The development of mobile banking is facing challenges, mainly because the applications used to support it are wanting in more ways than one. Let us take the case of the Interactive Voice Response, or IRV. This application only allows for enquiry services. As convenient as this might be in saving time and resources, its major drawback is that transactions cannot be carried out using IRV.
The same can be said for the SMS application. However, a solution to this can be found in the WAP technology. In mobile banking, WAP, or Wireless Access Protocol, applies a concept similar to that applied by e-banking. This is made possible by banks who maintain Wireless Access Protocol sites which their clients can access using a WAP enabled mobile phone or PDA. WAP forms support HTML forms and can be programmed with a host of security measures to make them more secure. This way, customers can be able to enjoy the full banking experience through mobile banking. In addition to the customary enquiry and transactions services, customers can conduct more sophisticated transactions, like brokerage transactions involving stocks transfer through their mobile phone.
How does Wireless Access Protocol technology work?
The mobile banking Wireless Access Protocol supported application requires the hosting of a WAP gateway. The gateway or hub consists of a server where the bank information files are stored. Mobile banking applicants access the bank’s site via the WAP gateway to carry out transactions. The WAP gateway links the mobile network to the Internet.
I really dont see this as a safe way of banking, its hardly secure.
James Service 12th February 2009 @ 11:23