With every industry etching their mark in the digital world, the banking profession is not behind. Today, customers need flexibility and ease of services, irrespective of the date, day and time. One of the major boons the banking industry has received through technology is the availability of their services online as well as on customers’ smartphones.
Although net banking is one service that is widely used, mobile banking is slowly finding its way to the top. Finance companies are building customer-centric solutions to ensure the mobile experience is smooth and trustworthy.
Customers are not as convinced to use mobile internet banking to that of net banking. The rectangular box comes with several complications and challenges. Mobile apps generally contain many security layers and should support different Android, iOS and Microsoft versions. Below are 6 tips to a secured banking over smartphone:
1) Additional security feature: A 4-digit password would not suffice in today’s time. Any hacker can crack the code and log in to your bank account. It is crucial to have an additional layer of security such as fingerprints or One-Time Password (OTP). This way nobody can deceive your account.
2) Use of NFC-embedded SIM card: An NFC-based SIM card is a way of downloading all your credit/debit card information into the Near Field Communication (NFC) SIM card. You can protect your account’s overall information without the usage/swiping of your card. It also means you are storing all your account information to the mobile internet banking.
3) Real-time SMS and email alerts: One of the best ways to secure mobile banking is by linking your accounts to an updated mobile number and email id. In case any fraudulent activity takes place, the bank will alert you over SMS or email. This way your account information will not get compromised.
4) Behaviour analysis: Your laptop, tablet or smartphones have your email and account details stored in the device. Whenever a secondary person tries to log in to your account or email from another location, you get notified about the same. You bank raises the red flag if they notice any suspicious activity.
5) Secure access: Users should use secured connections such as HTTPs that will store customer’s information safely between the browser and website. This avoids malicious activities as well.
Mobile banking can get better and safe if banks keep adopting newer technologies. Banks should also educate the customers and encourage them to use banking via smartphones.
Although net banking is one service that is widely used, mobile banking is slowly finding its way to the top. Finance companies are building customer-centric solutions to ensure the mobile experience is smooth and trustworthy.
Customers are not as convinced to use mobile internet banking to that of net banking. The rectangular box comes with several complications and challenges. Mobile apps generally contain many security layers and should support different Android, iOS and Microsoft versions. Below are 6 tips to a secured banking over smartphone:
1) Additional security feature: A 4-digit password would not suffice in today’s time. Any hacker can crack the code and log in to your bank account. It is crucial to have an additional layer of security such as fingerprints or One-Time Password (OTP). This way nobody can deceive your account.
2) Use of NFC-embedded SIM card: An NFC-based SIM card is a way of downloading all your credit/debit card information into the Near Field Communication (NFC) SIM card. You can protect your account’s overall information without the usage/swiping of your card. It also means you are storing all your account information to the mobile internet banking.
3) Real-time SMS and email alerts: One of the best ways to secure mobile banking is by linking your accounts to an updated mobile number and email id. In case any fraudulent activity takes place, the bank will alert you over SMS or email. This way your account information will not get compromised.
4) Behaviour analysis: Your laptop, tablet or smartphones have your email and account details stored in the device. Whenever a secondary person tries to log in to your account or email from another location, you get notified about the same. You bank raises the red flag if they notice any suspicious activity.
5) Secure access: Users should use secured connections such as HTTPs that will store customer’s information safely between the browser and website. This avoids malicious activities as well.
Mobile banking can get better and safe if banks keep adopting newer technologies. Banks should also educate the customers and encourage them to use banking via smartphones.
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