Watch Related Videos
comments
The concept of a mobile bank is to allow you to conduct banking transaction utilizing the power of your mobile communication device, such as a cell phone. With the advent of more advanced cell phones such as Smart phones, cell phones, have recently been used instead of traditional online banking model that used a PC and Internet. They offer 24/7 access to your bank accounts. Mobile banking, or m-banking encompasses the following:
Authentication & Communication
Similar to online banking, mobile banking requires you to log in to access core services relating to your account. This can be done using either text based SMS (Short Message Service), or as WAP (Wireless Access Protocol). Typically, you will be required to enter a pin number to access your services. Many services, such as locating the nearest bank ATM, may not require a log in.
M-Banking Services
Mobile banking offers limited banking services, but as technology and handsets become more powerful, additional m-banking services are being rolled out to match internet banking services. Presently, the majority of m-banking offer a wide arrray of services, such as access to account balance information, transaction history of the last few transactions, transfers between your own account, loan payment due dates, and bill payments. Some institutions also allow peer-to-peer payments, as well as the ability to re-load your mobile phone account.
M-Banking Security
Currently, mobile banking services are reasonably secure since pin code protection is available to authenticate users. Also, unlike online banking where third parties can intercept data through the installation of malicious keystroke logging mechanisms, no such malicious software is available for mobile phones. Many analysts predict that banking m-banking security will need to be researched and implemented to curtail potential problems. Banking services, using the mobile banking interface, are limited at this time, a security breach will be easy to limit in terms of damage that may be caused.
Is it For You?
Mobile devices have small screens and may require you to keep track of short codes to make use of limited services available through this interface. Mobile banking is also dependent on whether your mobile carrier is supported for providing the service, as well as whether you specific phone is supported for using the services. All in all, mobile banking can be useful for checking balances and getting a transaction history report quickly.
Is a Mobile Bank Right for You?
