Have you ever heard about Smartphones? If you think that the question is so old-fashioned, then you are living in the 21st century. Regardless of economic downturn, there is a strong demand for smartphones as more and more people want to use their cell phones to check e-mails, listen to music, and watch movies. As smartphone users increased, banks started to provide banking service applications from this April to seize a new market segment.
Most of regular cell phones do have mobile banking services, but a lot of people would rather go to the bank than try to use the services since it takes forever to finally access to them because of many complicated procedures. Smartphones, however, are equipped with very handy and actually useful banking services that do not require downloading many Active Xs that always pop up whenever you try to do something smart with the internet browser.
Being aware of the popularity of smartphones, many banks are now trying to provide their unique banking service applications. Especially, Hana bank provides “Hana N Bank”, which is a financial tool that can help you organize your incomes and outcomes and see your financial history, and it also provides a coupon service, which people can use in their vicinities. Moreover, the Industrial Bank of Korea (IBK) provides very simple and easy applications showing the whole service menus at once.
As many banks are competitively providing easier and faster banking service applications to acquire more customers, more than 100,000 smartphone users are enjoying their banking services. Shinhan Bank has now a biggest share of 40,000 members, followed by Hana Bank with 38,400 members, while IBK has about 19,904 members. In addition, a downloading number of banking service application of each bank is much more than its members, and this trend stimulates an increase of regular mobile banking usage as well.
However, being easier and faster turns out to have some security problems. In abroad, a smartphone has been hacked into for getting financial information, and the first malignant code was founded in Korea on April. 22. The security problems are not only caused by easy and simple applications with poor security systems that banks provided to get more customers, but also caused by people who are always seeking for easy and quick applications. Though people are realizing how dangerous smartphone banking services are, they still think that the service would definitely bring positive effects on their busy lives. It is true that smartphone banking services have a lot of potentials that smartphone users are hoping for. Yet, to realize all of these positive effects, the users must be cautious, while banks have to keep in mind that establishing the safest securities does always come first instead of making easy and simple applications that can attract customers temporarily.