Welfarism, according to A.C. Pigou, is a very important aspect of economics. It has to do with ensuring health, safety, happiness, prosperity and or well-being in all respect. Considering his definition, verily, economics has a better picture when it is regarded as the science of material welfare. That is to say, the ordinary people needs to enjoy some degree of comfort in all their dealings. As much as business practices require formalities, it is ideal to measure the ease in the firm operations. This will, therefore, aid maximum productivity of the factors of production, particularly labour.
As a result of technological advancement, business practices in all parts of the world are moving on a spree. Virtually all business units, irrespective of scale, applies technology in their everyday activities. The idea of capital-intensive production techniques is a broader term to outlook this crux. However, it is right to note that getting technical commands monetary movement. Through mobile banking, people and groups get to bank on the go. From our research, a great percentage of 21st century business executives prefer alternate channels to corporate banking. Most importantly, they lay emphasis on the swiftness and personal control over payment systems.
In the next few paragraphs, I will be highlighting the positive effects of mobile banking on business practices. Before then, I will remind us of a crucial phenomenon in macroeconomics and basic entrepreneurship.
Banking is the sum total of all activities that deals with managing a bank. In short, it is the human action of overseeing monetary movement and holding finances for people. Individuals and government institutions (as economic components) trust in the banking process for survival. Likewise, banking, as an auxilliary to trade, facilitates business practices. Companies (group of companies and other organizational frameworks) seal worthy deals with customers and other entities through the system. In all merits, the sector contributes immensely to global economic development.
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The positive effects of mobile banking in the world of business are as follows:
Mobile banking recounts for organizational efficiency. Productivity, consumer reports and corporate relations are amongst the important ways of measuring efficiency. The addition, or contribution so to say, of digital banking is practically indispensable in these areas. For instance, the application of bank transfer (BTF) payment system in contractual agreements makes for reduction in stress. It is also an easy route towards building mutuality between the two parties. Meanwhile, this is on the basis of hastened financial settlement.
Secondly, digital banking is a one-true factor for credibility, accountability and transparency. In business practices, banking-on-the-go maps out an extensive reduction in fraudulent activities. Under certain conditions, bank operators advise dependency on their well-built digital platforms. Certainly, this is due to the fact that restrictions (which are unique to account holders alone) come with the designated alternate banking channels.
Accounting and book keeping becomes easy as a result of mobile banking. To clarify, proofs from on-net transactions serve as source documents for proper account keeping. In this light, digital platforms also serve as a guide and reminder on financial intelligence. This way, business practices are set on the status quo of watching expenses and profit maximisation. Another crucial point to note is that receipts of transactions from digital banking serve as referential constraints. They can be duly checked, if the need arises.
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Other advantages of digital banking which leverage over business practices are:
• Time saving.
• Mobile banking is cost-effective.
• It is easy to use.
• Transaction made easy.
• Subsequently, non-elites can also enjoy banking-on-the-go as it is not limited by functional illiteracy.
• The system is always, almost readily, at the beck and call of account holders.