...Mobile Banking in Bangladesh g GOVT. TOLARAM COLLEGE 2015 A Study On “Mobile Banking System in Bangladesh” Prepared By Sheikh Shamcur Rahman (Tusher) Bachelor of Business Administration Faculty of Business & Economics Daffodil International University E-Mail: tusherdiu@yahoo.com Web: www.purnotabd.weebly.com www.daffodilvarsity.edu.bd Acknowledgemt Acknowledgement First of all, I want have directly to give all the praise to almighty Allah. I am indebted to them who helped us in conducting of the report. Specially, I am grateful to my supervisor Nazmun Nahar madame who , assigned me to prepare the term paper on health sector analysis of Bangladesh. Finally , I would like to express thanks to my cordial supervisor and my classmates. I am also grateful to the authority and other students of economics department and other various sources for collecting the valuable information. Mohammad Kabir Hossain Roll No: 9572525 Regi No: 1612908 Table of content Tropic | Page No | Acknowledgement | 02 | Table of content | 03 | Introduction part | Executive Summary of the Report | 04 | Objective of the report | 05 | Methodology of the Report | 05 | Literature Review | 07 | Introduction of the Report | 08 | Analysis Part | Mobile Banking Background | 11 | Challenges for a Mobile Banking Solution | 14 | History of Mobile Banking...
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...Statement BofA launched mobile banking in May2007, to allow customer to access the bank through mobile application and through mobile web on their phone browser. In less than three years BofA had around 4 million mobile banking customers at an adoption rates five to eight times that of the online banking. Because of this success, the line-of-business managers like mortgages and credit cards were asking for more upgrades to leverage the mobile platform. This request created a dilemma for the BofA management as adding more feature to the existing app will make the bank’s mobile app more complex. This complexity could slow down the performance of the app and negatively affect user experience. The management also noted that this kind complexity has led to some high-profile failures in the marketplace. Also, it was unclear if the users were ready to sign up and use these added features like mortgage service or credit card on their mobile phones. The other option the management was considering is, create multiple apps to target different target groups. But to follow this option the management has to reprioritize critical bank technical resources from other important business areas, such as online and ATM. These were the factors that the management needs to take into consideration while coming up with a solution. Strategic Situation Facing Management The U.S financial industry was fragmented, with thousands of banks offering retail and wholesale banking services. BofA is the largest...
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...1. What is IMPS? Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and remitting funds. 2. Does the customer need to have a bank account for availing IMPS? Yes, the customer needs to have a bank account with the bank which has enabled this facility. 3. Does the customer need to register to remit the funds through IMPS? Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures. 4. Is the beneficiary customer also required to register for IMPS? The beneficiary customer should have their mobile numbers registered with the banks maintaining their accounts. He should also have a valid MMID provided by the bank. . 5. What beneficiary details does the customer need to affect an IMPS remittance? The beneficiary details required are: a. Beneficiary’s mobile number b. MMID of the beneficiary customer 6. What is MMID? Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer. 7. How can a customer generate/retrieve his/her MMID using SMS mode? The...
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...Mobile Wallets Alternative to savings accounts ? September 2012 Mobile phones can do almost anything these days "I'm amazed at all the cool stuff I can do with my new phone. Yesterday I sent a photo to my mom, bought some music, watched a movie, trimmed my sideburns and neutered my cat!" Mobile Wallets FINAL.pptx 1 How many of you have received SMS alerts from your bank on your phone? How many of you have a smart feature phone? How many of you have a mobile banking application installed on your phone? How many on you are aware of USSD based mobile services? How many of you have transferred money using mobile banking? Mobile Wallets FINAL.pptx 2 Huge untapped potential for MFS in India Fundamental drivers for adoption of mobile payments in place Transactions on mobile channel remain small '000 cr % of HHs earning > INR 1.5 lac pa % of popln b/w 20-50 yrs of age 150.1 7,100 7,077.5 1 % 54 44 72 46 % 100 0 100 Younger 50 Richer Demographic 0 FY 12 2 High Mobile Penetration # / 100 200 100 0 201 202 2 0 119 150 83 # of subscribers per 100 pop 201 202 2 0 100 83.4 3 Prevalence of Paper Payments % of txns 100 50 0 46 54 50 83 17 e-payments paper payments 1.8 0 NEF T POS (credit & debit) ECS (Debit) Mobile Source: RBI Data, Euromonitor , EIU, BCG Payments Model Mobile Wallets FINAL.pptx 201 202 2 0 3 One reason : lack of consumer awareness Penetration far lower than other payment...
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...The Future of Mobile Banking Offering his view of what next-generation mobile banking will look like, ClairMail CEO Pete Daffern says banks must coordinate a business workflow across all banking systems. The growth of mobile banking technology is increasingly hard to ignore. Analyst firm Javelin Strategy & Research reports that nearly 50 percent of all mobile users in the United States will be using mobile banking within four years and that nearly 50 percent of iPhone and other smartphone users already use mobile financial services today. With 2010 being the year in which mobile banking broke into the mainstream, 2011 will be the year in which financial institutions will look to capitalize on the full potential of the mobile channel -- moving from basic user functionality to full mobile finance; or, "Your bank in your pocket." Where We Are Now (Mobile Banking 1.0) The majority of banks currently are in transition between their introductory mobile solutions and a second generation of offerings with greater capabilities. The introductory mobile offerings most banks deploy closely mirror users' online experiences. While this is a fraction of the full potential of the mobile channel, it is an essential stepping-stone to move users from the branch and online banking to their own handsets for financial interaction. While the mobile channel still is far from being definitively proven, consumers demand it. Banks are moving from one-way alerts and simple notifications to...
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...Mobile Banking 1st source: * The number of mobile subscribers who use their phones for mobile banking will exceed 400 million globally by 2013 * Banks are provide SMS, mobile web, and apps to provide additional channel choices for their customers * Banks in Europe, North America and the Far East are good examples of delivering and promoting their mobile services * Over 80% of banks currently offer some form of mobile banking * Far East and China will be the region with the highest number of users in 2015 2nd source: * Bank of America vs. Citibank (Citibank mobile is much more advanced) * Bank America: Set up on PC for online banking and can do the following: * Access their checking, savings, credit card, mortgage, line of credit, loan and other Bank of America accounts * Pay bills anywhere, anytime * Transfer funds from one Bank of America account to another * Locate branches or ATMs * Get maps and directions * Citibank: Application based approach; use cell numbers, model and carrier of phone online. (Banking is connected directly to your phone), download app directly to phone, enter codes every time they sign on. Can do the following: * Account info/activity * Payments * Transfers * Locations * Customer service * Citibank looking to make NFC (near field communications) which can make payments on a user’s credit/debit card, called an m-payment 3rd source: *...
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...founded in 1904 and expanded with several acquisitions. Mobile banking was launched in 2007 and within three years Bank of America had 4 million active customers using this service. Mobile banking may be the single biggest innovation the global banking industry has seen. From smart phones to tablets and laptops, banking customers are pushing their institutions to develop more mobile services. This success prompted line-of-business managers to request more functionality in the bank's mobile application that was specific to their businesses such as credit cards and mortgages and to determine how this change would affect their clients. Bank of America offers applications for over 800 devices, which include smart phones and BlackBerry devices. Bank of America was struggling to position their mobile banking service in the continuously changing industry. “The banking industry was fragmented, with thousands of banks offering retail and wholesale banking services.” (Gupta & Herman, 2010, p.2) Recognizing the potential impact mobile technology could have on the entire banking industry, Bank of America must decide on how to position itself within the mobile banking industry. This paper will identify the strategic issues, the benefits of mobile banking to customers and attempt to explain why some consumers have not adopted mobile banking. I will then analyze and evaluate Bank of America’s motivation for mobile banking, the cost and benefits for consumers and the industry influence...
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...create eases for their customers. E- Banking is a new system that most banks have used to achieve this objective. This system opens multiple routes to the customer service (e.g., ATM machines, telephones, Internet and mobile phones). Although, advancements in e-banking technology have already transformed the modern world, E -banking is still an innovation in creating products and services through electronic channels with low cost. These products and services include billing, credit, deposit management and electronic payment of products and services such as electronic money (Samadi and eskandari, 2012). The number of mobile phone users worldwide reached the seven billion mark in 2013(the mobile economy 2013). By the end of 2013 there will be more mobile devices on earth than people. One of the recent innovation in the field of communication is mobile banking, where a customer interacts with a bank via mobile phone. In India there are 867.80 million mobile phone subscribers of those 21.61 million people use internet on these devices (TRAI 2013). A new approach in the field of banking services is the supply of financial and banking services with mobile phones. Mobile- banking is a new concept that emerged in the global economy in the recent years and has created new streaming in the fields of commerce and trade. In india , E-business have got benefits such as the lack of legal restrictions, minimum needed requirements, high penetration rate of mobile and advanced wireless communication...
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...using mobile phones. Recent Posts q NBAD to dial ‘R’ for remittance Worldwide Mobile Payment Users to Reach 108.6 Million in 2010 Mobile banking will expand in UAE 8 million Filipinos now using mobile banking — BSP Citibank Launches Mobile Banking Service In Russia ‘2.5 billion World’s Adults remain Unbanked’, Barclays Report $10 million fund designed to incentivise mobile financial services companies. Huge growth in operator revenue by offering financial services studies by q q q q q q When the service is introduced customers will be able to send money directly from their accounts with the touch of a few buttons. They will also be able to send money home from pre-paid cards after MoneyGram’s systems are integrated with NBAD’s existing Arrow mobile phone transfer service. q http://freepaisa.com/wordpress/ (1 of 6)25-06-2010 10:23:24 FreePaisa for the world Continue reading NBAD to dial ‘R’ for remittance q CGAP Western Union reveals international mobile strategy Mobile Banking: You can now pay school fees using your phone MTN Uganda sees explosive growth in mobile money Doha Bank gets nod for mobile money transfer MasterCard Mobile MoneySend Platform Set To Go Live Utiba now certified in Western Union Money vendor Program Telenor Easypaisa have crossed 2 Billion through Fundamo Wallet System MTN RAWANDA: Mobile Money Hits Rwf590 Million Western Union piloting mobile remittance in UAE Telco to help rural majority access banking services...
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...E-Banking: ‘A new era of customer satisfaction through SMS Banking’ Abdullah Hassan, BBA(Hon’s), Fourth Year, Department of Management Studies, University of Chittagong, abdtek@gmail.com Abstract According to the Euronet mobile Banking Guide, there are currently close to 400 mobile operators in over 133 countries who are signing up 4 to 6 new customers every second. That means people are now much more interested in cell phone than before. Users always seek multi-dimensional use of their cell phones. The main purpose of this paper is to find out customer satisfaction through SMS Banking. Mobile phone operators provide various value added services (VAS) to their users including banking service and other utility services with the legal agreement with respective organizations. As mobile operators are trying heart and soul to retain existing customers and enhance new customers by adding VAS, hence a mobile banking solution called SMS Banking that allows people to bank with their mobile phones and its overview are presented in paper. Introduction There are various types of E-banking that are used in the field of IT and Banking. SMS Banking is one of them. SMS stands for ‘Short Message Service’. SMS Banking allows you to check account balance, transfer amount to other account, payment of utility bills like electricity bill, gas bill and water bill etc. Short Message Service is particularly adapted to 2G networks because they require low capabilities for data exchange...
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...IMPORTANCE OF MOBILE BANKING ABSTRACT : Banking is the backbone of every industry and technology plays an important role in every industry. The role of technology is increasing very rapidly day by day, which is also promoting the banking industry. Banking is one of the largest financial institutions which regularly explore the opportunity of technology to provide better customer services. In today’s business, technology has been the largest indicators of growth and competitiveness. The banking industry today is in the era of its revolution. The increased dominance of mobile phones provides exciting opportunities for the growth of mobile banking. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile banking is a revolution that is driven by the world’s one of the fastest growing sector, mobile communication technology. This paper examines the need and importance of mobile banking in modernize era of technology. Introduction The mobile banking is defined as the provision of banking services to customers on their mobile devices. Mobile Banking refers to provision and usage of banking and financial services with the help of mobile telecommunication devices. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile commerce is a natural successor to electronic commerce. Where a mobile device is used...
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...Enabling Mobile Money Policies in Sri Lanka The Rise of eZ Cash Simone di Castri July 2013 4—5 GSMA — Mobile Money for the Unbanked Creating enabling mobile money policies in Sri Lanka: The rise of eZ Cash Introduction For the Central Bank of Sri Lanka (CBSL), 2012 was the culmination of a 5-year effort to establish an enabling regulatory framework for mobile money that opened the market to both bank and non-bank providers and extended services to Sri Lanka’s unbanked population. Marking this shift was the launch of eZ Cash, a new mobile money service that has signed up over 1 million customers in just one year. eZ Cash is operated by Dialog Axiata PLC (Dialog), a mobile network operator (MNO) that was awarded a licence to operate as a payment services provider following revisions to the central bank’s regulations.1 As Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, explains, “Achieving financial inclusion through progressive regulation and innovation has been a principal and consistent ethos of the Central Bank of Sri Lanka.” The Sri Lankan case offers important lessons for both regulators and MNOs working to achieve the dual objectives of financial inclusion and economic growth. Lessons for regulators: ■■ ■■ ■■ ■■ ■■ Enabling regulatory frameworks play a fundamental role in expanding the reach and improving the efficiency of the financial sector. Building an inclusive digital financial system requires a level playing field...
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...Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Abstract With the growing and widespread use of smartphones applications for both the iPhone and Android there is very little you can’t do virtually. From banking to shopping, in-person visits to Skype and face time, putting a key in your car to start it to remotely starting your car and setting the temperature, being at home turning on lights and adjusting your thermostat to doing the same functions remotely using a smartphone. Smartphone applications have offered instantaneous, real-time efficiencies in our day-to-day life. Two generations ago you had to physically get up to change the channel on your television. Now you can talk into the remote control for channel changes and special programming. The same goes for banking. Everything is about speed of transaction and efficiency. Cash and credit card transactions are becoming obsolete with the advent of smartphone applications. Today you can shop, make purchases, and make bank deposits and transfers without leaving the comfort of your home. This paper explores how new technology and smartphone applications are used for mobile banking rendering cash, checking and credit card transactions obsolete. Keywords: Mobile Banking, Security, Cost and Benefits, Future Technology Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Mobile banking is becoming increasingly popular with over a billion mobile devices in use today. If you are a smartphone user...
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...What is Mobile Banking? Mobile Banking is a Banking process without bank branch which provides financial services to unbanked communities efficiently and at affordable cost. To provide banking and financial services through mobile technology devices i.e. mobile phone called Mobile Banking. Benefits of Mobile Banking Real time on-line banking Available anytime, anywhere throughout the country It is convenient, affordable and secure It is much more effective in developing savings habits It will make access to banking and advanced payment transactions at affordable cost It is much safer, speedy and safeguard against fraudulent transactions What does DBBL Mobile Banking offer? Customer Registration Cash-in (cash deposit) Cash-out (cash withdrawal) Foreign Remittance Salary Disbursement Person to Person Transfer (P2P) Mobile Top-up Balance Inquiry Where to register? Customer can register at any authorized agent point of DBBL who can display 'DBBL Agent Certificate' and 'DBBL Mobile Banking Banner'. How to register mobile account? Customer fills up the KYC Form and submit to agent along with his/her photograph & National ID (NID) Agent goes to Customer Registration Menu from his/her mobile and insert customer's mobile number Customer receives an IVR call or USSD Flash menu and in reply, s/he gives a 4-digit PIN number at his/her choice (please remember your PIN) A Mobile Account is created in DBBL system which is his/her mobile number + one check...
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...Term Paper "Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh" [pic] LETTER OF TRANSMITTAL June 17, 2012 Syeda Mahrufa Bashar Lecturer Institute of Business of Administration University of Dhaka Subject: Writing report on “Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh” Dear Madam We are submitting our term paper on “Understanding Factors Affecting Trust in and Satisfaction with Mobile Banking in Korea and its Implementation in Bangladesh”, as a part of fulfilling your instruction for acquiring the learning objectives of ‘Financial Markets and Institutions’ course. We thank you for assigning us this exercise as it has provided us with an eye opening valuable opportunity of improving our knowledge on this new technology as well as our research skills. We sincerely hope that the analysis work will meet the level of your expectation. Sincerely Yours Md. Farhan Imtiaz Md. Momenur Rahaman Md. Sohel Sagar Mohammed Zuber Alam Tanveer Mahmood Miah Sharif Taufique Atique ACKNOWLEDGEMENT It would not have been possible to complete this report and submit this report without the extensive support of some special people and it is high time to show our gratitude towards them. At first we would like to thank our honorable...
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