It’s no surprise that more and more people are doing money processing at home, using an online banking system. What’s interesting is that a significant number of people are starting to do their money processing using their mobile phone, and these numbers are increasing every year.
Banking online with your phone allows you to conduct many of the standard transactions that are currently possible when doing money processing with your computer. Checking your account information, monitoring different investments, bill payments and electronic transfers of funds are all possible with mobile money processing. Currently, it is the younger generation that is more comfortable with performing financial transactions on the internet; the majority of users simply review transactions and check funds.Homebanking
Online banking from a computer presented some unique challenges regarding security, yet there are even more obstacles to overcome with mobile phones, since the wireless networks need to be strong enough to prevent unauthorized access and theft of data and/or funds. Because most mobile phones are so small and they get carried everywhere, there is a high chance that a phone will become stolen or lost, and if that happens then there needs to be strong enough online banking software and security systems in place so that online checking accounts and other information cannot be hacked into.
In addition to security concerns, the other challenge that online banking through mobile devices faces is keeping up with the future. As mobile phone users increase and banking online does the same, mobile phone companies and banks will need to foresee the demand and take steps so that customer needs are met. This involves the compatibility of the hardware (i.e. the phone) with online banking security systems, since there are numerous phone companies and even more types of phones; it also involves the infrastructure of mobile money processing and making sure that problems are addressed quickly and new procedures are put into place to deal with new situations as they arise.
The future of money processing on the internet is with the mobile phone. Bluetooth technology, portability and convenience is what it is all about these days, and in addition to “play” by watching videos and listening to music, “work” aspects like using the internet for business needs are very important. Using your phone to check your account balances and do business banking online from wherever you are is only a short time away. Once the security and support issues are taken care of, this will likely be how most people will do their money processing.