One of the oldest and most vital part of a commoner’s life is banking industry and hence, it becomes of great prominence for the banks to offer ease of services to its client. To attain the discussed objective, the banks identified disruptive technologies and accordingly offered different services that includes, net banking, SMS banking, mobile banking and others. Mobile banking refers to the process of online transaction that is carried out using the mobile devices such as smartphones and tablets. Mobile banking of all the services is emerging as one of the most prominent choice for the users [1]. The mobile banking differs from internet banking cause instead of using internet as the source for banking instead it uses software called as application or app. The app is provided by the banks and offer several prominence over the internet banking one of it is 24 hours banking services [2]. In terms of banks, the mobile banking reduces the transaction handling cost while for customers it offers ease. Mobile banking is the subject of the paper and to gain an insight into the subject one of the key methods is to gain an insight into the status of knowledge available on the subject (mobile banking) is review of the literary work. Hence, the paper is discussion have reviewed different literary work of the past that had been assessed on the subject in discussion and accordingly presented a summarized finding in the following section. The findings have been further summarized to conclude on the paper in the conclusion section.
Mobile banking benefits is one of the most discussed literary subject that had been assessed in different literary works and the findings of the review have revealed certain crucial factors. The most crucial identification is super-fast service offered by the technology [1]. The technology in discussion offers mobile services on mobile devices which is carried around by the users. So, depending upon the connectivity of the network, the users can avail the benefits of banking at a rapid speed. Other benefits include location based services, efficient customer satisfaction and many other benefits. A survey by Adobe have even revealed that customers are more satisfied with mobile application than websites or any other method by 40% which can be accounted for mobile banking as well [7]. Similarly, business (banks) also earn a high level of customer satisfaction and even their customer base increases due to the customer loyalty rewards and bonuses which benefits the business [1]. Hence, the benefit offered by the mobile banking services are extensive.
The benefits of the mobile banking are not limited to the business or the consumer but further extends to the environment. According to Afshan and Sharif (2016), mobile banking is considered to be green benefit because of the technology offers cashless and paperless services which assists in saving trees and in the process environment. Furthermore, as mobiles consumes less energy in context to ATMs and computing systems so it also supports the environment in context with the energy saving [4]. Other environmental benefits such as waste reduction, pollution reduction and others.
Hence, the discussion above could be summarized to state that the benefits of the mobile banking is extensive and is not limited to business or its customers but is further extensive.
Shaikh and Karjaluoto (2015), in their paper have considered mobile banking as one of the mobile technological wonders, which is offering prominent benefits to its users. However, they have also emphasized on the fact that mobile banking is not establishing itself rapidly as it was expected. Hence, in their paper they have attempted to explore the mobile banking and factors that are responsible for such a slow growth through reviewing the literary works of past. The paper has cited focus on one of the crucial aspects that states m-banking (mobile banking) is still considered as an application of m-commerce [6]. However, the aspect and approach of m-banking is far broader than just transaction purpose.
The findings from the paper have revealed several aspects one of the most crucial aspect was the customer’s awareness which stated that the customers of banking were little aware about the features of the service that lead to low adoption of the technology [5]. Customer trust has also been identified as one of the most prominent reason that lead to low adoption rate of technology in discussion. Other factors included the compatibility of technology with lifestyle and device, perception over usefulness and the attitude towards the adoption and need for ease of banking [5]. Several TAM (Technology Acceptance Model) has also been identified that will supposedly offer assistance in increasing the adoption ratio of m-banking.
The review of the papers on the mobile banking adoption has assisted in identification of different factors that are crucial for the adoption of mobile banking. Additionally, the identification will assist both the author and readers in both their personal and professional life. The above statement could be supported by the fact that the identification of factors will assist in concluding on the decision over adoption and in the process leveraging of mobile banking or not.
Verissimo (2016), in their paper have stated that the benefits offered by mobile banking is extensive still the adoption ratio of the mobile banking is limited and the reasons for the same is the barriers such as trust, technological limitations and others. It has been identified above that super-fast services offered by the mobile banking is one of the most prominent benefits of m-banking but they are dependent on connectivity. At low connectivity regions the mobile banking does not operate properly and often leads to glitches where the money is deducted from the senders account but never reaches the receiver [8]. Furthermore, low connectivity also restricts leveraging of the technology during dire needs. Additionally, the security issues that have been identified in the past does not allows development of trust on mobile banking and people at developing or under-developed country prefer to use traditional banking to save themselves from such incidents [2].
Another one of the crucial reason that acts as a barrier for the mobile banking is the lack of proper framework. Though, mobile banking has become an initial part of the banking sectors but still certain countries have not developed proper framework for mobile banking. Ahshan and Sharif (2015), in their discussed paper have discussed about the lack of proper mobile computing infrastructure in Pakistan and how it is impact the acceptance of the subject. Other crucial barriers include inability of dealing in cash, lack of technical skill among users and others. Regulatory concerns, modelling issues, connectivity, usage, security, cost, trust, low responsiveness and lack of basic banking structure are the most prominent barriers of m-banking in developing or under-developed country.
Hence, the review in discussion over the barriers of m-banking could be summarized to state that there are certain barriers of m-banking and it needs to be mitigated so that the technology can be leveraged.
The review of the literary work in the sub-sections above have detailed the challenges and benefits offered by the mobile banking. It has also been identified that the mobile banking adoption ratio is very low and one of the most prominent reason for the low adoption is the acceptance of the technology by its user. Bapista and Olivera (2017), in their paper have attempted to offer answer to the reason for low acceptance of technology in discussion. The reason for low acceptance are the questions over perceived usefulness, habit and environment of cash transactions, connectivity issues and others [10]. Additionally, the religious and political beliefs also play a major role in the acceptance of m-banking depending upon the geographical domain [11]. However, lack of awareness about the benefits and limited technological skills have been considered as the most prominent factors that acts as barriers for acceptance of the subject [12].
Hence, the review has assisted in identification of crucial factors that acts as a constraint for the mobile banking adoption. The identification will assist in development of strategies and frameworks for mitigating rejection ratio and eventually increase the acceptance ratio.
One of the most prominent concern that is acting as a constraint for the mobile banking adoption is the security challenges of the subject [14]. From the review of the literary works in the section above it is evident that the trust, perception of the users and others are few of the crucial factors that decide the attitude of the users towards the adoption of the mobile banking. This factors are supported by the security flaws of the mobile banking application. The mobile banking flaws are extensive and can be caused by improper attention from the user or flaws in the device used by user. Furthermore, flaws at the end of the banks can also lead to development of error in the system. According to Priya, Gandhi and Shaikh (2018), one of the prominent reason for the less adoption of online banking is the security perception. The believe of the people who are less or not friendly with technology and its safety measures restrict them from adopting the technology even when they offer many prominent benefits.
Mobile malwares are one of the prominent reasons for the security vulnerability of the mobile banking system which are generally deployed in a system by third party apps or accessing of an unsecure hosting sites. The spam mails, texts and similar other measures are the most vital source for the discussed attacks [7]. Using insecure communication channel such ass open Wi-Fi and others also exposes the user and banking to multiple attacks such as DDoS and others. Inappropriate use of the mobile banking such sharing ids and password with different people and similar others acts can also lead to threat of mobile banking [16].
Hence, it would be justified to state that the security perception of the users is more prominent reason for less adoption of the mobile banking rather than the real vulnerabilities. However, the perception is derived by the real-world incidents which are associated with the mobile banking security accidents.
Conclusion
The review of the literary work on the mobile banking systems have revealed different facts. The first and foremost identification would be the benefits that are offered by the mobile banking but it has also been identified that the benefits are being limited due to low adoption and acceptance rate. The reason for low acceptance are broad but the most important are the lack of awareness, limited technological skills and customer’s perception over usefulness and security. The identification from the paper will assist the readers to gain an insight into the subject and also avails opportunity for future works. The most prominent gap identified in the review is lack of proper TAM (Technology Acceptance Model) for the mobile banking which can act as opportunity and will develop base for future assessment on the subject. Hence, in conclusion it would be justified to state that mobile banking can be leveraged to great extend only when the barriers of adoption and acceptance are mitigated.
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