Mobile Banking in India: Challenges and Opportunities

With the passage of time, the way banks used to operate has changed due to advent of internet in banking institutions. The implementation of internet in banking organizations has modernize the banks. Implementing the internet banking approach has benefited the both, customers as well as banks. Recent innovations in the telecommunication have proven to be a boon for the banking sector and its customers: one of these is Mobile Banking, where customers interact with the bank via mobile phones and banks provide them the services like short message services, fund transfers, account details, issue of cheques booksetc. Presently almost all the banks in the world have started providing their customers “Mobile Banking” services. The main issue of this study is to understand the factors which contribute to user's intention to use the mobile banking services. The purpose of this review paper is to explore the factors that influence the adoption behavior of mobile banking services by Indian customers. Further, this paper discusses the challenges and opportunities associated with the internet banking in Indian context. The paper also highlight the concept of internet banking is slowly gaining acceptance in Indian scenario and efforts are being made by government agencies to make it more popular among customers.