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Mobile Banking Systems and Technologies

Mobile Banking Systems and Technologies
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Author(s): Cheon-Pyo Lee (Mississippi State University, USA) and Merrill Warkentin (Mississippi State University, USA)
Copyright: 2009
Pages: 10
Source title: Mobile Computing: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): David Taniar (Monash University, Australia)
DOI: 10.4018/978-1-60566-054-7.ch103

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Abstract

The last decade has witnessed the rapid growth of mobile communication devices and wireless technologies across the globe. The convergence of mobile devices and wireless technologies has not only changed the way many activities are conducted, but has also provided a foundation for a new type of technology-aided commerce called mobile commerce (m-commerce). As e-commerce’s next evolutionary stage, m-commerce opens up new business opportunities in business-to-consumer (B2C) markets in addition to extending current operations in e-commerce and traditional brick-and-mortar businesses (Varshney & Vetter, 2002). The significant power of m-commerce is primarily a result of the anytime- anywhere connectivity of wireless devices, which provides unique experiences and services (Figge, 2004; Zwass, 2003). One of the most promising and value-added m-commerce services is mobile banking (Lee, McGoldrick, Keeling, & Doherty, 2003; Mallat, Rossi, & Tuunainen, 2004). Mobile banking is the newest electronic delivery channel to be offered by banks in which technology has become an increasingly vital element, and it provides convenience and enhanced value to both banks and customers. With its clear benefits, mobile banking is now gaining rapid popularity in European and Asian countries with the significant market penetration of mobile handsets and the optimally designed marketing tactics of service providers (Suoranta & Mattila, 2004). However, mobile banking is still marginally adopted across the globe, and especially in the U.S., the growth appears much slower than anticipated (Mallat et al., 2004). In the United States, there are only a small number of banks that have actually introduced mobile banking services, and most other mobile banking efforts are in small-scale trials (Charny, 2001). Therefore, the technology which will be employed in the United States market has been of interest not only to financial institutions, but also to mobile technology developers and future users.

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