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ARTICLE

Mobile Banking and Mobile payments Graph -2 : Mobile Banking Transactions

/commerce The rapid growth of mobile usage , combined with advance-
ment of technology and facilitative regulation for expand-
Retail banking products are offered across multiple chan-
ing the reach of financial services have created tremen-
nels and at multiple places (branch, internet, ATM, Mobile
dous opportunity for transformational innovation through
etc). Over the past decade, internet banking has grown to
become the preferred method of banking for consumers in
most countries, taking both transactions and sales volume
from branches and call centers. In future , Mobile banking
will capture the retail banking space and will drive the
retail banking business in the country with ever changing
trends and constant introduction of new technologies.

This has emerged as dominant channels for financial inter-
actions beyond the traditional checking of balance, trans-
fer of funds, or paying bills and friends through your phone.
It is believed that leading banks will use mobile design strat-
egies as the foundation for all customer touch points, and
mobile and agent networks to reach out to underserved
when expansion of capabilities will provide digital
customers, introduce new products, deepen customer rela-
differentiation.The growth of mobile banking in the last
tionships, explore new sources of revenue, rationalise costs
couple of years has been exponential with smart phones and
and most importantly digitize the economy.
data getting cheaper.
Social Media Banking
Mobility is already transforming e-commerce by enabling
comparison shopping in stores and delivery of personalized Social media is becoming an increasingly an important
offers based on shoppers' location and preferences. In In- mode of communication and influence. New capabilities are
dia, there are 881 million mobile subscriptions,450 million allowing customers to access banking services through
bank accounts and only 67 million mobile connections are Facebook, Twitter , enabling person-to-person lending
linked to bank accounts and an even smaller percent of that schemes, with the bank acting as custodian and permitting
are active users. The mobile banking transactions has gone banks to take social networking potential into account when
up from 95 million to 172 million during 2014-15(Graph-2) evaluating credit requirement .

Concluding Remarks
Retail Banking in India has fast emerged as one of the
major drivers of the overall banking industry and has wit-
nessed enormous growth in the recent past. The next
decade in banking will see both evolution and revolution .
Advancement in technology continue to transform the lives
of retail banking customers and in coming years , seamless
customer experience through multi-channel optimization
of service delivery will become imperative .There will be
shift to anticipate customer expectations as well in advance
and offer an interactive and consistent online banking ex-
perience coupled with high-quality branch banking ser-
vice. The number of customers who prefer to perform daily
banking activities on an anytime/anywhere basis will be

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