Using Banking or Financial Applications on your Mobile (Part I: Is it for Me?)



 Mobile banking has come a long way since we could start getting information on latest financial rates at the touch of our "send" button. In developing parts of the world, cell-phone banking gave people living in rural areas a chance to access banks, what they were previously not privy to. They could pay bills, send remittances and even conduct savings and withdrawal transactions.

 
Check out various websites, including this, for mobile financial apps you can download.
 
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This issue, we share some trends & concerns on such mobile apps on how it can work FOR YOU. If it has not, it will in future!
 
Easier is always Better
According to a 2009 study of the mobile financial services industry by comScore Inc, users' adoptions of mobile financial services is dependent on their device technology (ie. Smart phones) and high bandwidth (3G) networks. Mobile web-browsing is more popular than mobile apps for accessing mobile banking services, probably to greater ease of use with the former. This definitely sends out a message for financial institutions to beef up their developments of simple, easier to use mobile financial apps in order to create a higher usage, and possibly, more market share. Seamless integration in apps were also found to be important, e.g, taking the user from his expense sheet right up to performing an actual funds transfer transaction.
 
The More, Me Merrier
In Singapore, even with the telcos at war over service and price plans, the vast majority of us are still not getting free data-plans for our mobile use. (Hands down you lucky souls who have that privilege). Thus, with at least a nominal fee to pay, we're stuck with a fixed amount of byte-sized data transfers to contend with, which we might really want to put into better use, like posting our latest photos on Facebook on-the-go, than mobile financial apps. Unlimited, near-unlimited data plans are thus important for the proliferation of mobile financial apps usage.
 
Is there Security on-the-go?
There are also security challenges facing both the developers and its users. If you’re going to access sensitive personal or financial information via your phone, be mindful to avoid the threat of identity theft. For example, if you have a BlackBerry or iPhone, you can view your online stock portfolio or bank balance. All of this personal information could be potentially exploited when you’re sending it across the Internet - whether by your phone or computer. Viruses are one way that identity thieves steal your personal information. To take precautions, search your phone’s application store to see if your phone has an antivirus application. You might also want to purchase an off-the-rack safeguard tool like this from Norton before you begin
 
Perhaps Gerhard Romen, director of financial services at Nokia sums up the phenomenon the best: "The paradigm of the future", he says, is: "If I want to send you money, the only thing I need to know is your mobile number."
 
Share your views here and take the poll too! Good stuff's in store very soon!
 
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To all our Chinese readers out there, HAVE A HAPPY LUNAR NEW YEAR!
 
Amanda Chong
Editor @ Qotion