A Study on Role of Mobile Banking India: an Unexplored Opportunity
INTRODUCTION Indian Telecom industry has emerged as the fastest growing telecom market in the world. The opening of the telecom sector to the foreign investors has not only led to rapid growth in subscriber base but also helped a great deal towards maximization of consumer benefits, particularly in terms of price discovery following the moderate approach in tariffs. The success of the Indian telecommunications sector has become the cynosure of the world and has made the country a truly attractive investment destination. The growth of cellular mobile services is leading the telecom revolution in India and the other services are following. The service sector has emerged as a prime contributor toward the economy’s progress.
One of the important aspects of the country’s service sector enabling sustainable growth is the banking system. The banking system remains, as always, the most dominant segment of the financial sector. With a jump in the Indian economy from a manufacturing sector, that never really took off, to a nascent service sector, banking as a whole is undergoing a change. A larger option for the consumer is getting translated into a larger demand for financial products and customization of services is fast becoming the norm than a competitive advantage.
Technology has brought about strategic transformation in the working of banks. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. With stiff competition and advancement of technology, the service provided by banks has become more easy and convenient. In this milieu, what really enables banks to build a lasting competitive advantage is the ability to continuously innovate, achieve differentiation and respond quickly to dynamic business challenges. Financial institutions face greater challenges today than ever before as consumer
One of the important aspects of the country’s service sector enabling sustainable growth is the banking system. The banking system remains, as always, the most dominant segment of the financial sector. With a jump in the Indian economy from a manufacturing sector, that never really took off, to a nascent service sector, banking as a whole is undergoing a change. A larger option for the consumer is getting translated into a larger demand for financial products and customization of services is fast becoming the norm than a competitive advantage.
Technology has brought about strategic transformation in the working of banks. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. With stiff competition and advancement of technology, the service provided by banks has become more easy and convenient. In this milieu, what really enables banks to build a lasting competitive advantage is the ability to continuously innovate, achieve differentiation and respond quickly to dynamic business challenges. Financial institutions face greater challenges today than ever before as consumer
References: 1. Innovations in the Banking Industry in India, icmrindia.org, 2004 2. Vodafone, Bharti to offer mobile banking in India - The Times of India, January 12th ,2011 3 Market Report: Mobile Banking in India used by 40 Million Urban Indians, October 9th,2009, Mobile India 4. Expand mobile banking to the poor: PMO tells DOT, September 8th, 2009, Mobile India 5. Mobile banking tapped for growth in India - October 2, 2009, ZDNet Asia 6. Mobile bank to cover every village in next 5 years- RBI PTI / Varanasi September 13, 2010 7. Convenience, safety draw people