Mobile Banking Services—Business Information Management with Mobile Payments

Abstract

The service sector is closely related with the technology developments and consequently the access to services, their provision, and consumption are optimized. The banking industry is no exception to it. It is strongly influenced by technology developments and tries to meet new challenges and thus to develop further itself. Particularly affected and being put under increasing pressure are the core banking businesses—accounts and payments. Their central element is the money that has experienced a change in its form of existence over time. Money (same as many other goods and services) were being digitized and its value were being transferred to plastic card and lately mobile phones (PPP (paper—plastic—phone) evolution of money). Along with the technological developments comes both the socio-demographic shifts and changes in the legal environment. On the other hand, opportunities for new participants (other than banks) on the (cashless) payment market are opening up and with it the position of the banks on the payment market is threatened. Due to the fact that banks are very much impacted by the developments in technology and they count among the heaviest investors in information technology, this paper will attempt to provide valuable insight into how the banks implement or could implement the new (mobile) technologies and the smartphone. Further, this paper comprises three aspects of our contemporary society: the importance of the tertiary sector of the economy—services in the developed countries, the development of new (mobile) technologies, and the high penetration rate and acceptance of “the device” of the contemporary history—the smartphone. The aim of this work is to translate these three aspects into the banking service sector in Austria (with a focus on the payments).