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Recommended: Challenges of mobile banking

Background
Mobile banking is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device. There are three types of mobile service. Text banking is the earliest mobile banking service. Through the mobile phone, users can view account balances, view recent transaction history, deposit checks, and locate a nearby ATM. Mobile web banking is another mobile service that provided by financial institutes. Besides text banking services, customers can view pending transactions, transfer funds between accounts and pay bills. The third type service is Smartphone App that requires customers to download and install onto a compatible mobile devices.
The basic mobile software framework has kernel, libraries, the application framework and finally the applications. Memory management programs, security setting, device drives and power management software are contained in the kernel layer. Libraries work as a conductor who guild device how to handle data. The application framework manages the devices basic functions.
Mobile phones have increasingly become tools that consumers use for banking, payments, and shopping. According to a new Research report, mobile banking will reach 108 million users in the U.S. by 2017. That’s about 46% of all bank account holders.
Based on figure 1, in 2013, 93% mobile banking customers use mobile to check their financial account balances or view transactions. There are 72% users who downloaded apps. 57% users transfer money between their accounts through mobile banking.

Figure1
(http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201403.pdf).
However, in 2013 Federal Reserve’s survey, around 50% customers reject t...

... middle of paper ...

...the major risk related to e-banking:

Controls:
Risks are mitigated through controls. As mentioned before, there are many risks that mobile banking presents but it is possible to mitigate them to an acceptable level by enforcing proper controls. There are three types of controls: Preventive, detective, and corrective. Preventive controls for example are access controls that only let authorized individuals to the systems. These prevent users without permissions to access the system. Detective systems track and monitor the system to detect any unusual instances or events that may be potential threats. These outliers are then reported to appropriate manager to be verified further. Corrective controls are put in place to act up once an incident has been identified and actioned. The following are some of the few controls that help mitigate the risks of mobile banking

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