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Mobile Banking Technology and Innovation Management - Essay Example

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Running Heading: Mobile Banking Technology and Innovation Management Mobile Banking Technology and Innovation Management [Name of Student] [Name of Instructor] [Course] INTRODUCTION: Because of increasing competition and globalization it has become important for all organizations to come up with new changes and become familiar with the new technologies with passage of time…
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Mobile Banking Technology and Innovation Management
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"Mobile Banking Technology and Innovation Management"

Download file to see previous pages Management has to face several challenges in the overall process of introducing the innovation in the market (Barton and Kraus, 1985). MOBILE BANKING TECHNOLOGY: There has been ongoing process of introduction of new technologies in the market every other day. However, all new technologies are not able to succeed and capture the considerable amount of market share. This requires proper and well thought planning and management. It should be ensured that the new technology which is introduced in the market is according to the needs and requirements of the customers (Souder and Sherman, 1994). Apart from this, the new technology should be user friendly and easy to use. All these factors increase the acceptance of the innovative technology. Mobile banking is one such technology, which have been introduced in order to provide customers with ease and comfort in the process of banking. In the start of banking facility, customers have to be physically present at the bank in order to make any kind of transaction. This requirement of physical presence gradually disappeared with the advent of different new technologies and facilities with passage of time. ...
Mobile banking allows the customers to perform important transactions through their mobile phones and there is hardly any need of going to banks or being physically present there for the purpose of making transactions (Stair and Reynolds, 2009). There are several benefits of the mobile banking, not only for customers but also for the bank which is providing this facility. This facility of mobile banking can facilitates banks in reducing the charges associated with transactions, as low level of cost is associated with mobile banking. Along with this, the facility of mobile banking is easy and convenient for the consumers as it enables them to quickly access their bank account at any place and at any time (Krugel, 2007). INNOVATION AND CHANGE MANAGEMENT: The process of implementation of any change or innovation is always associated with several challenges and issue. These challenges and issues should be managed in an effective and efficient manner in order to ensure the successful implementation of the innovation. The process of innovation management is a complete change management process. Management has to conduct force field analysis in order to identify important restricting and supporting forces. Next step is to come up with effective strategies and tactics in order to minimize the restricting forces and maximizing the supporting forces (Tidd, 2001). The restricting forces can be both external and internal. Innovation or new technology not only faces resistance on part of the customers but sometime employees are also responsible for the failure of any new technology or innovation. It is important for the management to keep in consideration ...Download file to see next pagesRead More
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