Mobility in Banking & Financial Sector

February 28, 2013

By 2014, Banking and stock trading from mobile phones will become part of the daily routine of nearly 2.2 billion consumers worldwide says a study from Insight Research Corp. According to it mobile applications in the financial sector together will generate nearly $124 billion for mobile application developers and cell phone companies providing access to their applications. Banking services can be accessed through text messaging, the mobile Web and mobile applications. Mobile apBanking & Financial Servicesplication users typically constitute a big chunk of mobile banking users—40 percent are iPhone or iPod touch users, according to Celent, a research firm. There are still many who use SMS and mobile web to access the services. From the early days of checking account balances, initiating account transfers and bill payments, mobile banking has moved on. One of the recent trends in mobile banking is mobile remote deposit capture. This functionality in enterprise mobility allows bank customers to deposit the cheque using their mobile phones. All they need to do is take a picture of the front and back of a cheque to make the deposit.

Banks and financial institutions have been successful with basic services like notifications and status updates, but more opportunities lie in providing complete control of accounts from the mobile device, enabling every transaction that one could perform via the Internet or at a branch in person.