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Week 7: Mobile banking

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Mobile banking in short is a set of services which allows customers of financial institutions to execute transactions like money transfers, paying for shopping and withdrawing money using only smartphones, tablets or other mobile devices without any additional effort. Quick and easy way of managing your finances.

Thanks to constant development of smartphones and mobile devices which became cheap and very popular in our country (47% of all mobile phones in Poland are smartphones) almost 3 million Polish people have access to still quite new services of mobile banking.

This is a great solution for students who are looking for cheap and easy to use services but it will also be useful for travelling managers, company owners or freelancers who needs to get easy access to money during their trips. Mobile banking is convenient to use in every situation; for example, you would like to pay for a drink at a party? No problem, you can do that in no time or maybe your friend asks you to lend him some money and you don’t have any in your wallet at this moment?

You can also check your account balance but it is so obvious that it is not worth mentioning. What is not so obvious that you can use the geolocalization service in your phone and get information about promotions during shopping at a specific time and location. Quite useful but what about our privacy? Why should my bank know what I bought and where I bought it? Another problem is one device with access to our financial resources and personal information. The security aspect is crucial here. How to prevent unauthorized access in case of theft or loss?

Transactions performed by smartphones are still in minority but this trend is changing like functions of m-banking in Poland which are still evolving and we can expect that a number of threats will be growing and for sure these threats will evolve too.Transactions performed by smartphones are still in minority but this trend is changing like functions of m-banking in Poland which are still evolving and we can expect that a number of threats will be growing and for sure these threats will evolve too.

Sources:
http://www.payu.pl/aktualnosci/polska-bankowosc-mobilna-infografika-przygotowana-przez-organizatorow-plebiscytu-zloty
http://www.forbes.pl/polacy-polubili-mobilne-finanse,artykuly,181667,1,1.html
http://mobirank.pl/2014/04/29/bankowosc-mobilna-w-polsce/
http://www.money.pl/raport-o-bankowosci-mobilnej/
http://en.wikipedia.org/wiki/Mobile_banking

Comments

Anonymous said…
I don't use mobile application to handle my transactions. For me the interesting part is how to crack those solutions. It is quite new so there must be some loopholes.

@Paweł Wojtków: what is your question or thesis to discuss?
19 November 2014 at 17:56
Unknown said…
I don't use such apps. I don't find them that convenient or useful, if I can do the same on my browser in my phone, without the need for a whole app for that.
I also somehow trust private mode in Chrome more than apps.
20 November 2014 at 15:53
MartaSB said…
I'm also not using this kind of applications. I can do what I need in the browser, where the solution is already known as secure.
22 November 2014 at 14:34
PrzemekM said…
In my opinion mobile banking is quite useful. It's much easier to use bank app to check the account balance, rather then original web page in smartphone.

If we talk about security. In my opinion banks are most securite place, and technology they develope is secure enough
22 November 2014 at 15:41
Unknown said…
I would definitely go for mobile way of dealing with transaction since i don't like to have stuff in my pockets, so can't wait when it'll be more common.
22 November 2014 at 16:16
Phuong Vo Viet aka Funt said…
You are right but the usual problem is the UI of the web page on a mobile device. This is makes using the webpage of the bank a bit inconvenient. Moreover , you must remember that native code of the app on the phone is most of the time faster that browser on the phone.
22 November 2014 at 19:37
Unknown said…
Despite of all the advantages coming from m-banking apps, personally I wouldn't use them.
I dont't believe spartphones or tablets have a decent protection like firewalls or antivirus. There are also many other potantial threats, for example using public wi-fi. Therefore, in my opinion using m-banking apps is just asking for trouble.
22 November 2014 at 19:56
Unknown said…
I do have installed an app from my Bank to make money transfers. This solution is more suitable for people who are using internet on their phone, and for those who travel or don't have a computer.

Also, the mobile app market is still developing very fast and is a great opportunity for startups to become decent organisations.
23 November 2014 at 08:38
Unknown said…
I wonder which solution in this case is more safe: Using dedicated app or using mobile browser.
23 November 2014 at 10:00
Unknown said…
If m-banking is safe to use? Is it more convienient to use than casual online banking services? If so why?
23 November 2014 at 10:03
Unknown said…
I think m-banking services still evolves and maybe in the near future we will get more secure and more reliable apps don't you think?
23 November 2014 at 10:06
Phuong Vo Viet aka Funt said…
I think it actually depends on how the native app is written and which mobile browser you use. For instance, the native app could just open a browser window within itself which makes it almost the same as using mobile browser. However, I have not encountered mobile banking app written this way. As for mobile browser in case of Android OS you can choose few browsers just like on PC. Unfortunately, Android OS is a bit fragmented and on devices with older version of OS it could be a more risky to use mobile banking.
23 November 2014 at 12:06
Anonymous said…
For sure it is less safe than online banking done from your PC connected to the home network additionally it is less convenient than online banking on your pc because of input methods used to control those devices.
23 November 2014 at 13:30
Marcin Lyzwa said…
Personally I find those m-banking application useful in one way to check a balance on my account. It is so much faster then logging in standard way via browser. I have blocked my account two times because of making mistake in typing my password, and it is very annoying. I don't think that typical way of making cash transfer is more safety then mobile. If you are a target of some black hacker they'll break you for sure, meaningless the way you are banking.
23 November 2014 at 13:46
rf. said…
If a bank decides to publish a banking app, I do believe it should be really secure. If the bank is a publisher, can't you sew them in case of a loophole? Or at least get the lost money (what else can you lose? transfer history?) back.
23 November 2014 at 14:11
Sergio Cosentino said…
Actually I don't use mobile applications for banking, maybe just in cases of emergency when I really need to perform some operation asap. I usually use my PC because, believe or not, I find it much easier to use. I don't like interfaces projected for mobile devices, it takes me much to do things. So I am not very concerned about security of banking mobile apps, since I don't access my bank accounts from my phone.
23 November 2014 at 15:12
Seisyll said…
Mobile banking sounds nice, but I still prefer to use PC. I know that nothing these days is really safe, but when comparing PCs to mobiles I think that PCs are still much safer.
23 November 2014 at 15:52
Unknown said…
I think mobile banking is great, but I have many anxieties concern with it. My biggest anxiety is of course security. I fear that my money can disappear unexpectedly. I use mobile banking. Who don’t do it? I’m sure that majority use it.
Despite it, I prefer payment in cash. When I use mobile way, money seems to disapper :P May be my problem. When I pay in cash I feel that I have control. When I use mobile banking I feel that my control go out.
23 November 2014 at 16:45
Unknown said…
I use mobile banking on a daily basis to purchase bus tickets, because it is a very fast way to do it. I also made bank transfers using a smartphone. I realize that it can be dangerous in case if I lose my phone that is why I have my bank account insured. I also had a problem with the payment for tickets once, because the battery in my phone discharged.
23 November 2014 at 16:46
Unknown said…
Personally I don't trust in mobile banking apps and maybe I'm old fashioned but using PC seems for me much much more safer way.
23 November 2014 at 20:15
Izabela Litwin Photography Design said…
Actually I cannot imagine life without mobile banking:P
23 November 2014 at 20:16
Julia Osiak said…
I sometimes use mobile banking, but only when I really really need to. I prefer using my computer mainly because it just feels 'safer'. I wish that security was improved because mobile banking has many advantages and I would like to take adavntage of them to the full extent.
23 November 2014 at 20:21
Mateusz Frycie said…
I've got a similar opinion as Rafał Banach. I prefer to use PC for my banking operations. The only option when I'm using my phone to do some money transfers is when I NEED to send money ASAP.
23 November 2014 at 20:33
Unknown said…
I've never used mobile banking, because I don't find it secure enough. I prefer to make transactions with my computer. Another option for me is cash, as Aleksandra Stodulska wrote while using mobile application you don't feel like your money is fading away.
23 November 2014 at 21:12
Unknown said…
I like how people think of private modes in browsers as more secure. But it just doesn't save browsing history, and deletes cookies after you end session. Same as you would do it manually.
23 November 2014 at 21:32
Unknown said…
This is only a matter of time when this type of transactions will become a regular practice. The same situation was with internet bancking, Pay Pass and other new technologies, at the beginning of theirs implementation they were not so widespread but with time people understood how easy and comfortable to use it. The same will happen with smartphone payment method - almost everyone now has some kind of smartphone and they are not so expensive already so as it was said again it is just a matter of time when those kind of technologie will be involved in our everyday life.
23 November 2014 at 22:15
Unknown said…
I really like the idea of online banking. It makes everything easy - you can pay for everything in just a couple of clicks, you don't have to go to the bank and stand in line forever (last time I was in a bank I have spent there an hour), you don't have to carry all the bills with you to the bank and you can use it 24/7, which makes it more accessible to people who work during bank operation hours. Recently I watched my grandma pay all her bills online. It is a perfect solution for her because she has some problems with walking and standing and it makes her more independent.

The problem with banks gathering data about our expenses is not really a mobile banking issue, banks get this kind of information everytime we use our credit/debit card. I don't think of it as a problem. I can look through my expenses and manage them easily. It also helps when there has been a credit card information theft and somebody is using our card to buy their stuff. My mom had this situation several times - she found some weird objects ordered from Norway or USA and payed for by her credit card. She contacted the police and got her money back. This wouldn't have been possible without transaction identification, so all in all I think it is not a bad idea and may be useful. Banks really don't care what you're buying and if you don't want it to be listed on your record, just pay by cash. The other thing is that if you lose you card, you can always contact the authorities to block it.

I spend so much time in front of my computer that I do all my money transfers there and I rarely use m-banking, also because generally I don't need to pay for anything ASAP.
23 November 2014 at 22:37
Unknown said…
I agree. Issuing a faulty banking app surely is a terrible advertising and banks really have to take care of their customers to make them feel safe.
23 November 2014 at 22:39
Unknown said…
I often buy things by credit card. As for me, this is a very convenient solution. Fast and easy is what most of us expect when buying. None of us likes standing in queue or having problems at the shopping cash desk. However if you are concerned about privacy when shopping using your credit card, I'm afeaid there is nothing you can do about it. I still think, that interposing in someone's privacy with payment with credit cards is nothing over Facebook.
23 November 2014 at 23:23
Unknown said…
Mobile banking is one of the best things in this world. I am able to check my bank account everywhere and everytime. I claim that get information about promotions during shopping at a specific time and location is really cool special for women who are shopaholics - that is, the most women. how about privacy in this aspect..? hm..I think that anyone who has a fb don't have private life, because fb friends can know about us everything. Where are we going now, how are we feeling today and many other private informations about our life. I'm used to this idea, so I don't think about such things , if some application helps me my life.
23 November 2014 at 23:46
Unknown said…
To me, connection between mobile phones and banks is a magnificent solution. Of course it has got some cons like factors of stealing informations, in some cases lack of privacy and even we can became a victim of hackers. But banking in mobile devices gives many possibility. I like idea of paying your phone instead of card. You just need to have NFC function and bank has to have that kind of option for customers so you don't even need to have wallet with you.
30 November 2014 at 17:39
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