An Overview on Factors Affecting Customer’s Adoption of Mobile Banking & Its Importance in Sustainable Growth

Abstract

The world is changing rapidly with the quick advancement in innovation and technologies along with the rapid change in socioeconomics and lifestyle of individuals, the traditional way of banking is also updating by giving way to electronic banking (e-banking) as well as portable banking (mobile banking). Whereas, data suggest that the acceptance rate of innovation and technology in banking is extremely low. In India, as stated by an RBI, banks have initiated Mobile Banking tasks and there are 22 million active portable financial clients, which is generally 5% of the absolute bank accounts. Moreover, technical issues, confidentiality, as well as lack of awareness are considered the significant reason for client resistance to portable (mobile) banking. Thus, it is important for specialized businesses to understand the situation as well as fulfil the needs of clients in order to adopt and utile mobile banking services.