Mobile Banking The New Progression Of The Traditional...

In a society where technology has already advanced significantly, innovation and growth further encompass those who accept the opportunity of change. This is prevalent with the new progression of the traditional banking system. The previously established banking process involved multiple tangible items - credit cards, checkbooks, and cash. This all has changed drastically within the past 10 years with the development of mobile banking. Mobile banking incorporates web-based transactions and abilities, mobile payments, and other financial relations all-stemming from a mobile device. It has become widespread due to the accessibility, ease, and the number of users continually joining the mobile banking movement. Not only have the United States and Canada been affected, but mobile banking and payments are becoming an international norm. Great progress has positively impacted many banking institutions; however, concerns of security and personal privacy have halted its implementation among the US population. Though it can be viewed as a broad topic, mobile banking is portrayed through its changes and advancements with mobile payments, network effects, overall international influences, market landscape, and mixed perceptions of security within the model. The market for mobile payments is growing at an all time high with a projected increase in global mobile payment volumes. In fact, payment transactions are expected to increase 22% by 2017. The market landscape of mobile paymentsShow MoreRelatedBanking- Technology Impact1319 Words   |  6 PagesIn the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. 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