Answer:
MBanking is the term being used to describe Mobile Banking, or wireless banking services. MBanking has been slowly gaining acceptance in Europe according to some reports. Datamonitor, for example, predicts that penetration rates for wireless banking services in Europe will reach 70% by the end of 2003. I wouldn't hold my breath, however, waiting for mbanking to take over in the US market. For one, wireless financial services may lend itself well to stock trading where time to execution is critical and where market conditions change frequently, but you have to ask yourself whether those same market conditions exist for regular banking services. I don't feel compelled to ring up by bank from my cell phone to obtain my latest bank balance or pay my bills online, do you? Waiting until I have access through my stationary (wired) computer is just fine. MBanking may be well suited for some types of financial services, but when it comes to regular banking it just may be one of those technological solutions in search of a problem. Those who predict a killer app future for mbanking may very well find it in places, like Asia, that have more extensive wireless capabilities in place and have leap-frogged over the wired world. Time will tell!
For additional information, you may find this article useful:
M-Commerce: E-Commerce With a Twist
First published on BankersOnline.com 5/7/01
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