Innovative Secure Mobile Banking Services

Due to the widespread use of computer technologies in almost all aspects of life, organisations that are connected to the Internet started extending their services to their customers to include new applications and services that satisfy their customers’ desires to make better businesses. One of these emerging applications is mobile banking. The term mobile banking (or m-banking) describes the banking services that the user can perform via a mobile device ubiquitously at anytime and from anywhere. In order for users to access their accounts, they need a mobile device and network connectivity. Therefore, sitting in front of a computer is not a requirement anymore; accessing accounts can occur while users are waiting their turn at the dentist clinic or relaxing at the beach! This paper explores the opportunities of using mobile technology in the electronic banking (e-banking) sector to enhance existing banking services by moving toward m-banking using mobile devices and wireless media that can provide opportunities for ubiquitous access to the banking services as mobile technologies can be used at anytime and from anywhere. The technical problems encountered while using the mobile devices presents some technical difficulties and challenges for the m-banking. In this paper we introduce a mobile system that demonstrates the flexibility gained out of this technology and covers the major aspects of such kind of applications. The proposed system covers two parts: the customer services (user interface) and the security aspects. In the user interface part, banking facility is provided to the user through the mobile device to implement banking transactions. The model provides customers with the services: billing payments, transferring of funds, viewing of customer’s accounts and transactions, allowing the user to change his/her password and request a cheque book. The application takes into consideration security aspects, it satisfies the following security requirements: Authentication, Confidentiality and Authorisation. This paper introduces the advantages and disadvantages of using mobility in the banking sector. Furthermore, this paper also presents the security, suitability and feasibility aspects of using m-banking in terms of technology and usability.