The Impact of Mobile Banking on the Accounting Profession in Banking Research Paper - 1

The Impact of Mobile Banking on the Accounting Profession in Banking Environment - Research Paper Example It is worth noting that Hello Money, like other mobile banking services, is different from mobile payments, which entail the use of mobile devices to pay for goods. Mobile banking is performed through mobile web or SMS. The service has been particularly facilitated by the evolution of an array of technologies, such as smartphones and web-based technologies, which create the allowance for installation of special features that support mobile banking. The full adoption of mobile banking implies that accounting systems would be automated and this would significantly accounting workplace. The crucial question is then how these changes would affect the banking environment workplace. The trending developments regarding mobile banking are well documented. According to SWIFT (2005), mobile banking is still considered as one of the pertinent topics in the finance industry, as well as for banking institutions. This has been exacerbated by the growing ubiquity of mobile phones across the global population. In a population of about 7 billion people, as many as 5 billion people will be in the possession of mobile phones. At the same time, out of all that population, only 2 billion people will be holding the bank accounts. Consumers are now increasingly using their mobile phones in making payments and bank their money. Mobile banking is described as a growing business, with users expected to increase to about 900 million while the transaction value is expected to exceed 1 trillion dollars by 2015. Many banks have come up with brands of mobile banking. However, the main concerns are inherent challenges. Various entrants, such as PayPal, Vodafone and Google are looking to mobile banking and transactions. However, the business is still immature, considering that only a few initiatives have succeeded in attracting a significant base of users.