The turn of the 21st century has given mankind the promise of a synergistic utopia in through the advent of personal computer, the internet, global positioning systems and so on. However the lightening pace of growth and game changing revolution, that is the mobile phone technology, it has been an unmatched contender. It has been one of the most ubiquitous pieces of modern marvel that has touched every aspect of the life of a 21st century global citizen and has changed personal banking once and for all.
Mobile banking today accounts for 590 million users globally and projected to exceed an astronomical 1 billion by the year 2017. (Nitin Bhas, Mobile banking smart and secure, 2013: 3). This represents more than 15% of the population of the entire world population. This mammoth quantification of the general multitude of users is a result of the vast array of convenience that mobile banking represents through its groundbreaking concept of banking 24/7 at any corner of the world. “Simplicity is the ultimate sophistication”- Leonardo da Vinci, this golden rule also resonates through the concept of mobile banking, that is a simple transition of PC banking transformed onto a handheld device through the manipulation of IOS and Android based smart phones. The customers can download the respective bank’s app and carry our all banking transactions and get both email and SMS confirmation of every transaction, demonstrating both usability and credibility of the technology. However mobile banking as an infantry state was confined in SMS and WAP banking, which even though is in existence today but is dinosaur of the fast changing mobile banking planet. While SMS banking paved the path to today’s smart mobile banking during the niche usage in the 90’s, without the modern 3G and 4G infrastructure and smart phones the concept of mobile banking would be in vain.
Like every other manmade contraption mobile banking has its own pros and cons, both the banks providing mobile and...