The Growing Influence of Mobile Banking in the New World Order

It is an indisputable fact that technology has proved to be the driving force for modern day existence. Scores of industries and subsequent growth would have been unimaginable, had it not been for the progress that has been made under technological augmentation. But even the most basic of human functions have benefitted from the continuous and path-breaking developments in the field of technology.

Take mobile banking for example. Few people in their right minds would have given a patient hearing if one were to have spoken of a world where money can be moved sans boundaries, with just a few taps and swipes. The entire banking industry in-fact has flourished, only through the monumental developments in mobile technology.

As life gets more hectic and people keep pushing the envelope in the name of productivity gains and progress, mobile based banking solutions are gaining in popularity and acceptance. The increased penetration of web-enabled hand-held devices has led to the banking industry scrambling over each other to explore new ways of catering to an increasingly tech-savvy consumer base.

More and more consumers are interacting with banks through their phones. The banks themselves have responded by pushing out solutions that are more in tune with their customers. One of the ways in which the industry is trying to achieve this, is by forging partnerships throughout the length and breadth of the economy. Each stakeholder, from the banks to the technological solution providers; the government to the economic institutions is attempting to provide a solid platform for growth through the leveraging of their strengths.

Mass segmentation techniques are being deployed as the banking industry tries to understand an extremely diverse school of requirements. Many of the players have already begun investing in Big Data monitoring, tracking and analysing solutions. As online retail purchases become increasingly mainstream, more and more people are starting to carry out…

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