Mo­bile Bank­ing

A state of tech­nol­ogy, a state of mind

Consumer Voice - - Contents -

In Fe­bru­ary this year, all banks were ad­vised by Re­serve Bank of In­dia (RBI) to un­der­take cus­tomer ed­u­ca­tion and aware­ness pro­grammes in mul­ti­ple lan­guages through dif­fer­ent chan­nels of com­mu­ni­ca­tion — ATMs, self-ser­vice kiosks, In­ter­net bank­ing web­sites, SMS and emails — in or­der to pop­u­lar­ize the process of mo­bile bank­ing reg­is­tra­tion/ac­ti­va­tion and its us­age. This re­port is an at­tempt to un­der­stand the cur­rent mo­bile-bank­ing sce­nario in the coun­try and how con­sumers may make bet­ter choices while grad­u­at­ing to mo­bile bank­ing. Facts and find­ings from the sec­ondary and the pri­mary re­search are pre­sented here.

In a speech in late Jan­uary, SS Mun­dra, deputy gover­nor, RBI, ob­served that while there was gen­eral eu­pho­ria around the adop­tion of mo­bile bank­ing and mo­bile pay­ments, the model had been rel­a­tively less suc­cess­ful bar­ring in a few coun­tries where the right en­vi­ron­men­tal fac­tors ex­isted. In the In­dian con­text, an ob­jec­tive anal­y­sis would re­veal var­i­ous rea­sons for the slow adop­tion. There are tech­ni­cal is­sues like type of hand­sets, a va­ri­ety of op­er­at­ing sys­tems, en­cryp­tion re­quire­ments, in­ter-op­er­a­ble plat­forms or the lack of it, ab­sence of stan­dard­ized com­mu­ni­ca­tion struc­tures, dif­fi­culty in down­load­ing ap­pli­ca­tion, time lag in ac­ti­va­tion, etc.

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