Full Project – Design and implementation of a mobile banking system

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CHAPTER ONE

INTRODUCTION

Banking is one of the business activities that people engage in.  Banking is said to be the activities of a bank, the services which banks render even to the commonest man cannot to be over-looked, in which case banking can be considered as very essential to the progress of the state especially economically.  The in-thing in banking these days is to automate the process in order to increase accuracy and efficiency.

Traditionally, banking can be a very Herculean task and infact boring, but when done with the help of a machine like mobile phones, it automates accuracy and efficiency.

Mobile banking as the name implies is wireless application banking.  The positive impact of mobile phones on development has passed into the realm of conventional wisdom and what is next for the tiny powerful gadget that already begun is the provision of basic financial services through mobile phones.  Technology changes brought about by ICT – Information Communication Technology has enabled banking transactions to hold both within and outside banking halls.

Majority of the commercial banks in Nigeria today are offering retail packages to their customers who also make use of mobile phones and apt to receive services through the mobile channels.

Retail banking is a typical mass-market where individual customers use local branches of larger commercial banks.  Services offered include personal savings and checking accounts, mortgages, loans, debit cards, credit cards and so forth.

• BACKGROUND OF THE STUDY

Due to recent banking reform in Nigeria, most of the merging banks are yet to provide enough branches in some major cities to eradicate some problems such as overcrowded customers, waste of customers’ precious time and energy amongst others that are faced by customers in general/traditional banking system.  It was this reasons that make some banks in Nigeria including Union bank Plc to embark on the mobile banking system.

Mobile banking also known as M-Banking, SMS Banking etc is a term used for performing balance check, account transactions payments etc. via a mobile device such as mobile phone.  Mobile banking today is most often performed via SMS or the mobile internet but can also use special program, called clients, downloaded to the mobile device.

The advent of the internet has enabled new ways to conduct banking business, resulting in the creation of new institution, such as online banks, online brokers and wealth managers. Such institutions still account for a tiny percentage of the industry.

Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace.  According to the GSM Association and Ovum, the number of mobile subscribers exceeded 2 billion in September 2005, and now exceeds 2.5 billion (of which more than 2 billion are GSM).  With mobile technology, banks can offer services to their customers such as doing funds transfer while traveling, receiving online updates of stock price or even performing stock trading while being stuck on traffic.  Smart phones and 3G connectivity provide some capabilities that order text message – other phones do not.

• STATEMENT OF PROBLEMS

Commercial Banks offering retail banking services in Nigeria and delivers its services to its customers not quiet efficiently as a result of the following challenges.

• Cost of Material: Response for request such as account balance and statements are printed in a page at a very high rate.  Most times responses are delayed as a result of unavailability of these working documents.
• Transactions security: Most customers have opted to receive alerts and notification when their balance falls before a certain amount and when a certain amount of cash are being withdrawn by a “third party” using their cheque for authorization.  The bank spends a lot of money on falls for the latter and usually do not respond due to fear of false authorization.  Sometimes also, the “third party” may alter a certain amount issued on the cheque leaf.
• Long queue up: This is also a challenge to the bank, because delays could do a lot of harm especially when human lives are involved.  In view of this mobile banking can help prevent these challenges, although it is subject to the efficiency of the communication network.

• OBJECTIVES OF THE STUDY

• The main objective of this study is to develop a mobile application for retail banking services.
• The objective is also aimed at helping the bank overcome the above stated analogies by sending alerts and responding at customers request online where necessary.
• Another objective of the study is to make banking convenient and easy. It will be easy for software to carryout an instruction in ten minutes while the individual have to think on what to do and solve the same problem in three hours.
• The objective of this study tends to hit a target of efficiency and competency in Union Bank Nigeria Plc banking services.

• SIGNIFICANCE OF THE STUDY

• This project work enlightens both the writer and the reader on mobile banking applications for retail banking. It will create an insight on mobile banking operations since it is the latest banking operations that started in the 90s in financial institutions.
• It will serve as bedrock for information analysis on financial expert system and computerization of financial service

• SCOPE OF THE STUDY

The topic design and implementation of a mobile banking system, a case study of Union Bank.   Retail banking is a very wide and current topic in financial institutions.  In fact, it involves all of the banking and financial operations in terms of withdrawals, deposition of money, keeping customers account records and all aspect of financial field, but the scope of this project has been limited to routine Banking services, which include the following area:

• History taking and personal data of customer
• Acceptance of customers request and complaints
• Financial transaction, investments, diagrams and investigation including security measure on money transfers and exchange rates. The security measure here has to do with authentication of password on the cell phone before sending the request.
• Documentary analysis and control towards loan transaction
• Recoding customers account status

• LIMITATION OF THE STUDY

The researcher experienced some constraints during the period of the research, which limited its study area. Such constraints are:

• Finance: The cost of running around from the case study to the library and other thing that were involved in this project was much.  The cost of material was high.
• Lack of material: The researcher could not find a book talking about mobile banking in four school local library of higher institution of leaning because the topic is vast and current.  The researcher did not find it easy getting into the bank in inquire the information needed for the project work because of beaurocratic bottleneck.  Three good weeks was spent effortlessly without getting necessary information for this project.  The project work requires paying some fee online to down load information from the acrobat reader or the PDF where the files of books are found.  A large sum of money was also paid to download the software algorithm needed to design the software package and this shortened the researcher’s ability to search further.

• DEFINITION OF TERMS

Mobile Banking:  Mobile banking is a wireless electronic banking where everything is done electronically and at any place customers can access their account anywhere in any part of the country.

Retail Banking:  Retail banking is a typical mass market banking where individual customers use local branches of larger commercial banks.  Services offered include Saving and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth.

Automatic Teller Machine (ATM):  This is a type of retail banking technology.  The facility provides major roles by offering convenient, speedy and round clock services.  ATM has the capability to make available enquires a balances, interest and exchange rates, withdrawals, deposits and account transfer.

Veer: Veer is a wireless internet package of services delivering financial information, banking services and lifestyles services.

WAP:  WAP is an acronym for wireless application protocol.  It is an open international standard for application that use wireless communication e.g. internet access from a mobile phone, it was designed  to provide services equivalent to a web browser without mobile specific additions being the only major competing a wireless data protocol.

GPRS:  GPRS means general packet radio services.  GPRS is a packet based wireless communication service that provides data rates from 56 up to 114KB and continuous connection to the internet for mobile phone and computer users.

MMS:  (Multimedia messaging services:  MMS is a standard for telephony messaging systems that allows sending messages that include multimedia objects (image, audio, video, rich text) and not just test as in short message service (SMS)

SMS (Short Message Service):  This is a services for sending message of up to 160 characters (224 characters if using a 5-bit mode) to mobile phones that use global system for mobile (GSM) communication.

IVR (Interactive voice Response):  In telephoning, IVR is a phone technology that allows a computer to detect voice and touch tones using a normal phone call.

SMIL:  In mobile phones, SMIL is used for MMS messages, that integrate streaming audio and video with images, text, or any other media type, it typically include multimedia slides.

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Full Project – Design and implementation of a mobile banking system