Impact of Mobile Banking on Customer-Free-Samples-Myassignment

Question: Discuss about the Impact of Mobile Banking on Customer retention rates and Business Performance. Answer: Introduction The mobile banking consists to the application of smartphones and other cellular technique to do online banking jobs while far from home computer like monitoring account balances, bill payment, locating automatic teller machine, and transferring money from on account to others. In exiting time, many mobile bankingis practiced by a company to share the data. In addition,mobile banking can considerdifferent kinds of services such as bill payment, money transaction from one account to another account, and review of accounting information. It can support to make an effective relationship with consumers. In the existing scenario, more than 35 billion of people have used the mobile banking services to fulfill their financial needs in specified time and cost (Bryman, et al., 2015). It is also addressed thatsocial media is amost popular way to inspire the consumers towards the new services of thefinancial institution. Therefore an organization can spread the awareness towards the mobile bank ing on the social media and enhance the consumer retention systematically. It can also help the organization to improve their financial condition in less time. As per the current scenario, it is evaluated that a large number of consumer who hasused the social media is college people that can be easily inspired by the use of mobile banking. Moreover, mobile banking plays a significant role in the existing business condition (Khan, et al., 2014). Therefore, thefinancial institution has needed to motivate a huge amount of consumers to operate the business successfully and obtain the feasible result.In addition, it is also addressed that consumers can be motivated and attracted by using social media to run the organization systematically. In addition to this, an organization should use the mobile banking to fulfill their financial issues in expected time. Consequently, thecompany can be able to enhance the performance of theorganization (Zameer, eta l., 2015). Project objectives The main aim of this research is to analyze the impact of mobile banking on customer retention rates and business performance. To identify the meaning and concept of mobile banking ToaddressImpact of mobile banking on customer retention rates and business performance To recommend the strategiesofmobile banking to improve the customer retention rates and business performance Project scope This research is effective to gain the understanding towards the benefit and disadvantages of practicing mobile banking in the business. The use of mobile banking in the business could be imperative for the research. In addition, the best understanding towards the mobile banking can positively influence the consumer retention and business performance. This research proposal can be imperative for the researcher to obtain areliable outcome in the upcoming period. In the existing period, a company can practice the mobile banking to improve the financial performance of theorganization and retain the consumer. This proposal can be effective to for improving the performance of company systematically.Moreover, it can also be effective for the researcher because of gaining their understanding towards the different factors of mobile banking. Asa result, thecompany can enhance their productivity systematically (Kandampully, et al., 2015). Literature review Introduction This section supports the researcher and reader to enhance their awareness towards the practices the practices of mobile banking on the consumer retention and business performance. It also discusses the impact of mobile banking on the consumer retention and business performance. To identify the meaning and concept of mobile banking According to the Moro et al. (2015),mobile banking is developed as a wireless communication network for building the value by consumers in abanking transaction. It is also analyzed that company has concentrated on the application of banking services due to making easy operating process.The application of mobile in the banking sector has adirect impact on the growth of thebusiness. It is also stated that the mobile banking is modern technology for future banking. It is also stated that the mobile banking can enable the consumers to get information about their account on the mobile phone. It is accomplished with higher security. Marinkovic et al. (2015)argued that the usual baking service is offered by the mobile networks.In addition, it is also analyzed that mobile banking is a different service that is offered by a bank and other financial institution that enable their consumers to conduct financial trades through mobile as a table and smartphones. It also facilitated the consumer to include the internet service in the mobile banking that offered by the financial institution. Mobile banking is generally available on 24 on an hourly basis. In addition, an organization has restrictions by which accounts could be accessed by mobile banking. In support of this, Zhang et al. (2014)stated that a company can also make alimiton the amount which can be managed. There are different types of elements are considered in the mobile banking like account balances, electronic bill payment, lists of latest transactions, funds transfers among the customers and other accounts. In addition, many apps allow the consumers todownload their bank statement and create understanding towards the actual situation of banking transaction. From the perspective of thebank, the mobile banking plays abig role in reducing the cost of handling tractions by declining the consumer need to visita bank for anon-cash withdrawal. As per the view ofKeiningham et al. (2014), mobile banking does not manage the transactions including cash, and consumer required tovisitan ATM and bank branch for depositing and transacting the money. In addition, it can also be said that many apps provide facility to their customers for digitally transmit cheques in an appropriate manner. Mobile banking can be different from the mobile payments that include the application of a mobile device to transact for goods and service. In addition, it can also be said that the mobile banking can easily enhance the growth of thebusiness. To address Impact of mobile banking on customer retention rates and business performance According to the Al-Alak (2014),the mobile banking can play an imperative role in increasing the customer retention and organization performance. It is stated that through a mobile banking, thefirmcan save their time and cost make theeasier transaction process in the working place. It is also analyzed that there is apositive relationship between the mobile banking and customer retention and organization performance.Since, the practices of mobile banking can be effective for an organization to retain the consumers at long-termand improve the financial condition. For this reason, astakeholderis capableto improve their and productivity and performance that help the organization to improve the financial condition. In support of this, Kaura et al. (2015)examined that the mobile banking is aneffective method that can be utilized by financial institutions to enhance their capabilities. It permits the financial institutions to improve new skills, perform best, and improve their productivity. In addition, the mobile banking service canmake enable the consumers for enhancing their knowledge towards new technology. It can also support to fulfillthe needs of consumers in less time and cost that can increase the consumer loyalty towards the product and services of thecompany. In oppose to this, Terpstra et al. (2014) explained that the mobile is safe and secure for the consumer because most of the financial institutions have used the safeguardand secure the confidential data of consumers. It can be effective to make a robust relationship with theconsumer and retain them in long-term. It is also analyzed that enhancement in the application of mobile banking can freedom for anytime anywhere banking that could also help to make apositive image in the marketplace. The mobile banking can permit each consumer to have the services of banks at the time of traveling. However, thebank cannot facilitate the consumer to take the services of mobile banking through PC and Laptop. In addition, it is also analyzed the mobile banking services is free of charge because thebank cannot make thelimit to access the account details. On the other side,Amin et al. (2014) illustrated that the bank offers many services throughmobile banking like fund transfer facilities, minimum balance alerts, bill payment alerts, account balance inquiry, transaction history, and credit/debit alerts. The mobile banking can be practiced for completing many tasks in less time and cost. In addition, it is also analyzed that the mobile banking can permit the employee to complete their bank activities without going in the bank branch. It permits checking account balance, setting up alerts, and transferring money from on account to another account.Moreover, it is also analyzedthat the bank can also enable the consumers to directly deposit the cheques on the front of thecamera, sending money from on account to other, and transferring the credit card balance. In the view ofPeppers et al. (2016)the mobile banking can facilitate the bank to maintain the finance by offering the convenient service to the consumers. As a result, thecompany is able to improve the consumer retention and financial performance. It also permits the consumer to review their balance and always understand their financial condition.A customer can instantly deposit the check and get the cash in less time. It can also retain the consumer and improve the performance of theorganization. It also facilitated that employee to pay the bill before going anywhere and save time and cost of theorganization as well as theconsumer. As a result, anorganization can make adifferent image in the marketplace and enhance the consumer retention that will positivelyimpact the performance of theorganization. All such features can permit the consumer to control the money on time.It is also stated that does not matter where you are, it provides the service at anytime and anywhere. Bank branche s can handle the financial transaction activity of consumers in the specified time. However, the mobile banking facilitated the consumers to have the service 24*7. On the other side,Tingchi et al. (2014)the younger age of people are generally keen to address their fund flow statement via mobile. It is also stated that 58% of 26-35 years old and 52% of 18-24 years of consumers have used the smartphones. In addition to this, it can also be said that the smartphone is an effective way to access banking service for both age group of people. In the current era, most of the person has believed on the social media so in case any wrong information spreads on the social media then it can negative impact on the growth of theorganization. Hence, an organization has needed to focus on such kinds of issues due to effectively deal with theunexpected situation and sustain in the marketplace for long-term. To recommend the strategies of mobile banking to improve the customer retention rates and business performance In the view of this, Kumar (2015)financial institution should provide the mobile apps to their consumers for solving their financial issues in less cost and time. In addition, it is also stated that an effective mobile app can only take care the consumers. The apps should function beyond the expectation of consumer due to attracting a large number of consumers in less time. Moreover, an organization app should transfer the fund and fulfill the basic important needs of consumers due to making an effective relationship with them. It can be imperative in retaining the consumer for long-term (Giannakis, et al., 2014). In support to this, Chuah et al. (2014)explained that most of the consumers are not believing in the mobile banking, therefore, an organization should try to identify the consumer and make a positiveimage regarding the mobile banking. An organization should use the attractive strategy to get asuccessful result from the mobile banking. In thecurrent scenario, most of the financial organization offer only user id and password to easily use the mobile banking and complete their basic requirement related to the fund transfer. Through the mobile banking, an organization should inspire the consumers to have the financial services through mobile due to saving their time and cost. In addition, it is also illustrated thatan organization should aware the consumer regarding the benefits of mobile banking. In addition, it is also stated that if an individual download the mob apps then they can meet their financial needs in their expected time. In thecurrent period, most of the apps fulfill such kinds of needs at less cost. From this competition era, an organization should offer the innovative apps to the consumer due to offering the mobile service to the consumers. An organization should also provide the simple way to complete the requirements of consumers (Zhang, 2015). Arvidsson (2014) explained that an organization should use the KYC form to their consumers due to making an effective relationship with them. As a result, thecompany can retain the consumers and improve their performance for their consumers. Moreover, it is also illustrated that many companies do not offer the online services that can decline the performance of theorganization. It facilitated the individual to have the services themselves that is desired by the users of mobile. It is also analyzed that most of the banks have needed to new consumers to call on the toll-free number and open an account. Moreover, it is also analyzed that those customers who use the call services do not have needed to download the app. In addition, it isalsoillustratedthata bank should attract new consumers for using the banking services. Once a consumer is inspired by the product and services of thebank and came in the bank branch then they organization should aware them for offering the downloading the mob apps and enjoy the service themselves. Further, there are manyservices that are completing by thebank through mobile banking such as mobile bill pay, Mobile deposit capture, easy money transfers, and fast access to account balances to complete the needs of consumers (Sekaran, et al., 2016). Conclusion From the above interpretation, it can be summarized that the application of social media can directly influence the growth of thebusiness. It can also be concluded that the mobile banking can be effective to offer the financial service at home and anywhere, which can support to retain the consumers and improve the financial condition of theorganization. It can also save the additional cost and time of bank and consumer. 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