M-Banking is the next big thing. Processes are already in place to get m-banking services rolling and to ensure that masses have access to the same at minimal costs. Very soon, mobile phones will be the next personal banking hub as India moves towards simplified banking services aided by advancements in technology.
The latest piece of news in the fast growing m-banking market is that Union Bank of India has tied up with Nokia to offer m-banking services. The Finnish company will launch a service called ‘Union Bank Money powered by Nokia’ across the country. With the help of this service people will be able to pay utility bills, transfer money, withdraw cash from Nokia stores and ATMs and also top-up pre-paid sim cards with their mobile devices.
Needless to say, this service will be a boon for people and will help simplify the process of transferring money and paying utility bills, activities that are otherwise time consuming.
In early November, ICICI launched their m-banking service called ‘m-pesa’ with Vodafone.
These rapid changes in the way in which banking processes work in the country indicate the strengthening power of the consumer as well as his ability to demand for better and simplified services. The sector is moving from a supply market to a consumer-conscious, demand market and this paves way for greater financial inclusion. Wouldn’t you agree?
Image Courtesy | mobigyaan