Running Head: MOBILE BANKING TECHNOLOGY Mobile Banking Technology In this new era of fierce global competition it is vital for any industry to adopt new technologies with changing times. There often remains a huge gap in the technical promise while introducing a new technology and effectively putting it to work and this is a grave concern for the management…
However, in the topical times when all over the world there is rapid change of technologies, it is vital to adapt to newer technologies. New technology must meet the need of customers and it must be easy to implement (Souder and Sherman, 1994, p.45). One such technology is mobile banking facility. In earlier days banks used to keep customers’ money in vaults and would only meet financial needs of the customers. Then financial data networks were create to facilitate electronic method of transfer of funds through interconnected banking system. Even then the customers had to be personally present in the bank to deposit or retrieve funds. Next ATMs provided the customers to do their banking in various locations. Now, more recently online banking through the internet has become a common occurrence. The latest technology in the line of banking facilities is mobile banking. This technology helps the customers to do activities like transferring funds, checking balances, paying bills from their cell phones. Now customers rarely need to go to the bank to do their banking (Stair and Reynolds, 2009, p.17). ...
(Krugel, 2007, p.3) Insecure edge of mobile banking technology Today customers do most of their banking either through personal computers or mobile phones. Mobile phones are in these days internet-enabled and private data either stay on a single device or float in the cyberspace and thus can be vulnerable to misuse (Mukherjee, 2008, p. 61). Mobile phones were primarily built for voice communications and as such have certain limitations that increase the risk factor in mobile banking. One major risk factor includes concern of confidentiality and integrity of data during transfer of information from and to bank’s wired core processing system and to wireless environment. There are many other limitations in mobile phone like small screen space, short battery life and lower processing speeds. There is also the problem of various data entry formats and also data storage capacity is limited. Attempts are being taken to reduce the risk factors through wireless markup language and wireless application protocol. The mobile manufacturers are also trying to improve the devices. But other risks which include security threat and authentication are still major issues of concern and unless measures are taken to resolve the security issues, mobile banking can never become the dominant channel for banking. Mobile technology of today can provide wide range options for mobile banking services. While some options can ensure high level of security there are other options which cannot promise the same security level. There is possibility to minimize the risk factors by introducing operational controls. In developing countries mobile handset technology is not of the highest level. In these countries risks of mobile ...
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