MOBILE BANKING IN INDIA: ISSUES AND CHALLENGES

Gurmeet Singh Saini

Abstract


Unlike traditional form of banking, mobile banking has emerged as more convenient and user friendly form of banking. Technology plays an important role in banking sector. Mobile phone is the common technology that becomes part of every individual in this information era. As India is the second largest telecom market in the world and have high potential for expanding banking services using mobile. Mobile banking focuses on customer requirement of anytime, anywhere banking concept into reality.  Yet there are number of issues and threats in mobile banking system and the major problem is the non-adoption by the customers. For the research both primary and secondary data were used. The data was collected from 150 respondents from Delhi city in the month of November and December 2013. Around 61.33% respondents opinioned that this system is less costly and time saving and 58.67% respondents would like to try this service. In this paper, we will share what is mobile banking (m- banking), RBI guidelines for mobile banking in India, advantages of adopting this new technology both for the banking sector as well as the consumer and issues which needs to be addressed relating to this new form of banking. The paper also looks at various factors which explain why consumers are not using mobile banking and other technologies in banking. It would also try to suggest why people are not currently using mobile banking and try to suggest how to overcome this problem and increase the acceptance levels.

Keywords


Mobile Banking; Mobile Commerce; Mobile Payments; Mobile Banking Services

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References


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