Use of Mobile Financial Management Information System (MFMIS) to increase customer base by leading private banks
Bharat Goklani, Dr. Kalpana Sharma, Harish Chandra Maurya, Nalin Chaudhary
MFMIS, Graph, PSU’s, Mobile, Credit Score .
Mobile Financial management information system is not a new phenomenon. The recording of financial information is the oldest known form of keeping records, dating back thousands of years. Financial information yet has long presented problems, specially since the invention of money. Governments in developing countries are increasingly exploring methods and systems to modernize and improve public financial management. In India, majority of PSU’s and private sector banks are faced by several obstacles in their managerial systems and as a result are launching Mobile Financial Management Information Systems (MFMIS) in form of different mobile Applications. Now mobile phones are not only a medium of voice communication but also widely used for mobile services. Mobile based services or M-services are defined as electronic services that are delivered to the consumers via mobile technologies using mobile devices. MFMIS are able to provide services anywhere at any time. Due to this reason this concept becoming popular among people. Frequency tables and graphs were used to present the data for easy comparison. This study found that internal control mechanism facilitated by MFMIS affects the customer base. After launch of Mobile application by particular bank its customer base significantly increased which ultimately increased the credit score of bank.