Using Mobile Banking to Promote M-Commerce: A Sustainable Marketing Strategy

Abstract

Rapid development of digital technologies and prevalence of smartphones have changed the global business environment significantly. Thus, mobile commerce (m-commerce) is considered to be one of the fastest developing sectors of the digital economy. One of the main drivers of such change is mobile banking which provides people with a safe, easy, and effective platform for conducting financial operations at any time and in any place. In its turn, this research uses descriptive approach in order to analyze mobile banking as a sustainable marketing strategy to foster the development of m-commerce. This work considers the benefits of mobile banking such as customer convenience, faster transaction process, increased level of customer engagement, financial inclusion, and less dependence on paper transactions which results in environmental sustainability. Moreover, this research analyzes some of the disadvantages of mobile banking including the threat of cyber security, data protection issues, lack of digital literacy, lack of technological infrastructure, and varying levels of customers' trust. Finally, this research also analyzes the strategic importance of using mobile banking in the context of digital marketing strategies in order to develop better customer relationship management and competitiveness.