IMPACT OF MOBILE BANKING AND INTERNET BANKING DURING COVID-19 PANDEMIC

Abstract

This research is performed to determine mobile banking and internet banking financial results. 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. This opens up huge markets for financial institutions interested in offering value added services. With mobile technology, banks can offer a wide range of 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 in traffic. Mobile devices, especially smart-phones, are the most promising way to reach the masses and to create ―stickiness among current customers, due to their ability to provide services anytime, anywhere, with high rate of penetration and potential to grow. Internet Banking helped to give the customer's anytime access to their banks. Customers could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like Bangladesh. Mobile banking addresses this fundamental limitation of Internet Banking, as it reduces the customer requirement to just a mobile phone. Mobile usage has seen an explosive growth in the world. The main reason that Mobile Banking scores over Internet Banking is that it enables ̳Anywhere Anytime Banking'