Mobile core-banking server: cashless, branchless and wireless retail banking for the mass market

Song, Insu, and Vong, John (2013) Mobile core-banking server: cashless, branchless and wireless retail banking for the mass market. In: Proceedings of the International Conference on IT Convergence and Security, pp. 1-4. From: ICITCS 2013: International Conference on IT Convergence and Security, 16-18 December 2013, Macau, China.

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Abstract

Banking is essential to modern economies and nearly half of the world's people are unbanked and underserved by banks. The high operating costs of banks passed on to retail customers are driving them away who otherwise should be in the financial system. Without having access to the financial system the unbanked and rural poor have little means to engage in mainstream economic activities. A mobile phone-based banking system was designed to provide retail banking services to the world's unbanked population and rural poor of 2.2 billion based on a cashless banking system that reduces operating cost and reduces lending risks and therefore can lower the current exorbitant rates charged on retail lending and micro-credit. A core-banking server on a low-cost mobile device (an Android tablet) could serve over 15,000 micro-banking customers. The system definitely appears to be suitable for most retail banks or microfinance institutions.

Item ID: 31465
Item Type: Conference Item (Refereed Research Paper - E1)
Keywords: mobile banking, rural finance, retail banking, cashless payments, SMS banking, financial inclusion
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ISBN: 978-1-4799-2845-3
Funders: T-BOP PTE LTD, Singapore
Projects and Grants: Mobile Banking, T-BOP PTE LTD, 2013
Date Deposited: 20 May 2014 23:57
FoR Codes: 08 INFORMATION AND COMPUTING SCIENCES > 0805 Distributed Computing > 080502 Mobile Technologies @ 70%
15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150203 Financial Institutions (incl Banking) @ 30%
SEO Codes: 89 INFORMATION AND COMMUNICATION SERVICES > 8901 Communication Networks and Services > 890103 Mobile Data Networks and Services @ 50%
90 COMMERCIAL SERVICES AND TOURISM > 9001 Financial Services > 900101 Finance Services @ 50%
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