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Mobile Banking: Covering Huge Distances in Small Strides

2007 will stay etched in people's memories for long time to come, and that is because of one reason – Recession. Yes, it was this year that saw plenty of so-called best of the best business institutions falling prey to this global crisis and sinking without leaving a trace. Every industry was in the firing line except, banking industry. Why? Because it is the same year when financial institutions across the world embraced mobile phone devices. Yes, it was this very year when the concept of mobile banking came into existence. The move to launch mobile banking paid off and helped financial institutions in cutting down operating costs drastically, thus weathering out recession safely.

3 years hence, and the world stands testimony to the success story of mobile banking which is going great guns even today. Certainly, incorporating mobile phones in their business plans has helped financial institutions in gaining direct access to several potential client bases. Thanks to this expansion, today, in year 2010, both, consumers and financial institutions have become more comfortable with mobile banking and payments technology. This in turn has helped both, developing and developed nations, to stimulate economic growth and spur the trend of innovative business strategies.

However, the most noticeable improvement has been mobile banking's positive influence on the industry's area of payments. Today, business institutions across the world are heavily relying on Online payment channels, since it helps them maintain required levels of working capital throughout. Certainly, credit goes to Atcomm Enterprise and similar application developing players who have gone out of their ways in bringing about a flexible approach in the entire banking domain. Today, mobile phones with GPS features (chiefly the Android-based ones) can provide direct linkage between mobile offers and GPS mapping applications to spot the nearest merchant. That's not all, there is SMS-based transactional payment applications, direct mobile billing, Near Field Communication (NFC), Mobile Web Payments (WAP) that have been developed by expert players like Atcomm Enterprise.

According to latest stats, global mobile banking will hit the $200 billion mark by the year 2012. It is also believed that by 2015, number of consumers using mobile banking will surpass the ones using Online services.

From the above-mentioned stats, it is crystal-clear that mobile banking has got clear road to tread ahead. Honestly speaking, mobile banking is one effective way to reach out to unaccessible customer-base such as street vendors and remote areas residents. This way banks can improve their customer acquisition rate drastically.

Of course, applications are going to play a vital role in boosting the revenue prospects of financial institutions. Hence, they are advised to trust the expert which in this case is Atcomm Enterprise. The company has the requisite application development expertise in the finance sector and in past has undertaken and successfully completed various projects such as development of eCommerce websites, mobile payment integration micro payments for upgrades of mobile applications and development of mobile banking applications.