Adoption and Challenges of Mobile Banking in Kanyakumari District

Abstract

Many banks around the world are offering banking services through mobile phones. Mobile banking is a system that aids the customers to carry out the financial transactions with the help of their mobile telecommunication devices. This technology helps us to save time and provide facilities to get the information about the details of account, transaction and transfer the money from one account to another account from anywhere and anytime. The main objective of this article is to find out the barriers in using mobile banking services and to analyse the important reason considered for using mobile banking. This article found that the important reason for using mobile banking are Convenience and Modern Technology as these variables got the highest mean scores, trust in m-banking is the least variable in considering the use of mobile banking. Factor analysis is used to find out the Barriers in adopting mobile banking services. The analysis indicate that 4 factors are extracted which account for 82.602 per cent of the total 12 variables. Hence 12 factors are summated to 4 factors named as Complex Process, Technical Problem, Improper Security, and Inadequate Knowledge.