Revolutionizing Mobile Banking

Blog #4 by Marisa A. Gutierrez

In the beginning of the media timeline, media was delivered via print, via paper. Then media was all about the visual and the audio. The radio and the television sets. Now, in today’s society, media is no longer stationed somewhere, now it is on the go. If media isn’t on the go then consider it lost. This not only applies to news or media being delivered this way but now the financial industry. In 2007 it was definitely no surprise that Bank of America was indeed labeled the pioneer in terms of the mobile banking industry.

When author Tracy Kitten, interviewed senior vice president of mobile-channel planning and design at Bank of America, Mark L. Warshawsky, he stated in her article titled, Bank of America on Mobile Banking, that Bank of America, “has the largest number of mobile banking users among all U.S. financial institutions.”

When Kitten asked Warshawsky how many active mobile users they currently had enrolled, Warshawsky commented that after almost 4 years, “We’ve got over 5 million active mobile Web and app users, and over 500,000 active text banking users.” That only tells you that Bank of America is doing something right having over 29 million online users. I guess taking the media route through mobile applications, web and text definitely only brought them more business.

Any type of media whether it be financial transactions or entertainment for example, being delivered through the mobile medium is convenient, simple, and not complex. It gives the consumer and audience what they want, when they want it, and as fast as you want it for that matter. Now customers from different financial institutions can enjoy not only media on their mobile device alike but also their financials as well.

Authors Jamie M. Zimmerman and Jamie Holmes from New America Foundation stated in their article, The M-Banking Revolution, “that cell phones will do more for the developing world than laptops ever could.” “The spontaneous and unplanned explosion of m-banking in the developing world has gone well beyond expectations. And the effects for development could be monumental,” says Holmes and Zimmerman.

Not only does this go with the campaign that Bank of America launched in early 2007, ‘Bank of Opportunity,’ but it also is having a global wide positive affect in terms of multimedia being available to all, via mobile devices in general. When the economy and technology world were at a standstill mobile banking gave everyone the best opportunity ever and that is to, “deliver financial services to the 1 billion people in the world who don’t have a bank account, but do have a cell phone,” states Holmes and Zimmerman.

Holmes and Zimmerman also wrote that, “The effects of m-banking on the developing world are likely to be huge.” Ross Levine, an economist at Brown University stated that “the quality and reach of a country’s financial services are crucial determinants of economic growth.”

With that said if you are reading this blog, thank you. The mobile revolution will soon take over and be considered a primary medium in this entertainment/financial world we live in. This mobile revolution is definitely the beginning not the end.

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2 Responses to Revolutionizing Mobile Banking

  1. vvega89 says:

    I could not agree more that mobile banking is just the beginning. I manage both of my bank accounts and credit cards through my phone. Quite frankly it’s convenient! Although the security does bother me a bit when I think of hackers, mobile banking provides alerts when access is granted. I really wonder how much of our world will be at our finger tips as our mobile devices upgrade?

  2. jeningrad says:

    I’d be practically dead if it weren’t for mobile banking. There were ways to access your account balance or savings funds at a snail’s pace by calling in a certain toll-free number, but the revolution of the smart phone has made that option obsolete. Now, I can make the quick decision of whether or not I can or should buy something in seconds by accessing all of my account information at the tap of a touch screen.

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