Mobile Banking

The Rise of Mobile Banking

It is truly amazing how fast new ideas can manifest themselves in such a mysterious world filled with mystery and opportunities. These ideas are able to take on the world by full throttle with the strong encouragement of particular communities and groups of people. Within the finance world, new technologies have had such a substantial impact in a vast amount of areas. The ways of doing things are growingly simpler thanks to the massive contribution to this technology age where tasks are done in an instant. More specifically, banking has become increasingly more popular in the United States thanks to the added convenience of being able to access banking services right from your very mobile or electronic device. Mobile banking has become so popular that it has grown over 50% in the past year amongst a variety of demographics (Crowl 1). The role that this has had on people has been vital, especially since the world is becoming increasingly busier within every aspect. People do not have the time they used to frequently call their banker or stop by a retail branch. A bank in many ways is defined by its number of services. The ability for banks to offer these options has the ability to spread its user base while even spread its customer loyalty. Looking into the future, there are many questions that have arisen, with the majority being security concerns. But in terms of now, mobile banking has been on a steady and trending line thanks to the emergence of technology.

It’s quite incredible to fathom the idea that technology can change the way you interpret things. In the banking world prior to mobile banking, many seemed fine with the fact they would have to look up their balance when the could or keep up with payments when free. Mobile banking was introduced at just about the same time that the iPhone was introduced. In June 2007 some of Americas largest banks decided to launch into the new realm of mobile banking, giving you access like...