Mobile Banking Factors why consumers are resisitng the new technology

Masters
Essay
Miscellaneous
Pages 14 (3514 words)
Download 0
Few American customers are willing to use their mobile phone to pay bills, check their balance or trade stocks. This initial customer resistance to advanced banking technology may be traced to the fear of the unknown. However, despite customer resistance, many international and local banks and financial firms are reactivating their mobile banking offerings…

Introduction

Hence, better technology will lead to quicker and more enjoyable mobile transactions. This report focuses on the customer response to mobile banking in California, US. Through one-on-one interviews with 100 young consumers (ages ranging from 15 to 25 years old) the nature of consumer resistance to mobile banking is explored and explained. This strategic report also offers a hopeful examination of the future prospects of mobile phone banking applications in California.
Mobile banking represents a daring and emerging innovation with currently relatively low usage rates among American consumers. However, this segment is expected to have a high usage rates in the future with the implementation of improved features by the service providers. The first applications of mobile banking were implemented in the mid-nineties which enabled bank customers to make payments and request account balances via mobile phone as an SMS service. However, compared to Internet banking in developed countries, mobile banking adoption rates in developed and developing countries have been rather low and slow.
When mobile phone banking was first launched in the US market in mid-2002, the US consumers had a lukewarm response to the new technology during that time. Only a few percentage of the customers were open to mobile phone banking. ...
Download paper
Not exactly what you need?

Related papers

Technology and Banking Industry
Some of the technologies provide ease and convenience to the customers and others help the banks to reduce their overheads and thus save money which was usually spent on physical infrastructure. Technology is also allowing small banks to compete with big established banks as they rely more on their virtual infrastructure than on their physical infrastructure to compete. IT has provided many custom…
Mobile IP Technology
Mobile IP is most useful in environments where 'mobility is desired and the traditional land line dial-in model or DHCP do not provide adequate solutions for the needs of the users' If it is necessary or desirable for a user to maintain a single address while they transition between networks and network media, Mobile IP can provide them with this ability; Generally, Mobile IP is most useful in…
Risk Factors and Challenges in the Technology Industry
Moreover, business enterprises are very concerned about "outsider" company having access to the sensitive commercial information.…
New Technology
To ensure that the road to success remains intact, firms have to accept a dose of change and the idea of continuous change in their organisations.…
The advent of the internet age and mobile technology
With this virtual shrinking of distances between people comes the ability to be much more customized in terms of solutions and marketing. To be sure, the ability of companies to remain competitive in today's global business climate depends on their ability to anticipate and meet the personal needs of each individual with whom they conduct transactions. Technology enables businesses to detect…
Mobile Banking Factors why consumers are resisitng the new technology
Hence, better technology will lead to quicker and more enjoyable mobile transactions. This report focuses on the customer response to mobile banking in California, US. Through one-on-one interviews with 100 young consumers (ages ranging from 15 to 25 years old) the nature of consumer resistance to mobile banking is explored and explained. This strategic report also offers a hopeful examination of…
banking
Not only the internal rating, but also the governance and the quality of risk management will be a major factor in being able to use internal ratings as a basis for calculating regulatory capital requirements.…