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    Thread: What Are The Challenges Of Mobile Banking In your Country?

    1. #11
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      What Are The Challenges Of Mobile Banking In your Country?
      Well i dont know about other countries, but in my country mobile banking is not that perfect, yet, just recently i still have to go to the bank to file a complain about the mobile banking app, why? because i just get a new phone, while trying to reactivate the banking app on the new phone it keep telling me i have exceeded the maximum activation of phones which is 10, i complain and they told me it will work, and this is a week after, it hasn't work.
      so technical, we are still having issue, and also security wise, the mobile banking is not safe as well, hopefully they will work on this problems soon, because i personally, am getting fed up.


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    3. #12
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      We have mobile banking in our country but I don't think that the masses are ready for it yet because of the security issues we may face in using it. Not all bank clients are aware or up to date with the latest trends in technology especially that deals in internet security system. Hacking will be the main problem of mobile banking because there's a lot of android malware that can easily infect mobile phones and steal owner's information. A lot of smartphone users don't even bother to use antivirus on their devices which is almost the same as handing your password to stranger. I don't even transact in mobile banking because my phone is outdated and have some bloatware installed that I don't know if it's safe or not.


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    5. #13
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      Mobile banking is a good option for us to send money from any part of the country. It helps to send money when it necessary. But It has some challenge to perform. In bellow I discuss it.
      1. Mobile banking is a complicated transaction for the uneducated people
      2. Rural people feel afraid to make financial transaction like mobile banking
      3. To transfer money from any part of country is so much expensive .
      4. Sometime system has some problem then we can not send or transfer money
      5. If we carry money in our mobile then it is more risky than a bank

      Beside this mobile banking so risky when we carry money .many people lose their money if they transfer money in wring number.so we should be serious when we transfer money.to remove some disadvantage mobile banking has huge positive side.


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    7. #14
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      Mobile bank account is a revolutionary innovation that has helped many people gain financial services even without stepping into the premises of the physical bank address, but this can also create problems if there are any security issues:
      A) Hackers Threat
      The number issues that is being faced by those who use mobile banking applications is the threat from Hackers, someone was caught sometimes this year, he said that the security system of all the banks and financial systems in the country are very weak, this can make any good hacker to access the account of anyone at will, this is a serious problem for users
      B) Failed Transactions
      When you use the mobile application, you can experience a transaction that fails, this has happened to me several times, it could take days or even weeks to have the transaction rectified, during this period, you may be stranded financially if that is the only money you have which has been trapped.
      C) Lack of Account Security
      If your bank does not have a good security system for their application, this could expose your account to anyone with a bad intention to have access to it, before you download any application from the mobile stores, there has to be some verification to know that you are downloading the official app.


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      There are many challenges of Mobile Banking in our country and those are as follows :-

      1. Hectic process :- In the developing countries many people thinks its a hectic process because here we have to go to the bank to get the password and there we actually have to fill the form by giving the reason of such application usage .

      2. Security fear :- Now also many educated people even think that they are not secured about the mobile banking because its online and thus there is always a fear of losing the important informations and password hacking possibility .

      3.lack of Knowledge :- Not all the customers are having sound knowledge about the features and thus they are having a fear of mistaking while using .

      4.upgrade mobile version :- Every person is not having upgraded mobile android version and for that every customers if they want also can't use .

      5.Internet connectivity problem :- Now also in developing countries the internet speed connectivity is not satisfied and for that not every part of the World is now also free to access webpages in a faster manner .So obviously the usage of this will be disturbed.


    9. #16
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      Mobile banking in my country, has improve the banking system a lot, even though there is still yet to be some perfection, with the mobile banking system, a this makes lot of user to encounter some challenges like the
      electronic fraud: fraudulent behaviors has been taking to another level since the implementations of mobile banking, because the likes of atm card can be easily snatched and funds get withdraw.
      high insecurities of banking system in my country: hackers sometimes do hack the banks firewall and this easikly caussed them to loose money and so is their client through the mobile banking.


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    11. #17
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      Portable Banking alludes to arrangement of banking and monetary administrations with the assistance of versatile media transmission gadgets. The extent of offered administrations may incorporate offices to lead bank and securities exchange exchanges, to direct records and to get to altered data. Otherwise called M-Banking in Nigeria or in certain cases SMS Banking and so on. It is a term utilized for performing balance checks, account exchanges, installments and others exchange administrations by means of a cell phones. Some versatile Banking applications in Nigeria use pre customized designs settings.
      The challenges in building up a modern portable financial application are Interoperability. The single purpose behind is the way in which cell phone applications developed after some time, gadget producers concentrated on specific standard and this prompted a multiplication of utilizations .The Financial Regulator CBN should look in this issue at this beginning time so Mobile Banking biological community can be vigorous with National standard that cuts over all Banks. Bank explicit Mobile Banking stages is much the same as having each bank conveying its very own ATM Technology which other bank clients can't get to.Interoperability can also help to evolve a standard that will enable low end phones which are currently excluded, to do Mobile Banking. Some countries like India and South Africa are already using some standards like R-World and USSD.


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    13. #18
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      Several factors including technical and security standards, regulatory and supervisory issues and business and legal issues were found to be the greatest challenge of mobile banking implementation in Nigeria.
      Another challenges in developing a sophisticated mobile banking application are Interoperability. The single reason is the manner in which mobile phone applications evolved over time, device manufacturers focused on particular standard and this led to a proliferation of applications .The Financial Regulator body CBN should look into this issue at this early stage so that Mobile Banking ecosystem can be robust with National standard that cuts across all Banks.


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    15. #19
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      I hail from Nigeria, a country considered to be the giant of Africa. Generally we are a bit technologically developed, this has affected our growth in so many areas, the banking sector inclusive. Mobile banking has made life easier and transactions easily done at the comfort if everyone, this doesn't rule out its challenges. Here, we sometimes have network problems, mobile app hitches which sometimes crashes and data to access internet is relatively expensive. It still depends in the bank someone is using, some banks mobile apps are better than others. Some banks have relatively bad services.


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      The banking mobile app is one of the best app developed in the banking system as itís aim is to make transactions easy and working 24/7. But as good as it is, itís Deficiencies and disadvantages cannot be over emphasized. This are the ones faced in my country.

      Firstly: The signing or first time registration for a new user. Itís pretty hard for a new user (if you just opened an account) to download and just sign in to the app. You will have to go to the bank or see a bank official to get userId.
      Solution: This shouldnít be the case, every user should be able to get an OTP or some sort of code to set up their account themselves, since the aim of the app is to create ease.

      Secondly: Another pressing issue is reversal of fund when thereís a transaction error or mis-transfer of fund. Itís takes forever to reversal such fund in this scenario as you to go the your bank physically and filled a complaint or fill certain forms.
      Solution: There should be an auto reversal of funds every time such error occurred and thereís high use of fund every moment.

      Thirdly: Another notable issue that needs to be addressed is that of security, mobile theft is increasing daily, if youíre unfortunately to lose your phone to them and they get your password or bypass it, voom! Your account is gone and youíre doom!
      Solution: more security measures should be taken from both the users and the bank.


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