Progressive Saving Bank Case Study Example

In the recent years, the improvement of the technology has enhanced the banking sector especially use of the mobile services. It has made the banking services easier and convenient. The demand for the mobile deposit is high depending on the level of technology advances. Banks and bankers have embraced the service as it has boosted investment. It gives investors a chance to deposit the check as they are supposed to take a photo of the check both sides and send to their banks.
Mobile banking has faced a number of risks that include regulatory, loss and fraud. To start with are regulatory measures and the bank rules. In depositing of the check, there are various process that are supposed to be followed hence sending through mobile they are adhered. The risks involved can result to cancellation of the check. There are no signatories thus no witness in the depositing.
The second risk is on loss of the details making the deposit unavailable. It can involve loss of cash that is deposited if the confirmation of the recipient not done accurately. The signing that is supposed be present will not available in the bank hence making the process of claiming and confirming money to the owner more difficult.
Mobile banking especially savings may lead to fraud risking. The fraud may arise as the baking has no contact and confirmation of the details. The requirement in mobile banking is the account number and identification number. This can be accessible to another person who can use to withdraw.
In the mobile depositing, there is supposed to be no imposed limit of the deposit. It should be formulated according to the time and the amount to be deposited. Deposit should be done all the time as the technological baking has record. This recording shows exact time and amount that has been added to the system. This helps to improve the economy growth as various fields of occupation works around the clock.
Introduction of deposit using mobile in the banks, there is a transaction fee that is considerably and in accordance with the amount. The consumers using this service opt to pay the fee that is involved. This is as a result of the advantages of the services especially to the investors. They can deposit at any time and place hence it is more convenient and time saving. The long queue in the banking hall consumes much time thus the progressive savings using mobile banking has assisted and of great advantage.
Finally, the mobile banking should be marketed to entrepreneurs such as business individuals and investors. They are the regular depositors of the cash they get more likely daily. They are supposed to be informed of the advantages of the service on how cheap and convenient the process is. Other products that should be considered and introduced to business people are the payment of the products using the mobile.
If the buyer of the product has a product has the money in the account can deposit to the sellers account. This can contribute to the buyer's security of not carrying cash in their pockets. It can reduce the risk of the theft and loss of cash as it is the only mobile that can be used in payment. Therefore, mobile can play a greater part in the business transaction.