Many different ways of transacting and trading with money have been developed as a result of the current technological advancement. The introduction of mobile banking applications to help consumers in accessing banking services is a very brilliant strategy. In addition, it can greatly change the cost of operation in a bank as well as reducing the possibilities for errors to occur.
specifically for you
for only $16.05 $11/page
Current technological advancement has greatly contributed to the developments and changes in the banking industry. Some of the new trends of banking services to be supported by the current technologies are saving and withdrawing services online. This research will be discussing the application of a mobile banking application, its effects, and its benefits to the consumers.
Overview of the company
Our company is a banking service provider that specializes in loan processing and savings. The company is well established, and we have a workforce base of about 150 members of staff.
The system development project
We are currently contemplating on upgrading our performance by launching a mobile banking application that will allow our customers to access our services through their phones (Bagaria, 2013). We intend to change our operations from the conventional banking model that seems to be losing its viability for the last few years.
This project will include changing our service delivery systems and aligning them with the telecommunication department to enhance banking access through mobile phones. Therefore, the company needs to improve its IT department as well as changing the current servers to install better machines that can handle the anticipated rise in the number of clientele.
The company’s decision has been influenced by the rising demand for easy access to banking services. While the company has been doing well in the market, the opportunities we are losing cannot be overlooked. The banking industry has experienced immense changes in the last few decades. Due to the current technological advancement, different trends in banking services are coming up (Chong, Chan & Ooi, 2012).
With the idea of a globalized world, it is imperative to utilize the mobile banking platform in order to keep up with the evolving industry. People are currently changing from using their smart cards to using the mobile money transfer service. This platform provides a secure and convenient means of receiving and sending money from one person to another. In addition to this, many people are using Smartphones today, which means having a mobile banking application will enhance the bank’s services reaching out to more customers.
100% original paper
on any topic
done in as little as
Need Analysis and Systems Audit
Why we need a new system
The new generation of young people has grown in an era where every aspect of life is highly simplified. New technologies are being integrated into every service providing organization, including health companies, academic institutions, to mention but a few. In order to take advantage of the opportunities created by the new system, we need to upgrade and match our competitors in the industry (Dash & Tech, 2014).
Other players in the industry have changed their working systems to include mobile banking services. If we do not do the same, we are likely to lose our customers to our competitors. By complying with the market’s demand, the company will not only be benefiting financially, but also it will be offering better services to its clients.
How the current system works
Our current system is outdated, considering the current digital innovations. The only way to access one’s money from our bank is through the Automated Teller Machines or over the counter withdrawals. The company has not pursued other upcoming banking trends, such as online banking and mobile banking systems.
Currently used Softwares and Hardware
Our bank is a small entity; therefore, we do not have a large database that requires humongous servers and server rooms. Therefore, our main hardware equipment includes computers that run on a simple Windows 7 operating system. Our spreadsheets and financial records are done on Microsoft word’s excel program. Our company does not have a well equipped IT department to handle the current technologies.
Goals to achieve with the new system
With the new system, we hope to achieve a number of goals. First and foremost, we want to be able to serve our customers in the most convenient means possible (Martins, Oliveira & Popovič, 2014). The mobile banking application will be very useful in achieving this goal. Secondly, we need to ensure that we keep up with the changing trends in the banking industry so that we are not left out in the benefits therein.
Thirdly, I believe by upgrading our systems. We will be able to expand the business since the new platform gives us the opportunity to serve more customers. This is in addition to the efficiency and accuracy provided by mobile banking. The room for errors will be minimal since customers will be in total control of their transactions (Zhou, 2012).
The scope of the project/ how it will achieve the set goals
This project is about the technical aspects of the money market and the probability of enhancing banking services through available platforms.
Bagaria, S. (2013). Inspiring mobility for banking enterprises. Journal of Innovation Management, 1(2): 18-20.
Chong, A. Y. L., Chan, F. T., & Ooi, K. B. (2012). Predicting consumer decisions to adopt mobile commerce: Cross country empirical examination between China and Malaysia. Decision Support Systems, 53(1): 34-43.
DASH, M., & Tech, M. (2014). Determinants of Customers’ Adoption of Mobile Banking: An Empirical Study by Integrating Diffusion of Innovation with Attitude. Journal of Internet Banking and Commerce, 19(3): 45.
Martins, C., Oliveira, T., & Popovič, A. (2014). Understanding the Internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application. International Journal of Information Management, 34(1): 1-13.
Zhou, T. (2012). Understanding users’ initial trust in mobile banking: An elaboration likelihood perspective. Computers in Human Behavior, 28(4), 1518-1525.