Role of cell phones in banking

Role of cell phones in banking

Executive summary

Anixter International Inc is one of the renowned organizations and this company is operating in United States. The profit margin and revenue has always been at a good standing because it uses new and innovative strategies in running its business. The Anixter International Inc. is a leading and dominant global supplier of security and communication products, electronic and electrical cable, fasteners and wire and other small parts. Moreover, the company helps customers in specifying solutions and making informed decisions regarding purchasing around applications, technologies and relevant standards.

Although, the operations of the company are efficiently working but in order to enhance its performance and productivity more and more, the company is moving towards the implementation of new and novel technologies in its business operations. For introducing simplicity in bill payments of the purchasing and selling products or for any other business dealings, the company has started to use cell phones for scanning the checks for paying the bills ubiquitously and comfortably.

In this developing and emerging technological age, majority of people are employing cell phones for scanning their checks and for paying their bills. Thus, Anixter International Inc is using mobile banking in their purchasing and selling processes. At present, mobile networks are being upgraded with UMTS, WAP and GPRS in order to deliver multimedia services of next generation (Tiwari et al., 2006). With the advent of this technology, the banks in the current age are getting ready for unleashing services on cell phones. Through the use of cell phones for the purpose of scanning their checks and paying bills, customers are enabled to view the statement of their accounts. Moreover, customers are capable of being notified of their huge payments or getting notified regarding their transactions above a threshold which is pre-defined. Thus, the use of cell phones for accomplishing the tasks of banking will have full and immediate control on their finances (Tiwari et al., 2006).

Ordinary banking system has been replaced by mobile banking in the Anixter International Inc which is offering creative and innovative solutions for banking. There are several advantages that mobile banking is offering to its customers and therefore the use of cell phones for scanning checks and paying bills is enhancing the revenue of the company's sales. The considerable advantage of mobile banking is that it radically reduces the costs of customer's services. For instance, an average phone transaction and teller costs are approximately $2.36 each. This amount can be compared with electronic transaction which cost only $0.10 each and this amount is quite lesser than the ordinary procedures (Tiwari et al., 2006).

Implementation design

Although, there are several different applications available that allow its users to cash their checks by using the camera of their smartphones. Many organizations like Anixter International Inc are using these applications for the ease and comfort of customers (Tiwari et al., 2006). The Anixter International Inc is focusing on this idea and using a tool of “mobile photo bill pay” ...