Realization Ideal Banking Concept Using Ubiquitous Banking

The advents in technology and its penetration to all business areas made the financial institutions like banks to re-invent their business model. Hence, the responsibility of banks is enhanced to provide better, speedy, and ubiquitous service to the customers so that it can create more money and hence profit. Banks are formulating various strategies in order to attract more deposits and lend it to genuine customers to get a better return and hence make more profit. Recently we have developed the ideal banking concept by considering it as a system with ideal characteristics. The ideal bank is a system with ideal banking characters expected under input conditions, output conditions, system requirements, and environmental conditions. The factors affecting these characteristics are identified using a qualitative data collection instrument namely focus group method. In this paper, some of the possible technology supported business models which support the concept of Ideal banking are identified and analyzed. It is found that electronic banking using mobile devices called mobile banking or ubiquitous banking system has characteristics close to the features of the ideal banking system. The paper also compares mobile/ubiquitous banking characteristics with ideal banking characteristics and proves that it is possible to achieve ideal banking characteristics using mobile/ubiquitous banking system.