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It is worth noting that Hello Money, like other mobile banking services, is different from mobile payments, which entail the use of the mobile devices to pay for goods. Mobile banking is performed through mobile web or SMS. The service has been particularly facilitated by the evolution of an array of technologies, such as smart phones and web based technologies, which create the allowance for installation of special features that support mobile banking. The full adoption of the mobile banking implies that accounting systems would be automated and this would significantly accounting workplace. The crucial question is then how these changes would affect the banking environment workplace. The trending developments regarding mobile banking is well documented. According to SWIFT (2005), mobile banking is still considered as one of the pertinent topic in the finance industry, as well as for banking institutions. This has been exacerbated by the growing ubiquity of mobile phones across the global population. In a population of about 7 billion people, as many as 5 billion people will be in the possession of mobile phones. At the same time, out of all that population, only 2 billion people will be holding the bank accounts. Consumers are now increasingly using their mobile phones in making payments and bank their money. Mobile banking is described as a growing business, with users expected to increase to about 900 million while the transaction value is expected to exceed 1 trillion dollars by 2015. Many banks have come up with brands of mobile banking. However, the main concerns are the inherent challenges. Various entrants, such as PayPal, Vodafone and Google are looking to mobile banking and transactions. However, the business is still immature, considering that only a few initiatives have succeeded in attracting a significant base of users. In other words, the service is still marred with a lot of uncertainties. There legal framework to govern the operation of the service is also yet to be established and some banking institutions are raising eyebrows about lack of expertise to see the service become successful. Technological developments are calling for the need for the establishment of business partnerships with the financial institutions while others perceive it as that filled with a lot of uncertainties (SWIFT 2005). These uncertainties are what should be a thing of serious concern for the accountants. A study conducted by the Federal Reserve Bank of Boston (2013) aired various concerns about the respondents regarding the online banking service. Over 75 percent of the respondents aspiring to embrace mobile banking or those who have embraced mobile banking cited security challenges as the serious issue. Well over 50 percent of those wishing to embrace the money banking service cited that the main challenge to mobile banking is the costs of implementation cost, in addition to security challenges. There were other categories that pointed out the issue of unreliability of the mobile service coverage, as well as limited knowledge about how the services operate. Indeed, the coverage of mobile phone network and services can be an issue of great concern and is associated with technical hitches such as dropped calls and incomplete transactions that can affect the experiences of the consumers. Indeed, as far as security is concerned, the mobile banking security is multi-fold, considering that it pertains to the protection of information in the ...Show more

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The Impact of Mobile Banking on the accounting Profession in Banking environment Name Institution The Impact of Mobile Banking on the accounting Profession in Banking environment The evolution of the world has been accompanied by various technological developments…
Author : nmosciski
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