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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 Commercial banking scenario in nepal may consider performing some kind of financial transaction through their mobile phone.
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.
Commercial banking scenario in nepal 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. With mobile banking, the customer may be sitting in any part of the world true anytime, anywhere banking and hence banks need to ensure that the systems are up and running in a true 24 x 7 fashion.
As customers will find mobile banking more and more useful, their expectations from the solution will increase. Banks unable to meet the performance and reliability expectations may lose customer confidence.
There are systems such as Mobile Transaction Platform which allow quick and secure mobile enabling of various banking services.
Recently in India there has been a phenomenal growth in the use of Mobile Banking applications, with leading banks adopting Mobile Transaction Platform and the Central Bank publishing guidelines for mobile banking operations. Application distribution[ edit ] Due to the nature of the connectivity between bank and its customers, it would be impractical to expect customers to regularly visit banks or connect to a web site for regular upgrade of their mobile banking application.
It will be expected that the mobile application itself check the upgrades and updates and download necessary patches so called "Over The Air" updates. User adoption It should be noted that studies have shown that a huge concerning factor of having mobile banking more widely used, is a banking customer's unwillingness to adapt.
Many consumers, whether they are misinformed or not, do not want to begin using mobile banking for several reasons. These can include the learning curve associated with new technology, having fears about possible security compromises, just simply not wanting to start using technology, etc.
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