Mobile phone plays an essential role in many facets of our lives. Online banking is a comparatively new concept. Convenience of being able to transfer funds between accounts, while traveling you pay your bills or verify whether the transaction is posted to your account from your cell phone. Mobile banking provides customers to do these things.
The main headache for users is the security of financial proceedings during mobile banking or Internet. The banks have different schemes to keep financial information secure.
Many banks ask your username and password to confirm that a picture shown is the previously selected image. This picture controls security against cyberpunks who can record keystrokes and therefore know your passwords, but can not see the security picture.
The banks commonly use two different matheds for their banking products. First the banking functions accessible through internet application designed to work via WAP. The other standalone application put in you cell that is specific to the product of your bank. Such applications must be developed to work with the increasing variety of various cell phones available in market and should take into account factors that are unique to cell phones.
Many banks are providing mobile banking services to their customers, so that banking more available and more convenient for everyone.