INFORMATION TECHNOLOGY STRATEGY

Development of Information Technology Strategy

Introduction3

Discussion3

Advantages and Disadvantages of Mobile Banking3

Advantages4

To Customers4

To Bankers6

Disadvantages6

To Customers6

To Bank7

Critically evaluate Technology Adoption (Mobile Banking)7

Smart Phones Ensure Banks Remain Competitive in Future11

Conclusion13

References15

Development of Information Technology Strategy

Introduction

In the late 1990s, mobile banking was first introduced, but because of limited technology the banking method was fully developed after 2010. Smart phone advent like iPhone and phone with android technology has drastically increased use of mobile banking. Mobile banking is a banking method that offers customers accessibility to their money and financial information using mobile phone. Mobile banking can make it easy to manage banking transaction while have few disadvantages.

The aim of this paper is to outline advantages and disadvantages of mobile banking. Then, critically evaluate how the first banks to adopt mobile banking technology by using Ward and Peppard modified strategic grid and McFarland's strategic grid. Additionally, examines how smart phones can be used in the future to ensure banks remain competitive and to maintain customer satisfaction.



Discussion

Advantages and Disadvantages of Mobile Banking

Mobile banking refers to the financial function performing on a mobile phone, such as a tablet or Smartphone. Along with mobile device use, the customer may carry out mobile banking by means of app, website, text or call. Some of the advantages and disadvantages of mobile banking are listed below:

Advantages

Mobile banking is an essential mean by which the customer may be shifted from front-line operations of office to indirect channels to save priceless time, as well as of banking professionals. The time saved here can be effectively utilized for development of business and reduction of cost. In the present day life, mobile phones have gained so much importance, which an individual cannot live without this channel of communication. Previously, mobile phones were perceived as a luxury while currently it is requisite. In all states, customers in a huge sum using mobile phones are drastically increased at surprising extents. Approximately 90 percent customers have accounts in the bank in different banks that use technology and take advantage of mobile banking facilities. Consequently, mobile banking has chosen by banks as it is among the best and effective methods to channel customers' migration. Moreover, customers thrilled to have mobile banking services (Luo, Li, Zhang & Shim, 2010, pp.222-234).

To Customers

Mobile banking brought several advantages to customers, which includes:

Enquiry of balance - Mobile banking offers all customers, the current balance in his/her operative/default account that is connected to the identification number of the customer. A single person can access maximum five bank accounts.

Transactions of cost - This transaction type offers information to the customer regarding last five debits or credits made to the bank account (Chaffey & Wood, 2004, pp.25-320).

Request check book - Despite going physically to the bank, customers may request for a check book will be posted to customer's address as per the records in the bank. This will save a valuable time of customers. Customer can request a check book even sitting at their home or ...