With more and more people jumping on the mobile banking bandwagon, it is inevitable that a few hiccups will be experienced sooner rather than later. The fact that mobile banking is a relatively new technology, electronic fraudsters are likely to have a field day preying on naive victims. A good number of these victims are more likely to be comprised of the senior citizens who are technologically savvy and so might have a hard time adapting to the new technology. That aside, mobile banking is likely to face these other challenges:
Lack of a singular and common protocol will render great impedance to the growth and development of the mobile banking phenomenon. Currently there is no standard guiding mobile banking, and as a result a number of protocols are in use. These protocols include – HTML, WAP, SOAP and XML. This means that a customer using more than one bank might have to result to having a number of mobile phones. Not many mobile phones can support all of these applications.
Software upgrading is another issue that can be anticipated. It would be prudent of banks and other financial institutions that intend to adopt the mobile technology to come up with software that will be able to check for available updates and update itself automatically. Otherwise, many clients will end up being denied the full mobile banking experience as a result of an out-of-date software.
Also, as a result of the large number of people owning a mobile device and given that mobile banking services will be running for 24 hours a day 7 days a week; the number of clients is set to increase exponentially. Banks and other institutions should implement the necessary measures to cope with this increase.