Free Essay Example on Mobile Banking and Financial Institutions

Published: 2023-02-15
Free Essay Example on Mobile Banking and Financial Institutions
Type of paper:  Essay
Categories:  Banking Caribbean Information systems Customer service
Pages: 2
Wordcount: 501 words
5 min read

The adoption of the latest technology has strengthened the revenue streams for financial institutions in the Caribbean. Mobile banking has been the critical advancement that has widened the client's access to their bank accounts. It has also led to the expansion of banks. This essay focuses on evaluating the role of mobile banking in strengthening the revenue streams of financial institutions in the Caribbean.

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Mobile banking expands financial services since it impacts customer engagement and returns on investment. By increasing the adoption rates, banks can generate more revenue (Laukkanen, 2017). They are also convenient for customers. Most customers in the Caribbean region prefer the banks that use the application to ensure they have access to their cash anytime they need it. Mobile banking has several advantages. It is always available as there are no set hours of operation. Customers can access their accounts at all times and pay for their bills from any location. Mobile banking also leads to cost reduction by cutting out paperwork.

However, mobile banking has disadvantages. First, it is not available on all mobile phones. Sometimes, to use the feature, one has to install apps on the phone. When one does not have a smartphone, the services become inaccessible (Shareef, Baabdullah, Dutta, Kumar & Dwivedi, 2018). Additionally, there are limitations on deposits. The mobile deposit limitations may make it hard for individuals to make massive deposits. Identity theft is also a concern despite mobile banks having comprehensive security systems. The hackers can drain one's funds into their accounts. To protect users of mobile banking, all banks offering the services in the Caribbean should invent an application to protect consumers from fraud. The users should also create strong passwords for their mobile devices to protect them from being hacked. Besides, the implementation of the conducive and supportive regulatory framework within the mobile banking sector offers a high potential for the innovative M-banking players to flourish and be successful in the industry (Gutierrez & Singh, 2013). Specific regulatory frameworks enacted in the Caribbean include legal recognition of electronic signatures and the prohibition of non-banks from using e-money (Gutierrez & Singh, 2013). However, a practical approach to regulatory frameworks is sufficient enough to foster the development of mobile banking.

In conclusion, mobile banking improves the revenue of financial institutions in the Caribbean. It reduces the banks' operational costs as they cut off the paperwork. It also increases return on investment, thus strengthening the revenue. The users should, however, be careful with their passwords to protect their phones from being hacked.


Gutierrez, E., & Singh, S. (2013). What are regulatory frameworks more conducive to mobile banking? Empirical evidence from index data. The World Bank.

Laukkanen, T. (2017). Mobile banking. International Journal of Bank Marketing, 35(7), 1042-1043.

Shareef, M. A., Baabdullah, A., Dutta, S., Kumar, V., & Dwivedi, Y. K. (2018). Consumer adoption of mobile banking services: An empirical examination of factors according to adoption stages. Journal of Retailing and Consumer Services, 43, 54-67. Retrieved from

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