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4 Security Benefits of Using Mobile Banking Apps


Mobile banking capitalized on the successes of online banking by preserving the immediacy of transaction, as well as levelling up the convenience factor. But one thing mobile users don’t know is that mobile banking apps improved upon the security aspect of remote banking as well.

To learn why this is so, one need only to look at the way banking infrastructure has evolved to be more mobile-friendly, and what added security measures banks take for a task such as mobile account opening.

That said, the use of mobile banking apps yields several unique security benefits, and some of the primary ones are:

  1. Better protection from mobile devices as compared to laptops and PCs. Recent smartphone models boast several high-tech features, and these optimize those phone models for use in complex applications like banking. But in addition, these phones undergo constant upgrades in their cryptographic hardware, or the hardware that makes it easier to protect your sensitive data. Some features on your phone that you can attribute to better security are its sensors and cameras. Taken together, these features can enhance the mobile banking experience in a way that ordinary password-protected laptops and PCs can’t.
  2. Bank protocols for mobile banking functions. The banks themselves also adopt enhanced safety protocols for mobile banking, such as encryption, tightened identity verification, and storage of mobile banking data in a secure data centre. If your phone is stolen and a malicious agent wants access to your banking details, it will be much harder for them to pull anything fast from the unit; the bank will deploy safeguard measures like authentication and will be able to determine whether the device is in the right hands.
  3. Safe, streamlined, and adaptable fund transfer methods. Today’s mobile banking apps can fulfil a number of transaction methods in a manner that is both timely and secure. One example is that of real-time settlements made through the Faster Payment System (FPS), which can be achieved from bank-to-bank or from person to person. Some apps can also safely assist in banking transactions that require a handwritten signature, making processing and approval even faster.
  4. 24/7 security as well as convenience. Ultimately, mobile banking apps proffer the twin benefits of round-the-clock security and round-the-clock user convenience. Mobile users are assured of a means to complete their everyday transactions without interruption to their time, mobility, and personal circumstance. The app infrastructure that promises seamless delivery of service on a 24/7-time frame also promises optimum security and protection to its customers.

A Case Study in Successful Mobile Banking: SC Mobile

Hong Kong mobile users can benefit from such innovation from an app like Standard Chartered’s SC Mobile. SC Mobile is an example of a banking app that enables easy digital payment, topping-up of mobile wallets, and currency management across banking accounts. The app only demands that one own a mobile phone with an operating system (OS) that is compatible, as well as a front camera, back camera, and gravity sensor to help the app accomplish its security measures.

Mobile account opening through SC Mobile is also a breeze for new customers: all it entails is taking a selfie with a valid Hong Kong ID, downloading the official mobile app, uploading the photo with the ID, inputting relevant personal information, choosing from the menu of SC Mobile’s banking services, setting up a username and password, and waiting for the same-day notification of approval. Once those steps are completed, SC Mobile allows for the secure completion of transactions like FPS settlements and QR Cash, or cardless cash withdrawal. Such a service truly marries customer safety and customer convenience.

Conclusion: How to Reap the Security Benefits of Using a Mobile Banking App

If you want to integrate new mobile banking apps into your daily routine, then you should exercise a little due diligence. Make sure that you’re using a genuine version of an app released by the host bank; also take notes on how other users have judged its performance, such as through reviews and ratings. For additional safety, you can also opt to download any free security software provided by the bank.

Banking infrastructure is always on the cusp of improvement – and based on current industry developments, there’s a palpable shift in improving services expressly for mobile-friendliness. Mobile users are truly on the receiving end of banking innovation, and it’s exciting to witness banks and customers solidifying their relationships as a consequence.

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