Nokia plans to launch Mobile Banking

I will never be comfortable using a non-bank platform (read Nokia) for my mobile banking.

definitely, mobile will complement credit cards in most valet n near future.

It's great news that Noika is coming out with mobile banking technology. I think it's really going to work and make peoples life little easy by way of providing anytime anywhere transaction facility.

It will also help banks to reduce operational cost once M-bnaking become popular. 

For sure it will be successful. Initially when ATMs were launched it was said its not cost effective and will not server the purpose as consumers will keep using Traditional banking but now ATM are not only being used as Cash dispensing machine rather than its working as Single Window of a traditional Bank.

However it doesnt harm Traditional Banking. Key point is Banking is service industry & most important factor for Service are 'Physical Evidance' & 'People' so Traditional Banking will be there. Use of Technology is to minimize Time & enhance market reach, market size will keep on increasing as population increases, inventions will keep on happening to tap this.

Hi Suchita, I agree that traditional banking will not end but use of mobile and other innovative channels in the financial sector will help in serving the financially excluded population in India.

Despite traditional banks being the most important tool for channelizing savings and dispersing credit in India, there still exists a large population of financially excluded consumers. Creative business models can however transform this vast segment of overlooked and unattended population into an attractive opportunity for growth, thus boosting inclusion. In India the problem of financial exclusion is acute. With just 35 percent of total population being well served by financial institutions, India has second highest financially excluded households in the world; being around 135 million out of which 95 million households are totally out of reach of financial institutions.

With present penetration of banking services being 30 percent compared to 98 percent in Malaysia, further one bank branch catering to 16,129 individuals, compared to 454 in Hong Kong, efficient services are unavailable.

Creative business models and distribution channels like mobile banking needs to be innovated which could break the barriers to serve the financially excluded, with products designed according to their needs and aspirations. Distribution channels needed should provide these services with ease of operations, convenience of accessibility along with being cost effective. Therefore mobile banking will be a success in India if the banks offer wide services through this channel. Also I will point out the success of Reliance Financial Services Company Limited a Greenfield microfinance institution operating in Gambia, Africa, which provides similar services. These services will take time to start off, but with the awareness will definitely prove to be quite significant in serving the financially excluded population in India.

Yes there will be a paradigm shift from the traditional banking to modern banking and people will become tech savvy. Hope so in India it will take long time to implement, especially in the semi urban and rural sector. The best practice one could follow is to educate people about the nitty gritty of the rechnology in order to have the complete domain knowledge about the banking process

I think so this the better solution for our day to day activities in cash and all of us are waiting for the day when we will do the cashless transaction by simply using some of the keeyss of our mobile. Such kind of innovative solution will definitely become the boon of any country.

I think it will be successful.Such solutions will drastically reduce the need of rushing to bank/ATM for every small task.Things like money transfer,balance query,cheque book requests/password change/changes in personal details/status query of transactions etc. can be easily done without standing in long queues.There are many banks already providing the basic alerts like "so and so money credited to u'r a/c" etc. With the complete mobile banking in place,I still wonder these services may not be free any more.Neverthless,it would be Ok for business people as the cost attached to these services is nothing when the time is saved.More players are invited in this area,which was not fully focused for years.It's really a good initiative from Nokia. 

Mobile banking is already available for customers in some banks..like CITIBANK.wherein we can do basic things like transferring of money , request for cheque book , statement request etc which has made life simpler for many of us.....And apart from that CITIBANK has introduced a new technology wherein customer can just tap his mobile at the merchant outlets rather than customer taking his credit card out of his wallet to make a payment..its called citi tap and pay which uses a technology called NFC ( near field communication)..that facility is currently on trial basis in Bangalore and is introduced jointly with partners like Nokia , Vodafone etc.

Customers have given very good respone such initiatives taken by the bank and we do get feedbacks from customers for intoducing such facilities to them. Most of the people in the country carry mobiles these days; it has become a standard equipment with people so it wll be much more easier than internet banking for customers to conduct their basic banking requirements..

it will surely be a sucess in rural areas!

 The increase in saving of the rural sector in India can be seen from the rise in deposits from 12.9% in December 2007 to 20.4% in December 2008, whereas there has been a decrease in the deposits of the metropolitan India, which fell to 19.1% in December 2008 from 27.6% in December 2007. (Chakravarty, 2009)

This trend clearly shows the increased prosperity in the rural areas and bears out the rural demand story. It clearly shows more banks are needed in the rural India. Mobile banking technology will certainly be benefitial for this section of economy.

This technology has been successful in country like Africa, so definately with the growth in india it will surely be a sucess. people from rural areas will most benefit from these services due to low penetration of financial services in these areas.

Dear Mr. Bhave,

Nobody can stop progress of technology. Convergence of various technologies would make our life much easier. Just think of situation, if we have a single device which could be used as a Phone, Camera, TV and INTERNET terminal, a remote key to access entry to  our car, car parking space, the apartment building and the apartment, to pay Road Toll and Vehicle parking fee, to find rout map, pay taxi fare, to get  Coffee / Coke / Pastry, Train / Bus / Movie tickets etc., from Vending machines, as a health care device to know body temperature, Pulse rate, BP, Blood Sugar and forward these to the doctor and get his advice on line, to make bill payments in Malls,shops and service centres,  to transfer money any time to the account of any other such device holderrs, School fees, Service charges, as  an Unique personal Identity device, etc., etc. A device that has built in safeguards against misuse by others if lost or stolen, a device that can be plugged in to the PC / Laptop, Home Theatre, Play stations, the phone in the home / in the car/ in the office where ever you are.

Please do not think these are Utopian thoughts, all these will happen. I was talking about many of these futuristic technology ideas since July/AUG 1995 onwards while I happened to be the G.M of one of the earliest Mobile telecom Service providers in India.

Incidentally, I happened to have come across few not so forward looking people who once thought that technology will steal the jobs of many/ Ti cite an example,  in early 1990s, to computerise a service which was done manually then,  I had to get the server and PCs delivered at midnight, get these and the network cables installed and made these through before morning to get over the obstructions of trade unionists who were against computerization at that time. Things have changed much in last 20 years and  we will see faster changes in another 20 years.

I think already few private banks have MOBILE BANKING . Anyways Nokia s concept is good and will definetely work out as its(mobile banking) much simpler than internet banking.

But one thing which bothers is SECURITY in this. Because already we have lots of fraudsters/hackers in creditcard, netbanking,.etc.

If mobile banking is much safer than all other types people will definetely accept it.

Dear Abraham, It is great to have you in this forum. The insight you gave on Mobile Money Manager is truly inspirational. And it is great to see that organizations are adopting to this.

Your knowledge item was:-Mobile money manager

I think this will work, actually they had planned to enter this arena in the early 2000 itself but then at that point of time still the mobile sales were picking up, and the according to the reports of Nokia it is said that only 1.6 billion people have bank accounts in the world whereas there are 4 billion people who have mobile phones.  So i guess this will help people a lot to make transactions very easily and makes banking process more simpler according to me.