Mobile Phone Applications and Financial Assignment 2022

Running head: MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Mobile phone applications and financial needs of banks
Name of the student:
Name of the university:
Author Note

MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
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Abstract
The aim of the study is to deploy the service of smart phone financial platform that offers the
consumers and helps in accessing the various financial service of banks. The services involve
personal loans, home loans and car loans. In the following study, the various research methods are
selected that can be applied to understand how mobile applications can connect directly banks and
people. This is to evaluate the residual aspects of data collections. In this study, the quantitative,
qualitative and mixed-method approaches are discussed. Nonetheless, for the project, the mixed
method is chosen. Next, the different strengths and weaknesses of this mixed methods research are
discussed. After that, various data collection techniques are to be found out here along with a short
analysis of methodology.

MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
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Table of Contents
Introduction............................................................................................................................................3
Quantitative Method, Qualitative Method and Mixed Methods Approach:..........................................4
The Strengths and Weaknesses of the Mixed Methods Research:........................................................5
The Strengths of the Mixed Methods Research:................................................................................5
The Weaknesses of the Mixed Methods Research:...........................................................................6
The Methodology:.................................................................................................................................6
Data Collection Techniques:..................................................................................................................7
Quantitative Data Collection:............................................................................................................7
Qualitative Data Collection:..............................................................................................................8
Data Analysis Techniques:....................................................................................................................9
Quantitative Data Analysis:...............................................................................................................9
Qualitative Data Analysis:...............................................................................................................10
Conclusion:..........................................................................................................................................11
References:..........................................................................................................................................13

MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
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Introduction
The use of technology has changed people’s daily lifestyle, starting from small habits like
shopping; to every day, socializing activities and jumping to more sophisticated routines like the
financial service industry. As fine-tech emerged, technology was a tool to make it easy for people to
invest, make payments and take loans. According to Dubai statistics center, fifty percent of Dubai’s
population are millennials. People have been addicted to Smartphone’s and would appreciate
executing all financial transactions the same way they use other social service platforms. In the past,
underwriters had little information to rely on when assessing the risk factors to their customers. This
means that a lot of people got rejected or never had the chance to apply for such financial service.
Today, Fine-Tech is taking the lead by relying on diverse information compared to the old-fashioned
way banks used to have.
Our objective is to establish a smart phone financial platform service offering the consumers the
access to the bank’s financial services (example: Car loans, Home loans or Personal loans) in a
smarter and more efficient way than the traditional methods are providing giving 2 main advantages:
1) Digitalization the service: Time & Cost efficiency.
2) Database: Link the demand (customers /people) to the Supply (Different Banks) in one
database.
This paper will begin with selecting the research methods that will be applied to the project in
order to assess the remaining aspects of data collection