Modern banking has undergone a full transformation due to its cutting-edge technology and the development of the Fintech industry. Most banking operations have been digitalized, making banking convenient at your fingertips. These technologies have greatly improved the banking industry. During the olden days, we had to go to the bank if we wanted to transfer money, but now everything can be done from a mobile phone. Mobile banking makes it easy, convenient, and quick for people. Zil, an online bank, provides its users with the best mobile experience without any sacrifice. Control your finance by opening an account at Zil.
Mobile banking was first introduced when the internet was only starting to become more and more popular in the late 1990s and early 2000s. Mobile banking, which operated primarily through SMS or text messages, was also known as SMS banking before the availability of mobile web services in 1999.
Mobile banking apps provide unprecedented convenience by allowing customers to access key banking services straight from their smartphones. Additionally, it provided a high level of comfort thanks to enhanced transactional capabilities and intelligent user interfaces.
What Is Mobile Banking?
Using a mobile device to conduct financial transactions is known as mobile banking (cell phone, tablet, etc.). This activity can range from a bank sending fraud or usage activities to a client’s cell phone to a client paying bills or sending money abroad.
Mobile banking is incredibly practical thanks to the various banks’ amazing apps in the modern digital era. People use mobile banking because it makes it easier to pay for things, send money to a friend, deposit checks, and locate ATMs quickly. Zil provides the best cross-platform experience, and our platform offers one of the best apps for Android and iOS for mobile banking.
Banking Mobile services can be divided into
Transactional services include:
- Funds transfer and deposit.
- All sorts of payments.
Non-transactional services mainly include the following:
- To check recent transactions.
- Viewing account information and history.
- Checking account summary and current balances.
- Downloading bank forms and bank statements.
- Requesting debit cards or checkbooks.
Factors causing the evolution of mobile banking
- Increased penetration of smartphones.
- Change in consumer preferences.
- Growing mobile money infrastructure.
- Innovative features and services.
Challenges in mobile banking
- Unawareness and skepticism.
- Platform scalability.
- Complex integration.
- Partnership model.
The Fear of Cyber security in Mobile Banking
The importance of cyber security has grown in many mobile banking operations. Cybersecurity includes various precautions to protect electronic data against theft and damage. It is also used to ensure that data, ranging from sensitive personal data to intricate government systems, is not exploited.
- Backdoor attacks, in which hackers take advantage of non-conventional ways of authentication to gain access to a system. Backdoors can be a deliberate feature of some systems or the result of human error.
- Attacks that cause a denial of service restrict the legitimate user from using the system. For instance, the account could be locked if thieves repeatedly enter the erroneous password.
- The direct-access attack consists of bugs and viruses that access a system and copy or modify its data.
We at Zil provide the best security system so that all your personal, financial data and money will be safe from criminals.
Banking has been evolving, and it still keeps on growing, mobile banking is one product of that evolution. More people are using mobile banking for their day-to-day tasks. So if you want the best mobile banking experience, our platform Zil will be the perfect option for you to bank through a mobile device.