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Pages 5 (1255 words)
Running Head: MOBILE BANKING TECHNOLOGY Mobile Banking Technology [Name] [Course] [Professor’s name] [Date] In this new era of fierce global competition it is vital for any industry to adopt new technologies with changing times. There often remains a huge gap in the technical promise while introducing a new technology and effectively putting it to work and this is a grave concern for the management…
However, in the topical times when all over the world there is rapid change of technologies, it is vital to adapt to newer technologies. New technology must meet the need of customers and it must be easy to implement (Souder and Sherman, 1994, p.45). One such technology is mobile banking facility. In earlier days banks used to keep customers’ money in vaults and would only meet financial needs of the customers. Then financial data networks were create to facilitate electronic method of transfer of funds through interconnected banking system. Even then the customers had to be personally present in the bank to deposit or retrieve funds. Next ATMs provided the customers to do their banking in various locations. Now, more recently online banking through the internet has become a common occurrence. The latest technology in the line of banking facilities is mobile banking. This technology helps the customers to do activities like transferring funds, checking balances, paying bills from their cell phones. Now customers rarely need to go to the bank to do their banking (Stair and Reynolds, 2009, p.17). ...
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