According to statistics, nearly 70% of Americans use a mobile phone, and the demographics of mobile phones users are much more diverse than that of Internet users. That’s why m-banking, or mobile banking, is so popular in the U.S. It opens up new opportunities for financial institutions interested in providing their services and attracting new customers.
What is m-banking?
Mobile banking (also referred to as m-banking, phone banking, SMS banking, etc.) means conducting account transactions via a mobile phone. For banks,
mobile banking has become the most promising medium of reaching out to
their customers because of the ability to provide services at any time or place in the world (of course, if there is cell phone reception). That’s why news headlines weekly report about new financial institutions launching mobile banking.