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Future of Mobile Banking System

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It is one of my semester project presentation along with my group members, of the subject "Management Information Systems", which covers the current and future aspects of Mobile Banking System. One of our team members is Ahmad Osman Salad who worked with us in the research of making this project presentation.

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Future of Mobile Banking System

  1. 1. Numan Ahmad Naseer Muhammad Masaud Ahmad Syed Shujat Ali Ahmed Osman Salad MOBILE BANKING SYSTEMS
  2. 2. MOBILE BANKING SYSTEMS
  3. 3. INDEX • INDEX • INTRODUCTION • HOW IT WORKS • POPULAR EXAMPLES IN PAKISTAN • MOBILE BANKING SERVICES • MOBILE BANKING SECURITY ISSUES
  4. 4. INTRODUCTION • Mobile banking is a system that allows customers to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant(PDA) • Mobile Banking is a range of services, products, tools and calculators, customized for and accessible on your mobile
  5. 5. HOW IT WORKS
  6. 6. HOW IT WORKS • Mobile banking enables mobile phone users to: Access basic financial services even when they are miles away from their nearest branch or home computer.
  7. 7. STATS • Mobile banking is already flourishing. But in the United States, only about 10 percent of consumers about 1.7 million people currently use their cell phones to conduct bank transactions.
  8. 8. POPULAR EXAMPLES IN PAKISTAN • Easypaisa • Mcb mobile • Timepey • Mobicash • Upayments • KASB Mobile Banking • Almost Every Banks Provides His Own Service
  9. 9. POPULAR EXAMPLES IN PAKISTAN
  10. 10. MOBILE BANKING SERVICES Mobile Banking is generally used for: • Money transfers • Financial services • Payments • Investments • Cheque book and card requests
  11. 11. MONEY TRANSFERS Users can send money using their phone to any other customer in the country by: • Depositing • Withdrawing
  12. 12. FINANCIAL SERVICES It Includes: • Solutions • Facilitating savings • Insurance (according to the country)
  13. 13. PAYMENTS It Gives users a way to: • pay their bills (and buy mobile phone credit) • pay for goods at shops that accept Orange Money electronically without cash
  14. 14. INVESTMENTS • Allows Investing Without wasting Time • Consume Less time While Investing • Strong And secure Network to prevent any Mishap
  15. 15. CHEQUE BOOK AND CARD REQUESTS It Includes: • Exchange of data messages • Email including complaint submission and tracking • ATM Location
  16. 16. MOBILE BANKING SECURITY ISSUES • Rapid growth • Need for new security controls • More players, More risks • Privacy issues • Role of consumers • Anticipating Risk
  17. 17. MOBILE BANKING SECURITY ISSUES
  18. 18. RAPID GROWTH • Because the channel is convenient and can be customized • Users are migrating from PC banking and payments to mobile • The more mobile users, the greater the security risk.
  19. 19. NEED FOR NEW SECURITY CONTROLS • Symantec in its just-released Internet Security Report says targeted attacks on mobile phones are increasing • Financial institutions must be diligent in their efforts to keep up with emerging mobile threats • That means they have to make investments in security controls specific to mobile.
  20. 20. MORE PLAYERS MORE RISKS
  21. 21. MORE PLAYERS MORE RISKS • The mobile system depends on a number of players • Device manufacturers, operating systems, network operators, application developers and others all are involved • And they all need to address security
  22. 22. PRIVACY ISSUES
  23. 23. PRIVACY ISSUES • Revolving around geo-location will become more critical • As more mobile technologies emerge, institutions will have to balance customer and member convenience with security and fraud prevention
  24. 24. ROLE OF CONSUMERS
  25. 25. ROLE OF CONSUMERS • Financial institutions must develop strategies to educate their customers • Members about actively managing their own mobile-device security
  26. 26. ANTICIPATING RISK • Banks and credit unions must balance innovation with fraud protection • More threats will emerge as adoption grows • Anticipating new risks will be paramount

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