Mobile Banking Project By Shahnaz Khilji

PROJECT ON: M-Banking

SUBMITTED BY: Shahnaz Khilji

T.Y.B.COM. (BANKING & INSURANCE)

SEMESTER: V

DATE OF SUBMISSION:

PROJECT GUIDEPROF:

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ACKNOWLEDEMENT

I feel deeply in debted towards people who have guided me in this project. It would have not have been possible to make such an extensive report without the help, guidance and inputs from them. Most of my information source has been from professional books of banking sector

I would firstly like to express my gratitude towards my guide PROF: KASHYAP GANATRA for having shown so much of flexibility & guiding in such a way that I was really learning the subject all the time. She helped me in deciding the project topic. She showed a lot of openness in her approach and I would like to thank him for his support in a way that has lead to proper & effective learning.

I would like to thank Mr. ASHOK PATEL, branch manager of HDFC bank for their kind support in providing primary data and information regarding Mobile Banking.

Last but not least I am grateful to all my family members & my friends for being my side always. Without their help and Motivation it would have been impossible to complete my project.

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Findings

Primary Data :

Various people that included office staff help to collect the primary data on the basis of interviews, thoughts & suggestion

Secondary Data:

The Main sources of Secondary data were combination of information from the Internet, periodicals and books of the related topic.

Hypothesis:

To understand about how M-banking activity is carried out and how it is easy to use.

Limitations:

Lack of information pertaining to the various angles of the report.

The topic is too vast to be covered in this project. These were main problems encountered by myself.

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Table of Contents

NO. Particulars PageNo

1. Acknowledgement 2 2. Finding 3 3. Table of content 4 4. Executive summery 5 5. Introduction 6-7 6. Mobile Network provide competitive advantages 8 7. Mobile Banking Applications 9-10 8. Mobile payment-An additional role for Mobile phone 11 9. M-Commerce-strategic implications for banks 12-1310. Terms and conditions governing the use of “SMS”-SIB

Mobile service,(Push Alerts & Pull request) 14-20

11. Customers Requirements for Mobile Banking Application 2112. Could Mobile Banking go global ? 2213. M-Banking-No Wires, No Worries, New customers. 2314. M-Banking use cases 2415. M-Banking solutions : Best practice 25-2616. Security for Mobile Banking 27-3017. Characteristics of Mobile use 3118. General conditions of Mobile Banking 3219. Case study of HDFC bank 33-3620. Conclusion and suggestions 3721. Application form for Mobile Banking 38 22. Questionnaires 39-4521. Bibliography and Wibliography 46

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EXECUTIVE SUMMERY

Mobile communication device are revolutionizing banking transaction over wireless networks & the Internet. To attract & retain customers, banks need to extend their full range of service across a wide range of mobile, wireless devices without having an impact on their current infrastructure& the delivery channels it currently supports. Wireless network, mobile gateways, WAP (wireless application protocol) & WML (Wireless markup language) all play an important role in bringing mobile banking strategy to the market.

For wired customers & businesses, the next phase in this evolution is wireless-mobile banking that is available anytime-anywhere from ‘always –on’ mobile device like mobile phones & personal digital assistants (PDAs). With the proliferation & cost-effectiveness of the mobile delivery channel, banks have bull-in delivery mechanism that can offer services & 24*7access regardless of where the customer happens to be. Unlike PC-based e banking, mobile banking provides banks with the unprecedented opportunity to reach their customer in an unrestricted environment. The big benefit for banks? Higher customer satisfaction & loyalty, more transaction-based fee revenue, lower cost of ownership, & an integrated customers relationship management channel.

Mobile banking is, of course, still dependent on the Internet as a delivery network. That said, there are some critical differences between Internet & mobile banking services. The most notable of these is the Internet users experiences via mobile interface verses the Internet experiences via standard device like PCs & laptops. As mobile devices are limited to a tiny percentage of screen real estate, customers will place less emphasis on surfing/browsing & become transaction-focused customers responding to ‘push’ messages that reflect proximity as well as buying patterns. Pull-based customer interaction, such as those conducted via fixed-network devices like PCs, will ultimately decline in usage as push messaging becomes even more sophisticated.

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Introduction of Mobile Banking

The Internet is revolutionizing the way the financial industry conducts business, empowering organizations with new business models and new ways to interact with customers. The ability to perform banking transactions online has created new players in the financial industry, such as online banks and brokers who offer personalized services through their Web portals. This increased competition is driving traditional financial institutions to find new ways to add the value to their products and services, gain competitive advantage and increase customer loyalty while also attracting new, high-value clients.

Mobile and wireless technology, combined with the wide variety of portable devices available today, enables new revenue opportunities for financial services organizations. This provides a new channel that can be used to refresh and expand the customer base, attract prime customers and enhance loyalty. With mobile and wireless technology, banks can offer a wide possibilities of services to their customers, from the freedom of paying bills while stuck in traffic, to receiving notification of a change in stock price while having lunch, the convenience and time saving benefits of wireless financial services are huge. The challenge, then, is how to turn these possibilities into a reality for the customers.

Benefits

A. Grow new customer base and markets : Developing wireless applications and services targeted at the mobile mass market will allow attracting new, high-value customers into mobile banking portal and expanding the reach to global markets.

B. Increase share of customer wallet : The convenience of having personalized wireless access to critical financial information is an invaluable service for customers on the move. Enabling the execution of time-sensitive financial transactions anywhere, anytime, provides the opportunity to strengthen the relationships with existing customers. This ultimately results in an increased share of the customers' transactions--preventing them from taking a portion of their financial business elsewhere.

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C. Grow assets, number of transactions and fees : Granting customers flexible access to financial information and accounts enables them to perform transactions when it's most convenient for them. As a result, they have the opportunity to conduct transactions more frequently, driving increased revenue from fees.

D. Expand and enhance brand presence: Brand and reputation for convenience, service and innovation will be strengthened and enhanced each time customers on the move stop to check their stock portfolio or to pay bills wirelessly. This also offers significant potential to grow the market.

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MOBILE NETWORKS PROVIDE THE FOLLOWING COMPETITIVE ADVANTAGES

1.Always – on 24 ×7 access: Mobile networks will provide the ability for consumers to be transaction- ready, much in the way cable access has facilitated online pc access and reduced consumer dial up delays 3555.

2.Advanced penetration of mobile networks : 2G (second generation) networks already cover more than 90 percent of the population in the western world, and this number is growing steadily.

3.Personalization : Through SIM (Subscriber Identity Module) cards, mobile customers have a specific profile that enables customized functionality that directly reflects the way they want to transact business over mobile devices. Through the convenient addition of a multi-application relationship card, mobile customers will also have a built in platform for a host of other application services, including security keys, virtual credits cards, and other customized payment instruments.

4.Rapid evolution of global protocols such as WAP (wireless application protocol): This enables the communication channel between computers and mobile devices. The WAP component essentially provides the facility for reformatting data for display on wireless hands.

5. Faster Data Processing Speeds: Increases in bandwidth and data transmission a speed makes mobile data services efficient and cost - effective in a real time environment.

6. Security Effectively, the mobile banking transaction can be protected by a private key stored on SIM card and hence mobile phone can become a wireless wallet to protect proprietary and financial information.

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Mobile banking applications

Examined applications

In the following, the main types of existing mobile banking applications are introduced. These build standard types as each of them is representative for a series of comparable applications. While WAP-banking and mobile banking via PDA are generic, SMS-banking and mobile banking with SIM Toolkit use specialties of the GSM standard.

WAP-banking

The most widespread solution for mobile banking is based on micro-websites following the WAP standard (Wireless Application Protocol). The function of WAP banking is in many ways similar to the function of Electronic banking using http. The client sends a request and gets a response with page content, which is stored on or dynamically generated by a standard web server. The main difference is in the usage of a WAP gateway for the conversion of the protocols. At banks must be considered that very sensitive data is processed. While a normal content provider doesn’t has to observe special security precautions, and in some cases can even use the services of extern providers, has to secure its web server and WAP Gateway especially against unauthorized access. This is especially necessary because of the fact that inside the WAP Gateway the encryption protocol is converted from SSL/TLS to WTLS with the effect that data is not encrypted while it is processed. While authentication is assured via a PIN (personal identification number) of the user, authorization for transactions is realized via transaction numbers (TAN). This concept, known from the electronic banking, forces the user to carry a TAN lists with him in order to make transactions.

SMS-banking

The Short Message Service (SMS) is a GSM service to exchange text messages up to 140 byte (or 160 characters of 7 bits). The transmission of mobile-originated short messages is carried out by the short message service center (SMSC) of the particular network operator. The SMSC is receiving the message from the mobile device and routing it to the destination device.

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For generating mobile-terminated short messages, it is possible that a company or a special service provider runs an own SMSC. Thus, a bank could generate SMS from bank data like account balance or account movements and send it to the mobile device of the customer. This technique is used at SMS-banking: The customer sends an SMS with a request to the bank, and gets the desired data as an answer.The customer has to include a PIN for authorization in every SMS he sends to his bank. Alike the WAP banking, one should pay special attention on the security of the location of the SMSC. Many service providers offer the operation of SMSC as a service. The usage of such a service is out of question for banks, because of the high sensitive character of the transmitted data. For this reason it is mandatory for banks to run their own SMS-Gateway and secure it from unauthorized access. The main problem with this kind of transmission is the missing encryption of the data during the on-the air transmission between the service center and the mobile phone. An encryption of pure text-SMS is not possible (unless an application on the mobile device would be able to decrypt the information).

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Mobile Payment: An Additional Role For the Mobile Phone?

The existing payment methods are dominated by cash and cards, because they are convenient and secure and moreover, there are no better alternatives. The articles opines that paying for goods and services through a mobile phone could offer significant advantages over existing payment method, both in shop and online. However, it says that problems related to convenience and security, for both buyers and sellers, still need to be resolved.

Mobile payment – the way forward?

Mobile payment means:

Executing a payment transaction using a wireless device, e.g. mobile phone or personal digital assistant.

Mobile device becomes an electronic payment device. Its “Mobility” is its big advantage: it enables payments to be transected regardless of place and times, and for both “bricks and morter”and Internet purchases.

Announcements about new mobile payment solution appear regularly at the moment. Potential players form partnership and fight to win a place in “Mobile Payment”. This player includes mobile operators, banks credit card companies, mobile device manufactures, smart card manufacturer and a whole range of mobile payment start-ups.

Existing mobile payment solutions are based on one of three distinct payment options:

Prepaid Direct from credit card or current account Paid through phone bill

The three payment options vary in what is required before the payment, the Payment process itself, and technology is used.

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Mobile commerce –

STRATEGIC IMPLICATIONS FOR BANKS

Just When Financial institutions began to consolidate their E-Commerce activities, A new challenges has emerged-Mobile Commerce. This article attempts to clarify what Banks are currently doing, what additional opportunities and risks exist, and what should be done to extract maximum from the M-Commerce markets.

1. Today, banks across the world are delivering a wide range of core banking services through the mobile channel.

a) In Singapore, users can check balances, pay bills and transfer funds. They can also view the latest deposit and foreign exchange rates, get the latest stock market information as well as their personal watch. Banks also use mobile technology to transfer important financial information to their customers (e.g., Home loan application approval, fixed deposit Maturity Reminder, IPO Application Results and IPO Share financing and Allotment Results).

b) In the US, Charles Schwab offers trades, quotes, alerts and notification both through the mobile phone display, and by means of an interactive voice quote.

c) MeritaNordbanken of Scandinavia has established Solo, a WAP-Based payment system, which enables customers to purchase from 700 virtual stores and pay directly from their bank account by entering username, password and transaction number.

d) Banks are exploring the potential of mobile phones as an on- the-spot payment device, which incorporates both debit and credit card. Functionally.

2. In addition to being a new distribution channel for financial services, M-commerce presents the opportunity for banks to significantly expand their customer relationships.

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3. Challenges lifestyles and an increasing preference for speed and convenience are eroding the traditional affinity between customers and branch offices. As new technology disinter mediates traditional channel, the core value proposition of a bank becomes fulfilling customer needs. Delivering this value proposition hinges on owning or earning the customer interface, through understanding individual customer needs and preferences, and bringing the customer a complete solution which satisfies his financial needs and gives him maximum conveniences.

Instant access to customers through a user-specific device enables the delivery of targeted personalized services – the very nature of mobile access devices ( i.e., input/output constraints) encourages tailoring and bundling of services. For example: A middle –income consumer would not want to receive an advertisement to buy a BMW. On other and, a high income banking customer might wish to receive the offer to buy the BMW at a special price, bundled with car loan, insurance, and the option of a monthly garage maintenance services.

4.Banks can transcend their traditional role as a channel for banking/financial services and become providers of personalized and localized information, which facilitates the purchase of a wide range of goods and services.

Banks, which successfully leverage M-commerce can,

Increase customer loyalty, in terms of acquisition, retention and cross-selling, by providing tailored bundles of products and services to specific customers.

Exploit additional sources of revenue from subscription, transaction and third party referrals.

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Terms and conditions governing the use of “SMS”- SIB Mobile Service,

the Mobile Banking Service (Push Alerts & Pull Requests)

1.Definitions:

"Customer" shall mean a Customer of Mobile Banking.

 Pull Request facility means the facility granted by the Bank of access to information relating to the savings/current account/overdraft/cash credit account (or any other type of account, that the Bank may permit later), of the customer and usage of products and/or services as may be made available on mobile phone by the Bank from time to time.

Push Alert facility means the facility provided by the Bank whereby a customer can obtain specific information pertaining to his account/s on his mobile phone number.

"Alert(s)" means the customized messages sent to the customer over his mobile phone as short messaging service ("SMS") in response to the Triggers set by the customer.

"Triggers" means the customized triggers that are required to be set or placed by the user with the Bank, which shall enable the Bank to send the corresponding Alerts to the user for specific event/transactions relating to his Account.

Mobile phone means the handset and SIM card along with the accessories and necessary software for GSM phones and handsets and software for CDMA phones, which is owned by the mobile subscriber.

“Mobile Banking” or “Facility” or “service” shall mean the “Push Alert” and/or “Pull Request” facilities offered by the Bank as SMS.User means the customer of the Bank having registered for the Mobile Banking facility and authorized by the Bank to use the Mobile Banking facility.

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Primary account means the main Savings/Current/Overdraft/Cash Credit account of the customer, from which the Bank may deduct any service charges related to the service.

"Personal Information" shall mean the information about the user obtained in connection with the Facility.

“System” refers to the Centralized Banking system, Mobile Banking system or any other automated system/s deployed by the Bank.

In this document all reference to user in masculine gender shall be deemed to include the feminine gender also.

2. Eligibility

1. Any customer having a (resident/NRE) Savings /Current /Cash Credit/Overdraft account with any branch of the Bank with Centralized Banking facility is eligible to avail the Mobile Banking/Alert facility, subject to all conditions mentioned in this Section (Eligibility). The Bank may extend the facility (partially or completely) to other accounts including term deposits and loan accounts if the customer has at least one Savings/Current /Overdraft/Cash Credit account.

2. The Customer desirous of using the Facility should both be the account holder and sole signatory or be authorized to act independently. In case of joint accounts, the facility shall be provided to the account holder/s only if the mode of operations is “Either or Survivor”, “Former or Survivor”. Each applicant will have to register separately for availing the facility. All the joint account holders would have to sign in the Declaration authorizing the Bank to provide the facility to the applicant. In such cases, instructions of all the joint account holder/s authorizing the user to use the Facility would be required. All or any transactions arising from the use of the Facility in the joint account shall be binding on all the joint account holders, jointly and severally. An account in the name of the minor, in which a minor is a joint account holder or any account where the mode of operation is “jointly”, is not eligible for the Facility.

3. The Bank shall extend the facility to the guardians of “Guardian Operated Minor Accounts”.

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4. The final discretion to offer this Mobile Banking facility to a customer rests with the bank and if the bank decides, may withdraw such a facility at any time without notice and without giving any reasons. 

3.  Mobile Banking facility

A. Pull Request Facility1. The Bank reserves the right to decide on the services to be offered to a particular user and different services may be offered to different users through mobile Banking.

2. The Bank also reserves the right to make any additions or deletions or revisions in the services offered through Mobile Banking at any time.

3. The user shall, as a matter of customer protection, use a 4-digit code number (PIN-Personal Identification Number) in addition to the keyword to access the mobile Banking service.  At present, the User has the option to choose any four-digit number/character as his PIN for the Mobile Banking service.

4. The User shall not disclose his PIN, if any allotted by Bank, to any person or write / record it at any place whereby some other person can come to know his PIN. In case the User fails to follow / adhere to this, he shall be solely responsible for consequences arising thereon.

5.The Bank may, at its discretion, allow the customers to send instructions through Mobile Banking, which would have to be executed. The instructions of the User shall be effected only after confirming the authenticity of the User by means of validation of the mobile number of the User and/or through verification of PIN/ password allotted by Bank to the User or through any other mode of verification as may be stipulated at the discretion of the Bank.

6. Bank shall endeavour to carry out the instructions promptly, but the Bank, shall not be responsible for the delay in carrying out the instructions or not carrying out the instructions, due to any reason whatsoever including failure of operational system or due to any requirement of law.

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7. The User is also responsible for the accuracy and authenticity of the instructions provided to the Bank and the same shall be considered to be sufficient for availing of the services under the Facility. Where Bank considers the instructions to be inconsistent or contradictory it may seek clarification from the User before acting on any instruction of the User or act upon any such instruction as it may deem fit, or not carry out the instructions. The User and Bank shall have the right to suspend the services under the Facility if Bank has reason to believe that the User's instructions may lead to direct or indirect loss or may require an indemnity from the User before continuing to operate the Facility.

8. Bank reserves the right to offer the Facility for those Users, who are availing the services of specific cellular service providers only.

9.The access of the User to the Facility shall be restricted to User availing of the Facility on the specific Mobile Phone Number registered with Bank for the Facility.

  B.   Mobile Banking Alert facility

1. The last updated mobile number in the records of the Bank would be used to send the Alerts.  Alerts are presently not available for two Mobile numbers for the same account.  However, more than one account may be set on a particular mobile number.

2.The Alerts will be available to the users only if the user is within the cellular service range of the particular cellular service provider or within such area, which forms part of the roaming network of such cellular service provider providing services to the User.

3. Alert shall be available only when the system of the Bank is available. Every day the push alerts shall not be available for atleast 10 hours or more, during which the system will be used for backups and shall not be available for inquiry. However the Bank shall endeavour to provide pull requests during this period also.

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4. Registration for Mobile Banking/Alert facility.

1. Eligible customers of the Bank desirous of availing the services should submit an application in the specified form, duly completed, at the branch of the Bank, where the customer has his primary account.

2.Customers of the Bank shall be allowed to use the facilities only after his/her/their application has been processed and the information furnished registered with the Bank.  The processing of the application form shall require a minimum of 10 days from the date of submission of the application.

3.Customer will have to activate the service after the Bank sends the necessary instruction/user guide to the customer. Unless activated, the customer shall not receive any alerts or request pull services.

4.These terms and conditions together with the application made by the Customer and as accepted by the Bank shall form the contract between the Customer and Bank, and shall be further subject to such terms as Bank may agree with any other third party providing such services to Bank which shall facilitate providing of the Facility by Bank to the User. These terms and conditions shall be in addition to and not in derogation of the terms and conditions governing any Account of the user and /or any other product/services provided by the Bank to him.

5.The Customer undertakes that the Customer shall provide accurate information wherever required and shall be responsible for the correctness of information provided by him to Bank at all times including for the purposes of availing of the Facility. Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by Bank to him, he shall advise Bank as soon as possible. Bank will endeavour to correct the error wherever possible on a best effort basis.

6. The Bank shall have the right to reject the application of any person without assigning any reasons.

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5. Authorization

1. The user expressly authorizes the Bank to disclose to the mobile service provider / ASP all user information in its possession, as may be required by them to provide the services to the user.

2. The Customer irrevocably and unconditionally authorizes Bank to access all his Accounts for effecting Banking or other transactions of the Customer through the Facility.

3. All records of Bank generated by the transactions arising out of use of the Facility, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions. The authority to record the transaction details is hereby expressly granted by the User to Bank.

4. The user authorizes the Bank to add, remove or change any service in mobile Banking, partly or wholly, at Bank’s discretion.

5. User authorizes Bank to send any message such as promotional, greeting or any other message that the Bank may consider appropriate to the user.

6. The User authorizes Bank to send any rejection message, if it finds that the request sent by the User is not as per the Bank’s format/requirement.

7. The Bank shall make all reasonable efforts to ensure that the user information is kept confidential.  The Bank however shall not be responsible for any divulgence or leakage of confidential user information.

8. The user expressly authorizes the Bank to carry out all request(s) or transaction(s) for and/or at the request of the user as are available to the user through mobile Banking facilities without the Bank having to verify the authenticity of any request or transaction purporting to have been received from the user through Mobile Banking.

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6. Setting Triggers   and Receiving Alerts

1. The user can enter his choice of alerts (as listed by the Bank) in the Mobile Banking registration form. For any change in these parameters, he can separately request in writing. At a later stage, Bank may provide this facility through Internet Banking screen.

2. The User shall notify the Bank, in writing, if he desires to change his Primary account.

3. If the facility has been suspended for a particular user, the Bank in its sole discretion may re-activate the service. In such cases, a written request may also be insisted from the User.

4. The Bank will not acknowledge receipt of any instructions or Triggers nor shall the Bank be responsible to verify any instructions or Triggers or the user PIN or password or mobile phone number.  The Bank will endeavour to give effect to instructions and Triggers, on a best effort basis and as soon as practically possible for the Bank.  The Bank shall not be responsible for any deficiency or delay in effecting the service or in effecting modification of the triggers.

5. The Bank may, in its discretion, not give effect to any Triggers if the Bank has reason to believe (which decision of the Bank shall be binding on the user) that the triggers are not genuine or otherwise improper or unclear or raise a doubt or in case any Triggers cannot be put into effect for any reasons whatsoever.

6. The user acknowledges that to receive alerts, his mobile phone number must be active and accessible.  The user acknowledges that if the user’s mobile phone number is inaccessible or inactive continuously the user may not receive the Alert message sent by the Bank.

7. The Bank will process Triggers/Modification of triggers after receipt and the Bank shall have the discretion to determine the time taken to process such request.  The user acknowledges that there shall be an intervening period between receipt of Triggers by the Bank, process of the Triggers and the time that the Alerts are sent.

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Customer requirements for mobile banking applications

Set of customer requirements

Technical requirements Usage is possible with both kinds of devices Adaptation to device Usage regardless of network operator Small amount of transmitted data

Usability requirements Possibility to work offline Simple data input method Resumption of usage at the same point One-Click-Request

Design requirements Possibility to personalize the application Possibility to scale the application Announcement of events Wide range of functionality

Security requirements Encrypted data transmission Authorization of access Simple Authorization

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Could Mobile Banking Go Global

People who have never had a bank account could enjoy basic banking facilities for the first time due to mobile financial services. Basic mobile financial services are already available in developed countries. However, the article explains that it makes more sense for mobile financial service providers to target emerging markets where mobile devices will make more impact since this markets have limited wire networks. The services are cheaper to build and offer customer have fewer alternatives. To cash full potential of emerging markets, requires a right kind of alliance with leading financial firms and telecom companies including merchants and retail chains.

Emerging markets: The greater opportunities

Mobile financial services are just that: financial service delivered through the medium of mobile handset. Users can make basic inquiries about their balances or, in a more complicated maneuver, their Payments. Basic services are already widely available in developed countries and in the more sophisticated emerging markets, such as Hong Kong and South Korea. So far, though, user in this market remains unimpressed by the services, and providers haven’t been able to charge anywhere near what they cost to deliver.

Consumers and business in emerging markets are likely to find mobile financial services more attractive than do their counterparts in developed markets, because they have fewer alternatives. For many remote or low income consumers, mobile handsets and mobile internet could first times, provide access to financial service such as basic banking and electronic payment; otherwise financial providers find such segment impossible to serve cost- effectively. Mobile networks are cheaper to build than fixed lines networks, and mobile services are generally to roll out than their precursors; a mobile payment network, for example, can cost less to create and operate than an electronic point- of- sale (pos) merchant networks. This means that some countries will be able to leapfrog over intermediate technologies and move directly from a paper based payments systems to a mobile one, without ever having to build an extensive wired POS or Automated –teller-machine network.

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Mobile Banking: No wires, No worries, New Customers

Mobile communication devices are revolutionizing banking transactions over wireless network and the Internet. To attract and retain customers, bank need to exchange their full range of services across a wide range of Mobile, wireless devices without having an impact on their current infrastructure and the delivery channels it currently supports. Wireless Networks, Mobile Gateways, Wireless Application Protocol (WAP) & Wireless Markup Language (WML) all play an important role in bringing mobile banking strategy to the market.

In addition to established traditional channels, including branch banking and ATM banking, most major banks in today market now offers e-banking as an extension to their existing array of services & conveniences of wired consumers & businesses, the next phase in the revolution is wireless-mobile-banking that is available anytime anywhere from ‘always-on’ mobile devices like mobile phones and personal digital assistant (PDA). With the proliferation & cost effectiveness of mobile delivery channel, banks have a built-in delivery mechanism that can offer services & 24×7 access regardless of where the customer happens to be. Unlike PC-Based E-banking, M-banking provides banks with the unprecedented opportunity to reach their customers in an unrestricted environment. The big benefits for banks? Higher customer satisfaction & loyalty, no transaction-based fee revenue, lower cost of ownership and integrated customer relationship management channels.

General considerations

A mobile banking application is, first of all, a mobile application. To conceptualize a mobile application, additional informational added values have to be targeted, using mobile added values [14]. In other words, it is far from sufficiency to just porting an existing Internet application on a mobile device. Mobile applications have to be specifically made-to-measure on the one hand side to the needs and expectations of the mobile user and on the other hand side to the specific restrictions of mobile communication techniques and mobile devices. In order to derive a set of requirements to mobile banking applications we pursue two steps: Firstly we identify general characteristics of the mobile use, which are relevant. Secondly we closely watch the user and his context when wanting to use mobile banking.

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Mobile banking use cases

A mobile user has to be seen from his context when using the application. Needs and expectations are not generic, but bound to this context.As a typical mobile banking user, we consider someone who already is an electronic banking user shows significant affinity to technology and often finds himself in situations where he can not (or does not want to) rely an infrastructure necessary for electronic banking.In the following, we introduce four use cases. These have been developed in the course of two group discussions; each group consisted of mobile banking users and mobile commerce experts. The groups focused on identifying real-life situations in which the use of mobile banking provides an informational added value. The resulting situations have been aggregated to the use cases The use cases are not exhaustive, but representative: Each case stands for a series of cases, which are similar in the depth of the desired information and/or the conditions of the usage. For each use case we identify the most important, concrete need that the user has in this particular situation.

Use case 1: Request of account balance . The user is in a mobile situation (e.g. in a department store) and intends to know his account balance, e.g. to verify his account before realizing a spontaneous purchase. Resulting need: Quick obtainment of account balance.Use case 2: Control of account movements The user is waiting for an important cash receipt on his account. He intends to have the exact details of the cash receipt. Resulting need: Continuous control over movements on the account.

Use case 3: Instant payment. The user is in a mobile situation and intends to make a payment by bank transfer from his account. Resulting need: Instant execution of a bank transfer.

Use case 4: Administration of the account. The user intends to use spare time (e.g. using a train or waiting on the airport) to administrate his account. Resulting need: Quick and easy-to-use execution of transactions and administration is possible.)

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Mobilizing Banking Solutions : Best Practices

Security in the Wireless world is complex and different from tethered network security models. Greater demand to share information is putting stress on companies to prevent information from falling into wrong hands. With the growth of Wireless phones, the demand for Mobile banking services is escalating. To stay competitive, banks are deploying compelling Wireless applications.

Mobile Banking Solutions:

Wireless applications offer the opportunity to provide secure, actionable, real-time data through a highly personalized service. Some of the services are:

Offer account services: These applications allow bank’s customer to apply for new banking services, choose features of existing banking services, and personalize banking services.

Provide account information: Customer-driven ‘on-demand’ request for a variety of account information including account balances, stock portfolios and billing information.

Execute transactions: Transactional applications enable customer to wirelessly transfer balances, pay bills and conduct foreign exchange orders.

Provide transaction history and aggregate banking information: Customers can review banking events for a number of accounts and wirelessly retrieve banking and non-banking information.

Transmit banking alerts and reminder messages : Customer-controlled alert profile enable rapid response to news and banking events, Banking advice may also be distributed through these applications.

Enable Wireless messaging: Wireless messaging, including SMS, e-mail and instant messaging, allows customers to interact with portfolios managers, bank officials and other customers.

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Extend banking portals: Banking portals provide useful content for customer and provide the banks the opportunity to cross-sell other products or services.

Offer location-based banking services: These applications enable subscribers to access services that are tailored to their geographic location, such as the location of nearby offices, branches, agents and ATMs.

Mobile Platform Selection Criteria :

To successfully support banking applications, mobile platform must support a number of standards to allow banks to leverage existing technologies for the subscribers that access them. A number of standards are provided below:

Transactional interface with back-end data: Mobile banking applications are not simple extension of internet. The procedure of ‘scraping’ Web-based information and transmitting it to wireless devices produces very fragile and unreliable banking applications. Mobile platforms should connect directly to back-end data sources and use open standard to support transactional applications.

Security : Mobile platform should support extremely high level of end-to-end security including support for privacy, encryption, two-factor authentication, data integrity, and non-repudiation. Different levels of security will vary based on requirement that change for the size of transaction, the parties involved, and the type of information exchanged.

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Security for Mobile banking

It is clear that for the mobile phone to become a transactional device, the security of all personal data transmitted through the wireless handset will be critical. Just as e-commerce over fixed- line Internet device can hardly be expected to flourish if frauds or theft is easy. Business and consumer subscribers, commercial entitles and industries are unlikely to make full use of the potential of the new mobile communications media if they are insecure. Although security is mainly a matter of technology, there are two other important aspects, legal protection and consumer perception.

Technology:

Within the next few months some real improvements will appear in the security of mobile payment technology platform. When analyzing the security of a mobile payment transaction, we have to consider three distinct areas: the buyer, the medium between the buyer and seller.

Security on the buyer’s side implies security of the access device. Because mobile device belongs to an individual, it is inherently more secure then a shared device. Solutions such as PKI (public key infrastructure) and SIM2 (second ID Module) will be introduced to the market early in 2001,which will significantly improve security for buyers.

Real improvement in the security of the medium between buyer and seller will occur when 3G networks becomes operational. These 3G networks are based on technology (already used in current networks in the US, Japan and Korea) that using complex encoding and decoding algorithms, originally developed by the military.

On the seller’s side, acceptable level of security will also be available in early 2001,when wireless Transport Layer Security (WTLS) will be introduced. WTLS Is an Encryption technology, which makes sure that everything sent by the buyer, is received by the seller.

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Legal issues:

There are two legal issues for mobile payment- customer protection and non-repudiation. To build consumer confidence, customer protection against fraudulent usage has to be well established and clear. To introduce new laws, or adjust existing legislation, for a new payment method takes times, as unanticipated issues can crop up. This is the main non-technological reason why the security of a payment method improves over time. The second issue is on-repudiation of a transaction. While accepting credit cards, the seller uses the buyer’s signature to prevent repudiation. Legalising digital signatures, as proof of purchase in the virtual world, will prevent buyers from disputing their online transactions.

Perception:

The public perception of the security of a new payment medium is less manageable than the technology and legal aspects, yet can make or break it. Both sender and recipients must have confidence that the information they transfer will arrive securely and in confidence. There can be huge differences in the perception of security between different cultures, which make the issue even more complex and less predictable. For example, in the US the credit card is perceived as much more secure than in Europe – a major reason that the credit card took much longer to be accepted in Europe, and still is not as successful there as in the US.

Convenience

Convenience for buyers:

To make mobile payment an attractive substitute for existing payment methods in the “bricks and mortar” world requires completely new shopping concepts. For example, to make mobile payments more convenient than, say, the smart card, the customer should be able to pay wherever he or she is in the shop. In the e-commerce world a shortage of content is currently the main inconvenience for buyers: both the choice of vendors and choice of products and services is limited.

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Convenience for sellers: The new shopping concepts required in “bricks and mortar” if buyers are to make mobile payments at the sellers end, which may not be sufficiently attractive as yet. An additional factor, which discourages and seller from investing, is the current lack of standards, which makes investment very risky. However, industry standards for mobile payment are now under development, and more are expected in the near future. These standards will give direction to the (further) development of mobile payment systems. An example of a recently introduced standard is Electronic Commerce Modeling Language (ECML), which addresses the issue of general payment protocol combined with the ability for enders and brands to individualise the mobile e-wallet options they provide for their own customers.

Security in the WAP Environments: Just as security continues to be a barrier for Internet purchase and online financial management, so too is it a foremost concern in a wireless environment. To ensure success as a transactional device- which is exactly how the latest generation of mobile handsets are positioned in the industry-security standards will continue to play the leading role in swaying consumer confidence and downplaying the omnipresent fear of fraud. The senders and recipient must both have confidence that the information they transfer arise securely and in confidence.

PKI (public key infrastructure) technology provides a security solution that is superior to standard SSL in that is protects both the integrity of the data stream in addition to verifying the participates engaging in a private, confidential transaction. In simplest terms, PKI involves private and public keys shared between two parties engaging in a secure transaction. A third-party certificate authority signs a third element, the digital certificate.

In this scenario, if the user’s handset is equipped with a smart card reader (which is an increasing trend), the private key could be downloaded from the smart card on to the mobile phone. This obviates any potential security risk that could be introduced when a public key is distributed online.

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Multi-application relationship cards/smart card are also efficient storage centers for virtual credit cards, debit cards, and other payment instructions, providing a more tightly integrated personal device.The potential for success: Mobile payment has the potential to become successful as convenient and secure payment method after the barriers described above have been removed – probably over the next two years. It seems certain that the main security will be overcome by the end of 2001,when new technologies are available and and when the legal issues have been resolved in most countries.

In the Internet world, selling should take off quite soon after the security issues have been resolved. At the moment there is a lack of content, but if open standards are established soon, a lot of start-ups will probably appear to deliver this content. In “bricks and mortar” the take-off of mobile payment is expected to be slower, because of the huge investments required. So most sellers will probably wait until standards are clearly defined and mobile payment has proved successful in e-commerce.

Introducing the mobile delivery channel into an integrated multi-channel strategy is a challenge that will have lasting benefits in the future, providing financial institution with a ‘channel readiness’ that enables quick repose to emerging consumer trends. As In most successful initiatives in the worlds of e-commerce and m-commerce, partnership with the right technology players is critical. These relationships will help to bring the mobile banking channel to maturity, as the solution that best combines convenience, security, portability, application richness, and the flexibility required to bring new products and services to market quickly.

As global financial institutions are discovering today, the infrastructure requirements can be challenging, but not nearly so challenging as tiring to retain banking customers that are moving into the wireless age, with or without their trusted service providers.

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Characteristics of the mobile use

The use of mobile applications underlies several specific restrictions. We consider five characteristics of the mobile use to be particularly relevant as they greatly influence the design of mobile banking applications and the suitability of certain technical solutions. A mobile application is used via a mobile device. For these devices (currently either a mobile phone or a PDA), special limitations are valid .For the mobile banking context; above all, these are the limited input and display capabilities. The connection is provided by a mobile network operator (MNO). This is especially important if applications need to access certain parts of the infrastructure, which are under control of the MNO (e.g. the SIM card). In the case of negotiations, these have to be pursued with all MNO on the designated market. The use of mobile data transmission is expensive. In the case of circuit-switched data transmission.

(E.g. GSMCSD or HSCSD) this extends to the connection time, in the case of packet-switched data transmission (e.g.GPRS) this extends to the transferred data volume.Sensitive data is transmitted. This implicates the use of adequate security measures. A disruption of the usage is possible at any time. This is principally already true for electronic banking as well (the connection may e.g. be disrupted by a breakdown of the transmission or of the operating system of the client Computer) and provides a special necessity to avoid incomplete transactions.

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General conditions of mobile banking

Electronic banking is one of the most successful business- to-consumer applications in electronic commerce (EC).

Banks greatly support this not only because they could meet their customers’ need for convenience but also because of the enormous economic impacts in replacing a high-cost channel (bank clerks) through a low-cost channel (a central web server) for simple transactions, with the additional benefit of eliminating the necessity for a media conversion.

Since users considered their mobile phone as a personal trusted device making it to an integral part of their lives and more and more of these devices became Internet- enabled, the regular conclusion was the transformation of banking applications to mobile devices as the next step of electronic banking development.

For mobile banking, the advantages even go much further than for electronic banking: The high penetration of mobile phones reaches all social levels; mobile applications disband the limitations of electronic banking as they allow for a use anytime-anywhere and the subjective and objective security of the device is higher than that of a personal computer. Despite all of this, more than four years after the start of the first mobile banking applications customers simply do not use them and utilization figures stay very far behind all expectations (e.g. [1]). Mobile banking as an established channel still seems to be a distant prospect.

The reasons for this great disappointment are to be analyzed. Doing so in the following sections, we do not intend to start with current applications (which could mean biased) but from scratch, with an analysis of the customer requirements to such applications.

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Case study-HDFC bank

HDFC Bank Limited, a private sector bank, provides financial services to corporations, and middle and upper-income individuals in India. It has three divisions: Wholesale Banking, Retail Banking, and Treasury Operations. The Wholesale Banking division provides loans, deposit products, documentary credits, guarantees, bullion trading, and foreign exchange and derivative products. It also offers cash management services, clearing and settlement services for stock exchanges, tax and other collections for the government, custody services for mutual funds, and correspondent banking services. The Retail Banking division provides various deposit products, as well as loans, bill payment services, gold and silver credit cards, debit cards, third party distribution, investment advisory services, card and automated teller machine (ATM) acquiring transactions, and depositary services. The Treasury Operations division offers foreign exchange and derivative products for its clients. In addition, the bank provides telephone, Internet, and mobile telephone banking services. As of March 31, 2005, it operated 467 branches and 1,147 ATMs in 211 cities. The company was incorporated in 1994 and is headquartered in Mumbai, India.

Products :

All of our products support over 2,500 mobile devices across North America, Europe, and Asia so no need to worry about compatibility problems!HDFC Bank offers organization fast, easy, robust solutions for enterprises looking to streamline and integrate business operations onto mobile devices. Our solutions are compatible with all mobile devices on the market. Customers, employees and business partners can use their existing mobile devices, which reduces application development costs and improve your company's time to deployment.

Mobile Banker :

Mobile Banker enables a bank's account holders to directly interact with the bank through their mobile phone, PDA or PC. It is a web-based service that

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enables account holders to re-order checks, stop check payments, and make account corrections. Through the SMS generator, customers can receive instant alerts for items such as rates for mortgage, CDs, and auto loans. This is an extremely powerful application when combined with our Mobile Marketing Campaign component. Banks can now directly target their customers with new promotional offers right to their mobile phones. Mobile marketing campaigns typically enjoy a 15% to 20% response rate so the payback is instant. Customers can use their mobile handset to resolve a number of customer service issues such as account corrections or transaction errors. Each service request is tracked through real time updates in the work flow. Customers can track the status of their service request right from their mobile phone, PDA, or PC. When the service request has been resolved an email or SMS alert can be automatically sent to your customer right from the application. This application can also be integrated with the mobile web site component which allows banks to market their services to the growing mobile Internet audience.

Mobile Workflow Manager - Issue tracker & workflow manager for mobile users

Mobile Workflow Manager is a powerful web-based tool that allows customers, employees, and business partners the ability to submit and track issues right from their mobile phone. Through simple and intuitive forms, customers can conveniently make service requests right from their mobile phones. The application is flexible and can be customized for a variety of industries. Using our Work Flow Engine, service requests will be automatically tracked and routed to the correct department or person within your organization. Email or SMS alerts can be set up in the process flow to notify customers, employees or business partners of the status of their issue. Using SMS short codes (text messaging), your targeted users can enroll, subscribe or even be directed to WAP (web) page for additional information or data collection. Mobile Workflow Manager is a web-based mobile platform that provides:

Tracking - Tracking issues, services requests, claims, orders from your PC and / or mobile device.

Workflow - Automatic routing and notification to get issues resolved. Process Management - Managing your company's process for

Resolving issue.

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Status - Real time status updates of issues for PC and mobile users. Accountability - History and audit trail.

Mobility - Your customers can submit issue, service request, or claim from anywhere in the world using any mobile device.

Compatibility - Over 2,500 Internet ready mobile devices are supported across North America, Europe, and Asia.

This solution supports customers in a broad range of industries such as pharmaceutical, insurance, retail, hotel & restaurants, travel, airlines, transportation, consumer electronics, publishing, broadcast, entertainment, government and education.

Mobile Patient Recruiter – Now you can integrate mobile messaging (SMS / text messaging) with other advertising efforts to accelerate the recruitment process. Our solution can be easily integrated with your current print, radio, and TV advertisements. A simple short code placed in your advertisement instructing your audience to send a text message is all that is required. This capitalizes on mobile marketing's greatest attribute, the ability to instantly respond and receive timely information. Upon submission of the text message, respondents can be sent a web link where they can privately read more information about your study. Potential patients can then be prompted to answer questions to pre-qualify them based on your requirements. When a potential patient matches your criteria, their information will be forwarded to the nearest investigator site for follow up. The collected data is instantly available via the web for all project team members. Results can be analyzed on daily basis to determine the most effective advertising medium such as print or radio. Patient retention can also be improved by sending SMS alerts to their mobile phones for appointment reminders. Our platform supports all Internet ready mobile device types and can be used across North America, Europe, and Asia . When compared to traditional advertising alone, we have seen mobile marketing response rates up to 5 times higher.

Mobile Patient Recruiter provides: Message delivery is supported for mobile subscribers in over 180

countries. All major wireless carriers are supported. Short code acquisition & management. Interactive 2-way messaging.

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Real time web based reports to manage recruitment and analyze media purchases.

Mobile Delivery Management

Track-It-Stat -is a web based delivery management solution that integrates Internet ready hand-held PDAs and mobile phones to monitor and track shipments through any number of internal departments, branch offices, or external locations. The solution is ideal for banks, couriers, transportation & logistics companies and any organization with a need to track shipments. Mobile Video Portal :

The mobile video converter component can be combined with the Mobile Content Management System (Mobile CMS) and provide a complete storefront with mobile device download capabilities. The mobile CMS is a pre-configured Internet portal with video download and streaming capabilities. Customers can log on to your web site, browse video titles and download them directly to their mobile device.

Mobile Banking Alerts

Some banks also provide the facility of Mobile Banking Alerts where you can get regular updates of transactions in your account as they happen. These include:

Credits to your account ( you choose a threshold credit amount, above which you'd like to be alerted ).

Debits to your account  ( you choose a threshold debit amount, above which you'd like to be alerted  ).

Cheque returned ( Get to know every time a cheque deposited in your account is returned ) .

 

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Conclusions and Outlook

In the preceding sections we analyzed the relevant customer requirements to mobile banking. We examined general M-banking conditions and identified relevant M- banking use cases as well as special characteristics of the mobile use of an application. Based on these results we derived a set of requirements, which we employed later to assess four state-of-the-art standard types of M-banking applications in order to identify their major shortcomings, show opportunities for their improvement and discuss the upcoming new technology along with their possible impact. and an explanation of major failure reasons along with opportunities for their improvement.

The major goal of the banks is to repeat – and if possible expand – the big success of Mobile banking. But the banks have to keep in mind that the usage of M-banking is taking place under completely different circumstances - under the application of mobile commerce rules. None of the technologies can provide a M-banking solution that works completely without problems and satisfies the customer.

The recommendation to the banks should be not to focus on one technology only, but to use the advantages of different technologies. Only with a respective combination of new technologies it will be possible for banks to achieve success in mobile banking in the long run.

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Application for Internet Banking, Phone Banking and Mobile Banking

(All fields with * are mandatory to be filled.)

Name of the applicant: Mr. /Ms. /Mrs. ___________________

_____________________ ______________________________________ First Name * Middle Name * Surname*

Address*________________________________________________________________________________________________________________

City *: ____________________ Pin Code:

Email Address *: ____________________ @_______________ Phone No.

Mobile No. : ________________________

Mother's Maiden Name *:

Date of birth *: _______/ _______/ ______ dd mm yy

I) In case of joint accounts, the applicant is required to obtain the attached mandate from the joint account holder(s). II) HDFC Bank accountholders can access their bank accounts through HDFC Bank Internet Banking only where the mode of operation of HDFC Bank account is Single/Either or Survivor/Anyone or Survivor.Please tick one of the following:

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QuestionnairesA) Banking point of view :

1) Whether Mobile Banking is more convenient then Traditional Banking? a) Yes b) No c) Not yet experience

2) According to you, which category of community are relay on M-Banking?a) Businessmen b) Common people c) Professional d) Other

B) Customers point of view :

1) With which facilities of banking you are most satisfied? a) Traditional Banking b) Internet Banking c) Mobile Banking d) Other

2) Are you satisfied with the facilities provided in Mobile Banking? a) Yes b) No c) Not yet experience

3) Which feature of Mobile Banking you like more?a) Flexibilityb) Time savingc) Durabilityd) Easy accessibility

4) Do you feel Mobile Banking is Costlier then other modes of Banking?

a) Yes b) No c) Not yet experience

5) Whether you are facing any problems, while using M-Banking Systems?a) Yes b) No c) Not yet experience

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6) Would you like to give any suggestions to prevent problems of M-Banking?a) Yes b) No c) No Suggestion

Answers:

A) Banking point of view :

1) Whether Mobile Banking is more convenient then Traditional Banking?

Explanation :

Mobile Banking is more better then Traditional Banking because it offers more facility like Alert facility,SMS facility and customer can access to their bank blance at any time.

No,Mobile Banking is not convenient then Traditional Banking as it involve more formalities and middle class, lower class customers can not affored to Mobile Banking.

Not yet experience, As some customers are totally unaware of Mobile Banking.

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I conclde that, most of the customers of bank are feel thet Mobile Banking is more convenient.

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2) According to you, which category of community are relay on M-Banking?

Explanation :

As per chart, 60% of Businessmen relay on Mobile Banking because, they mostly involved in stock exchange so they required each and every update of stock market which the get easily on their mobile by availing Mobile Banking.

Only 10% of common customers of bank are availing Mobile Banking service because they are interested in depositing and lending of their money in their account.

Professionals like Lawyer, Doctor, Engineers, are availing Mobile Banking only up to 20%.

We conclude that, most of Business customers of bank are using and relay on Mobile Banking.

B) Customers point of view :

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1) With which facilities of banking you are most satisfied?

Explanation :

As per chart, there is equal percentage for Mobile Banking and Internet Banking because both offer wide services. Through Mobile Banking customer can chack their account details on Mobile, whereas in Internet Banking customers have to visit to cyber to check.

On other hand Traditional Banking is a used 10%of customer.

Conclusion is that, Mobile Banking and Internet Banking both are satisfying customers.2) Are you satisfied with the facilities provided in Mobile Banking?

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Explanation:

Yes, 70% of customers of bank are satisfied with Mobile Banking because of its latest facility.

20% of customers are not satisfied because they are not comfortable with formalities of Mobile Banking.

10% customers have no idea about Mobile Banking so there is no question of satisfaction.

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3) Which feature of Mobile Banking you like more?

Explanation :

In today’s modern world every customer has value of Time, so they acquire latest facility which is time saving. There is 40% of customers are availing Mobile Banking system for the sake of time saving.

30% of customers used this facility as flexibility offered by this system, it’s easy for them to access any information on mobile like latest updatation of stock market, bank balance checking, Reminder facility etc. Mobile Banking can be easily accessible and is Durable in nature.

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4) Do you feel Mobile Banking is Costlier then other modes of Banking?

Explanation :

Yes, Mobile Banking is costlier because this facility is availed by only those customers of bank, which has,1) Saving A/C of same bank2) Demate A/C of same bank3) Credit card of same bank So middle class and lower class customers need not to have demate A/C and Credit card & it also charge for Alert and SMS facility.

Some customers of bank required Mobile Banking and they deal in lakes so they not feel that Mobile Banking is costlier.

9% of customers are not familiar with Mobile Banking and they are happy with the Traditional Banking.

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After taking into account all factors I conclude that Mobile Banking is Costlier.

 5) Whether you are facing any problems, while using M-Banking

Systems?

Explanation :

Yes, there is problem in Mobile Banking regarding lack of security, lack of personal touch, lack of efficiency& some times problem in accessibility.

No, there is no problem in Mobile Banking. Everything is up to the satisfaction level.

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I conclude that, in spite of various problems in Mobile Banking is best.

6) Would you like to give any suggestions to prevent problems of M-Banking?

Explanation: Yes, there should be personal touch i.e. instead of sending message, if there is facility that we can solve our problems with bankers personally. SMS facility is good but need to grow.

No, there are no suggestions regarding Mobile Banking, as everything is perfect.

Some personnel didn’t have knowledge about Mobile Banking so there are no suggestions from their point of view.

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At last I would like to conclude that with some innovations, Mobile Banking can become popular in middle class and lower class customers.

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Bibliography

1. E-banking: the global perspective –Gupta Vivek2. E-Commerce in Indian banking – Bhasin3. Banking and Finance – C.M.Chaudhary4. IT in Banks - Katury Nageshwara Rao.5. Visiting HDFC branch at Andheri (west)

webiblography

www.google.com

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