M-banking or mobile banking is a term used for performing banking transactions such as account transactions, bill payments, fund transfers, credit applications etc., on devices such as mobile phone, personal digital assistant (PDA) or a tablet. Mobile phones and tablets usage are soaring. Access to mobile networks is now available to 90% of the world population and 80% of the population living in rural areas.

Mobile banking which started with banks offering services like balance inquiries, checkbook requests etc, via SMS and later with the browser through WAP and GPRS has over the years widened its space. Mobile banking now envelops a huge part of banking operations, both internally and externally.

Banks today not only use mobile devices and applications as a channel to offer services to customers but also use it as a tool to connect within the organizations, to empower their workforce and control its various processes and assets. In today’s times of convenience, comfort and time crunch, customers have nicely warmed up to the concept of banking on their devices and are pretty comfortable paying utility bills and transferring funds on the go.

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The key areas where mobility secures an answer to banking processes :

• Payments: to enable customers to make payments at stores and transferring payments person to person like pay pal.
• Remote data capture: to enable customers to deposit cheques by just scanning them and sending it to the bank and not submitting the physical form to the bank.
• Location-based services: many banks have already enveloped location-based capabilities of mobility solutions, like locate an ATM, bank branches etc
• Call Recording: Mobility solutions could help banks record calls to and from the customers for further use and reference.
• Improve customer acquisition
• Reduces expenses for banking retention.
• Institutions make revenue generation and cost accessible to remotest locations.
• Anytime, anywhere access leading to higher customer satisfaction.
• To provide unique banking experience, fewer resources leading to cost 24×7 access.
• Facilitate staff member interaction, best practices, and decision support coordinate activities and processes.
• Provides marketing and business benefits.

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The world of convenience banking on mobile phones and Tablets is pretty engaging. A powerful value proposition! However, it is just the beginning. The swift pace of change in the mobile technology is opening new opportunities, driving innovation and prompting banks around the world to ask- what else? A big shift from- why go mobile, a few years back? The evolution has led many banks to not only see mobility as an enabler towards greater customer access to their services but also as a catalyst for a larger role in their lives. Mobile Banking is set to go beyond its current informational and transactional role. Banks have a window of opportunity to seize the initiative.