every 6.5 minutes and each person has approximately 41 applications (apps) on the phone [4]....   [tags: health apps, smartphones, medical apps]

Better Essays
1855 words (5.3 pages)

Essay about Mobile Banking : The Growth Of Technology Communication

- 2. Mobile Banking The growth of technology communication has useful for the human life activities. The technologists have been trying to access this technology for fulfilling the human life requirement so that users can be able to deal without costly, take time and limited spaces. Among of these growths of technology communications, mobile banking is one of the newest innovations for supporting the user with their financial services requirement via mobile and tablet. The mobile users are simultaneously increasing by cell phone diffusion....   [tags: Bank, Online banking, Mobile phone]

Better Essays
800 words (2.3 pages)

Essay on A Research Study On Mobile Banking

- Problem statement: Mobile banking provides many advantages to banks such as improving service quality, improving customer retention, extending their customers reach, enhancing operational efficiency, requires little or no infrastructure and reducing costs (Shaikh, 2013; Khraim et al., 2011), and it also provides many advantages to customers such as instant connectivity, reducing the risk of carrying cash, access to banking services anytime and anywhere without temporal and spatial constraints , doing banking operations in an appropriate manner remotely (Darsow & Listwan, 2012)....   [tags: Mobile banking, Mobile phone, Smartphone]

Better Essays
968 words (2.8 pages)

Essay on Benefits Of Mobile Banking And Mobile Money Services

- The world has transitioned into the technological era where the use of mobile phone has become remarkably important to connect people globally. Referring to Aijaz and Heikki (2014), mobile banking is often defined as an enabler allowing banks and customers to interact, while mobile money involves peer-to-peer business. To give an example of what these services offer, it would allow for financial transactions such as balance inquiries, funds transfers, bill payments, and inquiries concerning account history....   [tags: Bank, Financial services, Mobile banking]

Better Essays
1031 words (2.9 pages)

Essay Mobile Apps : A Vital Concern

- The poll also indicated that application security was another vital concern. One of the challenges facing mobile apps is the fact that most apps request too many privileges. For this reason, such apps have access to various data sources in a particular device. Many mobile apps especially free apps are designed and linked to advertising apps. Such ties make contacts, geolocation data and browsing history vital to the application developers. As consumers want free apps, the developers tend to monetize the apps....   [tags: Computer security, Authentication, Authorization]

Better Essays
1204 words (3.4 pages)

Essay on Game Changer: Mobile Apps

- Number of apps is increasing exponentially in the past 5 years. In 2013, a report points out that around 103 billions mobile apps have been developed.(Gartner, 2013) The various kinds of apps, for instance, social networking apps, academic apps, instant communication apps, are enhancing the experience of smartphones users according to their preferences. In these five years, apps has changed our lifestyle significantly that we are now working with apps but not paper. This shows that apps is probably the most important game changer recently....   [tags: smart phones, communication technology]

Free Essays
593 words (1.7 pages)