Mobile Tech

Mobile Phone Technology in Banking System: Its scotch Effect
F.I. Anyasi and P.A. Otubu
Department Of Electrical and Electronics Engineering, Ambrose Alli University,
P.M.B 14, Ekpoma, Edo State, Nigeria
Abstract: Globally, various initiatives social function the spry phone to provide financial services to those with or
without admittance to traditional banks. This paper outlined vividly the use of vigorous phone in the banking industry,
its economic implications, and in general a systematic look into the various forms of mobile banking with
emphasis on the security measures that makes the whole process safe for adoption. The cutnce of m obile
banking engineering systems has implications for the general discussions about mobile telephony in the
developing world. Existing theory about the significance of mobile communications in the developing w orld
has focused on voice and text messaging. Moreso, the emergence of mobile banking also underscores how,
occasionally, innovations emerge from unexpected places and have the capability of reconfiguring the
significance of a technology to its users, offering a way to lower the costs of go money from place to place
and opening a way to carry more users into contact with formal financial systems.




Key speech: Mobile phone, banking system and economy
INTRODUCTION
Banking can simply be verbalized as the business of
keeping, lending, exchanging and issuing money
[Barnhart and B arnhart, 2000]. It can also be express as
the business of bankers.
Banking today is undergoing a free radical transformation.
The symptoms are obvious; new products, new players,
new conduct are appearing daily. This transformation is
taking place crosswise all sectors of the banking industry.
Information technology is one of the major issues on any
bank chief executives agenda, thrust into intumescency by
the massive and increasing magnitude of its costs at a
condemnation when competitive pressure has never been greater,
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