Mobile Banking and Commerce

Source: albumcustom.blog.com

The rapid technological advances in mobile-based technologies have created opportunities for new and innovative mobile services. Some of the most promising, while still marginally adopted, is mobile banking. Many commercial banks in Malaysia have tried to introduce mobile banking systems to improve their operations and reduce costs because bank branches alone are no longer adequate to provide banking services to cater the needs of demanding customers. Therefore, the provision of banking services through mobile banking has provided an alternative means to acquire banking services very convenience and timely to bank customers.

In May 2009, Maybank became the first financial institution in Malaysia to introduce a free banking application, M2UMap on the newly launch iPhone. Later, CIMB Clicks was introduced by CIMB Bank Berhad which went on to be the most popular and widely used banking app in Malaysia. Ostensibly, almost all the bank in Malaysia offers mobile banking services.

Source: allianceonline.com.my

While mobile banking apps let us pay our bills, check account balances and deposit checks right from our smartphones – all of which can save trips to the bank and make life a bit easier. However, security concerns about using these apps abound and shouldn’t be taken lightly.
For your information, mobile banking is still a relatively new practice that carries numerous risks, from the presence of malware on apps, fake banking apps created by fraudsters, data hacking on public Wi-Fi networks, and all the issues that can arise if you lose your smartphone.

Please click on the links on articles and here for the reference: 


Author: KOH YEE CHIANG (B1400838)