Technology and our Local Society

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Technology and our Local Society by Mind Map: Technology and our Local Society

1. My Culture

1.1. I was born in India. I came here as an international student last August. Because of my Indian roots, I always try my best to be aware of all the happenings in the society. As my family lives in India I’m almost always aware about what all technological modifications are impacting the society and culture there. India is a developing country and the society too there is slowly changing with the advancements in technology.

2. Technology

2.1. So the technology I chose for this discussion is Mobile Banking and its remarkable impact on the Business sector. Mobile Banking is one of the most widely used technologies around the world. With the smartphone market increasing in the past decade, it has given birth to various other mobile applications. Mobile Banking has been around for a while and its audience has increased exponentially throughout the years. Its popularity has also increased in the Asian economies too with most of its users coming from India and China. It has transformed the Business Sector in a remarkable way.

2.2. There were times when people used to go to marketplaces to get food and clothes. But with technological advances the stereotypical of getting food and stuff changes. The introduction of Mobile Banking popularized the Online Shopping Websites. This was because people were really intrigued with the idea of buying and making stuff over phones.

3. The Incident

3.1. The incident I’m going to discuss about is not very old. It’s from my mother’s birthday. This was my first time when I was away from my mother on her birthday. I always used to give her some gifts (not really big ones though) on her birthday. So I turned my laptop on and ordered something for her. I made the payment using Mobile Banking. After a few days when she received the gift she was so happy. These are the moments you live for and thanks to mobile banking I was able to experience this.

4. Presence in Today's World

4.1. Mobile Banking is one of the most progressive branch of the business portals and banks. It is an efficient way of exchanging currency over the internet with the convenience of our mobile phones. It helps the online shopping portals to expand their business as they can reach their audience no matter how far the companies are from them. According to a survey, more than 1/3rd of the companies rely upon mobile banking for their business. This number is set to rise in the coming years as popularity of this technology is increasing. We even come across small retailers whose services are limited to a specific geographical region. But with the help of mobile banking they can actually start their online ventures and increase their buyers/viewers. This is because as safe and secure sending and receiving of money is the only barrier towards the small retailer’s progress, thus Mobile Banking helps them to increase their business in a really significant way.

4.2. Also now people really rely upon mobile banking to monitor their businesses and bank accounts. And the amount of people using these services will increase in the coming years. Businesses will start making more profits mainly because it is directly linked with the mobile technology market and that industry is already growing at a far more notable pace.Also as most of the banks provide their services throughout the globe, it helps the retailers to target global audience and actually bring the concept of world as a global village.A poll last year of 419 smartphone users by SRG found that 66 per cent of those aged 18-34 said they would be interested in using their mobile device to swipe and buy items in stores.

5. Reasons for Preference

5.1. I chose this technology over other present technologies because this in my opinion this is one of the technological inventions that have not been given enough credit for their existence. We all have experienced standing in long queues to buy something. These have made our lives so easier that now from the click of a button on our go-to-gadget we can make payments after buying clothes, ordering food or making any other purchases online.

6. Relevance

6.1. This technology is of great significance to all the people who shop online. For me personally I shop a lot on the internet and this technology makes the whole experience a lot more easy and hassle free. It helps us save time as it provides us with an alternative to actually having to line-up inside stores. Also keeping in mind the incident that I discussed earlier, mobile banking allows us to make payments to retailer in other parts of the world.

7. What if this weren't there?

7.1. If this technology didn’t exist in today’s world then we would’ve been unable to do a lot of stuff that we find a piece of cake now. Ordering food, fetching bank account summaries, monitoring transactions, getting clothes with the click of a button would’ve been a lot more difficult. Businesses would’ve had to go through a lot of obstacles to progress and connect with those living far from them or ever as far as the other side of the earth. If not for this technology, it would’ve been a lot more difficult to develop something that was as secure as this technology.

8. Creative Element

8.1. So this is the third time I'm creating a mindmeister map and I must say I'm very thankful to the professor who introduced me to this cool website. Emphasising on the creative part, I tried adding the slideshow feature to this discussion and I hope that you giys will like this

9. References

9.1. Goodridge, T. (2013, June 12). Mobile Banking Today: Highlights from #MCS2013. Retrieved from https://blog.compete.com/2013/06/12/mobile-banking-today-highlights-from-mcs2013/

9.2. White, S. (2012, April 30). Canadians embracing mobile banking. Retrieved February 29, 2016, from http://www.theglobeandmail.com/globe-investor/personal-finance/financial-road-map/canadians-embracing-mobile-banking/article4104236/

9.3. Charlton, G. (2014, April 2). The importance of mobile banking for customer experience. Retrieved February 29, 2016, from https://econsultancy.com/blog/64627-the-importance-of-mobile-banking-for-customer-experience/

10. Some facts