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SiteKey: Adding Security M-Banking through Mobile Application Development

It is not hard to believe that the mobile industry satiates business aspirations of every individual. Right from businessmen to developers, mobile industry is phenomenal to everyone; for enterprises too have realized its potential. Today, even banks are reaching out to potential customers offering worldwide support and easy access to banking services. Android and iPhone being two major platforms, global banks such as Bank of America, PNC bank, etc. launched their mobile applications on these platforms.

The term M-banking, m-commerce and SMS banking are related to the concept of online transactions or net banking. Through mobile application development, it is easy to perform balance checks, account transactions, premium payment, apply for loan, etc. Now, fixed deposit is a matter of 5 minutes. Recharging your phone online through your bank account is a matter of only a few seconds. Recently, I applied for a personal loan from my mobile on the go. However, the crucial question that still arises in each user’s mind is how safe are these apps do mobile app developers in India, create?  Are customers being exposed to security threats?

Technology wins consumer trust. According to the survey by a prestigious mobile application development company, about 53 percent of the total smart phone users engage in online transactions through mobile applications. Banks are active and conscious about adding stringent security. Recently, Bank of America added an interesting feature called Sitekey. It’s a very useful feature to combat phishing acts. When users sign up for mobile banking, the device asks for a phrase which is displayed before you enter your password. Users key in their password only after the display of correct Sitekey.

Offshore mobile applications development has proved useful in securing banking information. Mobile apps have proved useful across the multiple institutions. With the advancement in technology, banks are adopting every necessary step towards intrinsic security.