Communication and business sector, Berane: Mobile banking has experienced a fast growth globally. According to Telecom Trends International Inc. In line with this trend, mobile banking seems the next big trend after micro-finance that has gathered 90 million customers in 30 years.
Location-based services A report by the US Federal Reserve March found that 21 percent of mobile phone owners had used mobile banking in the past 12 months. A third of mobile phone users say that they may consider performing some kind of financial transaction through their mobile phone.
Mobile Roleplay. Mobile Roleplay provides a convenient way for employees to practice phone skills individually via mobile device. To provide you with this training solution, we customize your script as part of a totally automated role play. & Ahmatović, A., The role of mobile banking in enhancing economic development () International Conference: Communication and business sector, Berane: FMSK, pp. 1. INTRODUCTION The spread of mobile phones across the world has been one of the most remarkable technology stories during the last two decades. It sheds light on a very important problem that our world faces — providing banking/payment services to those who cannot connect to our regular banking system. This issue is particularly interesting to me as India, being a home to billion people, has millions of people who don’t have access to .
But most of the users are interested in performing basic transactions such as querying for account balance and making bill Future functionalities in mobile banking[ edit ] Based on the 'International Review of Business Research Papers' from World business Institute, Australia, following are the key functional trends possible in world of Mobile Banking.
With the advent of technology and increasing use of smartphone and tablet based devices, the use of Mobile Banking functionality would enable customer connect across entire customer life cycle much comprehensively than before. Illustration of objective based functionality enrichment In Mobile Banking: Challenges for a mobile banking solution[ edit ] Key challenges in developing a sophisticated mobile banking application are: Handset accessibility[ edit ] There are a large number of different mobile phone devices and it is a big challenge for banks to offer a mobile banking solution on any type of device.
Initial interoperability issues however have been localized, with countries like India using portals like "R-World" to enable the limitations of low end java based phones, while focus on areas such as South Africa have defaulted to the USSD as a basis of communication achievable with any phone.
The desire for interoperability is largely dependent on the banks themselves, where installed applications Java based or native provide better security, are easier to use and allow development of more complex capabilities similar to those of internet banking while SMS can provide the basics but becomes difficult to operate with more complex transactions.
There is a myth that there is a challenge of interoperability between mobile banking applications due to perceived lack of common technology standards for mobile banking. In practice it is too early in the service lifecycle for interoperability to be addressed within an individual country, as very few countries have more than one mobile banking service provider.
In practice, banking interfaces are well defined and money movements between banks follow the IS standard. As mobile banking matures, money movements between service providers will naturally adopt the same standards as in the banking world. The types of cybercrimes which may affect mobile-banking might range from unauthorized use while the owner is using the mobile banking, to remote-hacking, or even jamming or interference via the internet or telephone network data streams.
This is demonstrated by the malware called SMSZombie. A, which infected Chinese Android devices. It was embedded in wallpaper apps and installed itself so it can exploit the weaknesses of China Mobile SMS Payment system, stealing banks credit card numbers and information linked to financial transactions.
It went past Google's protections in its Android app marketplace and targeted Wells FargoChaseand Citibank customers on Android devices worldwide before its removal by Google in September Mobile security In the banking world, currency rates may change by the millisecond.
Security of financial transactions, being executed from some remote location and transmission of financial information over the air, are the most complicated challenges that need to be addressed jointly by mobile application developers, wireless network service providers and the banks' IT departments.
The following aspects need to be addressed to offer a secure infrastructure for financial transaction over wireless network: Physical part of the hand-held device. If the bank is offering smart-card based security, the physical security of the device is more important.
Security of any thick-client application running on the device. Authentication of the device with service provider before initiating a transaction. This would ensure that unauthorized devices are not connected to perform financial transactions.
Encryption of the data being transmitted over the air. One-time password OTPs are the latest tool used by financial and banking service providers in the fight against cyber fraud.
The password is expired once it has been used or once its scheduled life-cycle has expired. Because of the concerns made explicit above, it is extremely important that SMS gateway providers can provide a decent quality of service for banks and financial institutions in regards to SMS services.
Therefore, the provision of service level agreements SLAs is a requirement for this industry; it is necessary to give the bank customer delivery guarantees of all messages, as well as measurements on the speed of delivery, throughput, etc. SLAs give the service parameters in which a messaging solution is guaranteed to perform.
Scalability and reliability[ edit ] Another challenge for the CIOs and CTOs of the banks is to scale-up the mobile banking infrastructure to handle exponential growth of the customer base.Mobile banking offers many advantages, such as good security, easy access and plentiful applications for smart phones.
“The biggest benefit is that you have more control of your money,” says. & Ahmatović, A., The role of mobile banking in enhancing economic development () International Conference: Communication and business sector, Berane: FMSK, pp.
1. INTRODUCTION The spread of mobile phones across the world has been one of the most remarkable technology stories during the last two decades. ICT POLICY DIVISION. GLOBAL INFORMATION AND COMMUNICATIONS DEPARTMENT (GICT). THE ROLE OF MOBILE PHONES IN. SUSTAINABLE RURAL POVERTY REDUCTION. June 15, Authors: (in alphabetical order) Asheeta Bhavnani.
Rowena Won-Wai Chiu. Under the mobile banking services, bank-nominated Banking agent performs banking activities on its behalf, like opening mobile banking accounts, providing cash services (receipts and payments) and dealing with small credits. Cash withdrawal from a mobile account can also be done from an ATM validating each transaction by 'mobile phone & PIN' instead of 'card & PIN'.
This paper highlights the importance of mobile banking in bringing about financial inclusion in India. It emphasizes its relevance in the Indian context, but the findings are applicable to poor residing in similar countries elsewhere.
A mobile phone, known as a cell In many countries, mobile phones are used to provide mobile banking services, In , a national survey in the US reported the number of drivers who reported using their cellphones to access the Internet while driving had risen to nearly one of four.