ABSTRACT
This
research work designed a mobile banking system which was meant to improve the
rigors of conventional banking. With this design, customers would be able to
transact business via mobile devices. The programming languages used to design
this program are visual basic and PHP.
CHAPTER
ONE
1.0 INTRODUCTION
Mobile
Banking is the provision of basic financial services via mobile devices.
Advancement in the information and communication technology has simplified
various and smacking operations and has made it most attractive
and colorful, creating the needed trust in mind of prospective bank customers
who tody find it safe to use the bank.
The
last time the technology had a major impact in helping banks service their
customer was with the introduction of the internet banking. Internet banking
helped to give the customer anytime access to their bank details. Customers
could check their account details, get bank statements, perform transactions
like money transfer to other accounts and pay their bills while sitting in
their convenience.
However,
the biggest limitation of internet banking is the requirement of a PC with an
internet connection. Mobile banking (M-Banking) addresses this fundamental
limitation of internet banking as it reduces the customer’s requirement to only
a mobile device (Mobile phone).
Susu
savings and loans LTD, is a Micro-finance Bank involved with:
(1)Retail
Banking
(2)Credit
and Mortgage services etc.
With
a branch network of five and customer base of over five thousand
(individual/cooperate organization) of which 99% uses Mobile Phones. And wishes
to respond to service requests such as:
(1)Account
Balance Engaging
(2)Account
statement Engaging
(3)Transaction
History request
(4)Loan
Statements
(5)Cheque
book request etc.
In
a most convenient and cost effective manner, the above stated services can be
delivered using mobile technology such as:
(a)I.V.R-
Interactive voice response
(b)WAP- Wireless Access Protocol
(c )Stand-alone mobile application clients
This
work will look into details; ways these mobile technologies can be used
effectively to enhance the operations of the Micro-finance Banks.
1.1 STATEMENT OF PROBLEM
As
a micro-finance bank, the case study
deals directly with small and medium scale business (SMB), And individuals that
require both efficient and courteous services of which the bank is willing to
offer, but is faced with the under listed challenges currently, the bank spends
extra money to:
a.Purchase
customized and print serenity papers used in the issuance of bank statements
and customer service requests.
b.Postage
of bank details inducing notice of new offerings to her customers.
c.Calls
to customers who opted to receive information such as notification of salary
payment or when transaction has taken place.
In
order to save cost, the bank is looking for solutions that will aid their
customers to access their bank details at any time on their devices, avoiding
the need to go to the bank or having to wait for their bank statement to see a
list of their bank transactions and thus being able to act instantly, and at a
much reduced rate. Allowing both sides (customer on the request side, and bank
on the response side) to share the cost of each request and response, thereby
maximizing profit.
1.2 OBJECTIVE OF STUDY
The
aim/objective of the study is to provide a solution to meet the challenges
experienced and to document the following activities of the system;
a.
Balance Enquiry Details
b.
Recent transactions, notification; as normal text messages.
c.
To document the customers latest details about their bank accounts, or services
in offerings. And commit transactions such as:
i.
Fund Transfer
ii.
E-payment, etc.
And
finally to stop certain transactions they do not give consent to, or do regret
to continue without visiting the bank.
1.3 SIGNIFICANCE
OF STUDY
The
major significance of this work is that it will equip the bank with the tools
to face its customers request processing/handling issues.
Secondly,
it will provide the customers with the basic tool that will help them perform
certain bank related transactions at their convenience.
Finally,
it will provide a stepping stone for the future researchers in the field of
mobile banking system.
1.4 SCOPE AND LIMITATION OF THE STUDY
This
work shall be restricted to the retail banking operations
a.
Deposit / Savings Account Service unit
b.
Loan/Credit service unit
c.
Customer service unit
The
request service processing and delivery platform shall be based on SMS channel
of mobile system technology.
The
other limitations/challenges encountered during the course of this research
include:
a.
Lack of cooperation with some of the staff of the bank for security reasons.
b.
Time: the researcher was involved in full time academic program and had a limit
time for his research.
c.
Finance and other resources: this work required a lot of financial resource,
some of which were not affordable, meanwhile referencing material usedin this
work were downloaded from the internet since there are no adequate materials
available for case in the school library.
1.5 BACKGROUND OF THE CASE STUDY
The
case study of this research “Susu Microfinance Bank” was incorporated on the 29th
of June, 2006 as a private sector Microfinance bank, after it received an
approval in principle from CBN on 31st may 2006. Susu received its
final operating license in December 2006, making it one of the first eight microfinance
banks to be licensed in Nigeria at that time and has been operating since
January 2007. Susu is a specialized bank licensed by the central bank of
Nigeria (CBN) under the supervision of CBN. Defined by size, the bank will
serve Micro, Small and Medium enterprises, entrepreneur’s employees and the
self- employed. The bank is adequately capitalized.
1.6 DEFINITION OF TERMS
Short
messaging service (SMS): a service offered by mobile network operators and
users with mobile phones (GSM, CDMA, TDMA, etc.)
Interactive
voice response (I.V.R): this is a stored message on a particular number line of
which a user can call and listen, it also provides option memo the user can use
to make request or access information.
Wireless
Access Protocol (WAP): a mobile technology one can use to browse the internet
using a mobile device such as a mobile phone. Bank: An institution that
provides financial services such as cash deposit, savings and funds transfer
etc.
Mobile:
Ability to use on the go.
Service
Oriented Application Protocol: this is a
mobile application provided by mobile network operators which enables users of
the network to gain access to bank details via the se of mobile devices
(phones).
Bank
Cheque: A statutory mode of settlement used in the payment of bills. It is also
called a promissory note. It is issued in place of cash.
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