Technology Analysis: Mobile Banking

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Technology Analysis Paper: Mobile Banking Melissa DePierro University of Denver, Daniel’s College of Business Introduction The development in information technology today is more important than ever. It has the power to transform business, help foster relationships as well as change lives. The specific technology that will be discussed in this paper is the technology known as mobile banking. Mobile banking or “m-banking” is vitally important to the way business is done today and in the future; allowing individuals and businesses to conduct bank transitions almost anywhere at any time (“Mobile Technologies”, 2011). In whole, this paper will cover what mobile banking is, the history behind the technology, its benefits to the business world, what type of businesses currently use this technology, the technology associated with mobile banking before wrapping up with the risks and challenges this technology faces in the future. Mobile Banking at a Glace To start, let’s discuss the technology at hand, which is mobile banking, its features and how it works. For the purpose of this paper, mobile banking will be defined by Drexelius & Herzigas as the ability to use a mobile device to conduct banking and financial transactions (as cited in Petrova, p. 2). Mobile banking is a very useful tool, it allows customers to check the balance of their account, transfer money and make payments through a mobile device, most commonly a mobile phone (Donner & Tellez, 2008). Some other features of mobile banking is that you can receive text message alerts which make you aware of purchases, balances, and other banking transactions (“Mobile Technologies”, 2011). There are three key factors that play a role in how this exchange of money and information works. First and foremost, the technology of mobile banking must use a mobile phone and/or mobile device. Second, this

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