future of mobile banking system
TRANSCRIPT
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Numan Ahmad NaseerMuhammad Masaud Ahmad
Syed Shujat AliAhmed Osman Salad
MOBILE BANKING SYSTEMS
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MOBILE BANKING SYSTEMS
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INDEX• INDEX• INTRODUCTION• HOW IT WORKS• POPULAR EXAMPLES IN PAKISTAN• MOBILE BANKING SERVICES• MOBILE BANKING SECURITY ISSUES
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INTRODUCTION
• Mobile banking is a system that allows customers to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant(PDA)
• Mobile Banking is a range of services, products, tools and calculators, customized for and accessible on your mobile
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HOW IT WORKS
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HOW IT WORKS• Mobile banking enables mobile phone users to: Access basic financial services even when they are miles away from
their nearest branch or home computer.
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STATS• Mobile banking is already flourishing. But in
the United States, only about 10 percent of consumers about 1.7 million people currently use their cell phones to conduct bank transactions.
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POPULAR EXAMPLES IN PAKISTAN• Easypaisa• Mcb mobile• Timepey• Mobicash• Upayments• KASB Mobile Banking• Almost Every Banks Provides His Own Service
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POPULAR EXAMPLES IN PAKISTAN
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MOBILE BANKING SERVICES Mobile Banking is generally used for:• Money transfers • Financial services• Payments• Investments• Cheque book and card requests
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MONEY TRANSFERS
Users can send money using their phone to any other customer in the country by:• Depositing• Withdrawing
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FINANCIAL SERVICES
It Includes: • Solutions • Facilitating savings • Insurance (according to the country)
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PAYMENTS
It Gives users a way to:• pay their bills (and buy mobile phone credit)• pay for goods at shops that accept Orange Money
electronically without cash
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INVESTMENTS
• Allows Investing Without wasting Time• Consume Less time While Investing• Strong And secure Network to prevent any Mishap
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CHEQUE BOOK AND CARD REQUESTS
It Includes: • Exchange of data messages• Email including complaint submission and tracking• ATM Location
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MOBILE BANKING SECURITY ISSUES• Rapid growth• Need for new security controls• More players, More risks• Privacy issues• Role of consumers• Anticipating Risk
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MOBILE BANKING SECURITY ISSUES
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RAPID GROWTH
• Because the channel is convenient and can be customized
• Users are migrating from PC banking and payments to mobile
• The more mobile users, the greater the security risk.
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NEED FOR NEW SECURITY CONTROLS
• Symantec in its just-released Internet Security Report says targeted attacks on mobile phones are increasing
• Financial institutions must be diligent in their efforts to keep up with emerging mobile threats
• That means they have to make investments in security controls specific to mobile.
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MORE PLAYERS MORE RISKS
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MORE PLAYERS MORE RISKS
• The mobile system depends on a number of players• Device manufacturers, operating systems, network
operators, application developers and others all are involved
• And they all need to address security
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PRIVACY ISSUES
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PRIVACY ISSUES
• Revolving around geo-location will become more critical• As more mobile technologies emerge, institutions will
have to balance customer and member convenience with security and fraud prevention
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ROLE OF CONSUMERS
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ROLE OF CONSUMERS
• Financial institutions must develop strategies to educate their customers
• Members about actively managing their own mobile-device security
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ANTICIPATING RISK
• Banks and credit unions must balance innovation with fraud protection
• More threats will emerge as adoption grows• Anticipating new risks will be paramount
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