MGT502Business Communication
ASSESSMENT 1
Use of mobile Wallet Service in Prabhu Bank Limited
To make banking transactions simple and handy
(An Assessment on Digital Resource Analysis)
SUBMITTED BY:SUBMITTED TO:
UDDHAV KCLEE BUCKLEY
STUDENT ID: 00244197T LECTURER, BUSINESS COMMUNICATION
Introduction
Prabhu Bank is an “A” grade financial organization authorized and controlled by the Central Bank of Nepal, Nepal Rastra Bank. Prabhu bank has been serving in a bigger and greater way since it merges with different banks like Kist Bank Ltd, Prabhu Bikash Bank Ltd, Grand Bank Nepal Limited, Gaurishankar Development Bank Ltd and Zenith Finance Ltd in the year 2016. It has established 137 branches and 126 ATMs across the country with a customer base of 850,000. It has a customer at its center making its products and services reach to common people that will assure their future prosperity. Current products and services provided by the bank that has build its core strength are individualised service, immediate transactions, wide range networks, mobile banking and real-time account credit, deposit strategy, different types of credit facilities, Foreign exchange facilities, financing businesses, Inward/outward remittances, issuing letter of credits etc.
Prabhu Bank Limited. (n.d.). Prabhu Bank Limited/Mobile wallet. Retrieved from https://prabhubank.com/page/prabhu-mobile-wallet.html
This web page of Prabhu Bank Limited illustrates the introduction, usability, and processes involved in the mobile wallet. The use of mobile wallet provides its customer secure access to a bank account using SMS based application in the mobile phone. Prabhu bank encourages its customer to use the mobile phone that can run its “mWallet” application. In addition, it acknowledges its customer on the service available regarding the inquiry, transaction alert, utility payments and fund transfer. From this official web page of Prabhu bank, the public can distinguish digital transformation of banking transaction from the traditional method. From the study, it can be concluded that the introduction of the mobile wallet in the mobile phone is really a utility of resources, time-saving technique, and ease of access for customers in accessing banking transaction.

One Mobikwik Systems Pvt. Ltd. (2014). Mobile wallets will be the next big technology in monetary transactions. FRPT- Software Snapshot. Retrieved July 2018
This industry report provides the utility of the mobile wallet in India and complains that it is not yet common in day to day practice. This report compares the mobile wallet with the mobile banking and states that it is hard for the public to distinguish the mobile wallet with the mobile banking. The mobile wallet is a much broader concept which includes using a mobile phone as a mode of payment, replacing the reliance on cards or hard cash. In addition, this report focuses on the evolving stage of mobile wallet and elicits that they will be the major tools managing monetary transactions. Bipin Preet Singh of MobiKwik Systems Pvt. Ltd adds that the mobile wallet is similar to a prepaid account on the phone in which they add money into account through various means and make payments wherever required. To sum up, mobile wallets can be regarded as the future generation of payment of expenses and transfer of money in a digital way.

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Associated Press (Producer). (2014). Mobile banking app brings card-less cash withdrawals Streaming video. Retrieved from Associated Press Video Collection database.This video illustrates the storyline of RAKBANK in the UAE (United Arab Emirates) where customers can withdraw money from ATM using their code sent to the mobile phone user. Peter England, CEO of RAKBANK remark it as a great function and adds “It’s not a world’s first, it’s been done before, but we’re seeing increases in other markets around the world that these are becoming very popular for services.” The other advantage of this service could be used extensively in small businesses where such business focuses on paying and receiving the cash transaction. Ali Abbas, from Euro monitor International, forecasts that the number of mobile payments in the UAE and Saudi Arabia will grow by 25 percent until the year 2018. Thus, the practical implications of card less withdrawals and the growing trend of the mobile wallet in Gulf countries could be an example and forecasts in use of mobile wallet in the developing countries like Nepal.

KRASNY, J. (2017, April 1). MASTERING THE MOBILE WALLET. p. 75. Retrieved from: http://web.b.ebscohost.com.ezproxy.laureate.net.au/ehost/pdfviewer/pdfviewer?vid=4&sid=fb774d50-c46c-4f58-9928-4f37f1ac18ef%40pdc-v-sessmgr01
This article provides tips to vitalize connection with a customer using mobile phone wallets: Therefore, among different topics in this article, these keys to mobile wallet success were found quite useful to my study as it could serve as a basis for the growth of Prabhu bank’s mobile wallet success. The first tip is “drafting the right budget” for the ongoing costs. The organisation should be aware that it is not only a one-time investment. Other tip for mobile wallet success is confirmed with “setting the goals” required as a technological element. It should be aware to outline if the design should be easy, loyal or faster. Having push notification and location tracking might seem attractive service but apps should not be disturbing in nature and thus, should tread lightly to its customer. Finally, the article suggests, finding a good partner to increase the efficiency and growth of the apps. The talented in this field from earlier times might prove helpful to boost the mobile wallet app. Partnering up might lead the business to an unexpectedly good result.

S.l.: Mind Commerce. (2011). Banks Role. In 2011, The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 (pp. 15-16). Retrieved from: http://web.a.ebscohost.com.ezproxy.laureate.net.au/ehost/ebookviewer/ebook/ZTAyMG13d [email protected]ionmgr4007;vid=3;format=EB;rid=1
The Pages as mentioned in the above reference defines the elements to be maintained by the bank to ensure the quality of the mobile wallet system. It supports the fact that poor quality on web-based services is the significant barrier of its success. The mutual cooperation between the organization and network service provider has the equal role in providing qualitative mobile wallet service. Barnett, Hodges ; Wilshire (2000) believed that subscribers often switch mobile operators to get better mobile content. Mobile wallet of Prabhu bank has theme and texture in red color which is quite catchy to customers. The collaboration of this bank with F1Soft International Pvt. Ltd as its IT partner is its strength in mobile wallet service. Proper fonts, colors, device screens and technological ease provided by F1 soft is expected to attract more customers towards mobile wallet service. In addition, efficient mobile wallet service is proven efficient and handy with a triple entity relationship that is: the bank and the technology provider and the mobile network.

Ajay Byanjankar, I.J. (2012). Studying the possibility of Mobile Banking and Role of a Marketing Plan for Improving Mobile Banking in Nepal. Tornio, Finland: Kemi-Tornio University of Applied Sciences. Retrieved from: https://www.theseus.fi/handle/10024/44295
Overall, the thesis describes the potential of mobile banking in Nepal through their case study, survey and sampling methods. Basically, their approach has to lead to rectifying the advantages of the functionality of mobile banking in Nepal. Their finding suggests that the motivating factors of mobile banking adoption would result in higher customer satisfaction, reduced number of branches and staff and lower operating costs. The thesis report also reveals some of the losses involved in mobile banking which were identified as a risk of fraud and hacking, mishandling, a social risk of less privacy. The major factor to be considered for the marketing plan to improve mobile banking lies in the trust (in terms of technology and service) and the cost factor (targeted for the middle class and less income). Thus, this thesis report is believed to create a basis for developing effective infrastructure for mobile wallet service of Prabhu bank.

TSURUOKA, D. (2013, march 27). Mobile Wallet Payments Services Still Confuse Consumers, Retailers. Investor’s Business Daily, p. 4. Retrieved from http://web.b.ebscohost.com.ezproxy.laureate.net.au/ehost/detail/detail?vid=7&sid=1114917e-dbb6-4371-9a680c6ea7b12679%40sessionmgr120&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=86404982&db=bsu
The above article of DOUG TSURUOKA emphasizes the problems faced by the mobile wallet yet it is found so attractive in the economy. The writer compares the effort of the tech giant with big retailers such as Wal-Mart; McDonald’s who has yet not adopted the mobile wallet system in their retailing. The poll of 300 people done by enterprise software maker SAP found out that 34% are encouraged on use because of tech advancement whereas 38% are holding back due to confusion and awareness. The initiatives on such payments system seem evolutionary but the adoption is still slow paced. Prabhu bank mobile wallet mostly deals with the utility payment aspect and the awareness level of people towards technology is felt very low .in such circumstances it is a big challenge for this bank to grow the mobile wallet service market and its compliance with other factors. The other problem as indicated in the article is the people in the tech field, has mixed views an outlook of mobile wallet adoption for consumers and retailers. Thus, the necessity of having ease outlook and awareness on the technical aspect of the mobile wallet is felt in Prabhu mobile wallet to make it handy.

Gaynor, R. (2016). Mobile Wallet Wars Evolve. Credit Union Times, n/a. Retrieved July
2018, from http://ezproxy.laureate.net.au/docview/1832181636?accountid=176901
This journal article pursues the competitiveness of mobile wallet among the businesses in the developed countries like the USA. It reveals the gap between the mobile wallet of local businesses like Starbucks and providers such as Samsung and Apple (referred to collectively as “The Pays”). The former have gained success quietly whereas latter have made loud noises in their offerings and so called the most successful mobile wallet is not yet considered a true mobile wallet by many industry pundits. We can find a dozen of different companies making toolkits and app builder services. The apps do tend to be simple, and none of them are categorized as true mobile wallets. Business-specific mobile wallets seem dominate. In such scenario of mobile wallet use, it has been a challenge for the organization using mobile wallet to maintain its integrity and the investment in the mobile wallet should be considered so as to maintain the competition between business-specific mobile wallets and so-called the true mobile wallets.

Payments cards and mobile. (2013, November 28). Global mobile wallet market to reach $5,250 Billion. Retrieved from www.paymentscardsandmobile.com: https://www.paymentscardsandmobile.com/global-mobile-wallet-market-reach-5250-billion/
The bar chart given below illustrates the growth pattern of the global mobile market from the year 2013 to the year 2020. In overall it is expected to increase by 109% between these periods. A market research report in the name “Mobile Wallet Market”, issued by Allied Market Research, clearly indicates that the global mobile wallet business is assumed to reach $5,250 billion in the year 2020. The analyst explains that the lack of regulations in Africa and unwillingness of merchants in Asia Pacific countries has held the growth but is expected to have faster growth in these regions in near future. The report has classified the widening segments on the basis of applications forms, main applicants, payment methods and shareholders. The applications of mobile wallet include mobile e-commerce, ticketing, money transfers, small payments and others. This report can be proven as an influence to the marketing of Prabhu’s mobile wallet as it clarifies the potential of growth of market size in Asian region within 2020.

Hayashi, F. (2016). Access to electronic payments systems by unbanked consumers. Economic Review (Kansas City), 51+. Business Collection. Retrieved from http://go.galegroup.com.ezproxy.laureate.net.au/ps/retrieve.do?tabID=T002&resultListTy pe=RESULT_LIST&searchResultsType=SingleTab&searchType=BasicSearchForm&currentPosition=15&docId=GALE%7CA470870499&docType=Abstract&sort=Relevance&contentSegment=&prodId=I
This journal of Hayashi states the condition of 17 million unbanked U.S adults and broadens the potential of their economic well being through electronic payment products. This study revealed that people finds it hesitating to go to bank and open an account because of having lower income. It adds, as retail payments have changed from paper-based to electronic, fulfilling the objective of accessing and providing efficiency to unbanked consumers can be achieved through mobile wallet system. This article also reported that Access to smart phones among unbanked consumers age 34 years or younger reached 61 percent in 2015 in U.S. hence, the physical access to bank can alternatively and effectively be brought by the access of digital accounts and specially through application of mobile wallet use. To conclude, faster funds availability, faster payment speed and faster deposits are the prime achievements of adoption of mobile wallet system to the unbanked and under banked customers.

Conclusion
In conclusion, mobile wallet as most of us have used for shopping, transferring money, paying the bills of the house has become the fundamental part of the economy. Prabhu bank being established in a developing country like Nepal is yet in a slow pace to improve mobile wallet and other tools required for banking. As the saying goes “A thousand miles of the journey starts with a step”, Prabhu bank’s commitment and endurance in banking and especially the mobile wallet would surely revolutionize the traditional ways Nepalese people are banking. Access to digital communication tool regarding banking as a core value of the economy is the current necessity of Nepalese economy which has been primarily supported by Prabhu’s mobile wallet.

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