The Era of Smartphone Banking


Bonjour everyone~!

As the spring of this year starts to permeate our shirts, it’s getting warm and makes people constantly want to go out and take a stroll. But since the temperature is changing through the day, I hope all our readers take good care of themselves and dodge any illness.

The subject I am going to present today is increasing popularity of Smartphone banking. 5 or 6 years ago, it’s quite prevalent that people visit any nearby branch or pick up a phone to execute transactions, which is called Telebanking. But, nowadays, what spends much of our time in our hands everyday? Yes, phone. Not just a phone, but a Smart phone, which became a must-have item for all people these days and keeps people on the network 24/7. Not long after people got to know and started using Internetbanking, Smartphone emerged and now, as a great tool and a solid bridge between the internet and a mobile phone, it’s grown to be not only a useful and convenient way for people to access to their bank accounts but also a fantastic increasing channel for the banks to get to their customers and meet their needs in a timely fashion without bearing higher cost to set up branches and send out more personnel.


 As more people use Smartphone banking, however, a notable    problem has been buoyed. That is what we are always concerned about when it comes to the network – security. The problem is that smart phones are much more vulnerable to hacking than computers are. Not many defense systems to prevent information leaking from smart phones has been developed and put to use in practice by people. Besides, No specific guideline for the use of Smartphone banking hasn’t been adopted yet. Also, just as pharming, hackers are trying to create fake applications that just look like the apps that financial institutions have made and put them on the black market.

According to the survey by Infosys, a business consulting company, 50% of mobile banking users and 63% of non-users avoid registering for Smartphone banking due to the security breach.

Then isn’t there any way for us to prevent any risk in using Smartphone for banking?

It’s hard to protect ourselves from these problems perfectly but some suggestions that we should know and follow for maximized individual safety are as follows:

  • Download the apps through publicly informed links or guides released by financial institutions.
  1. Avoid saving any financial information on your phone and using auto-login.
  2. Change passwords regularly.
  3. In the event of losing your device, cease all lines of financial service immediately.
  4. Delete all important information before a repair or replacement.
  5. Use SMS or OTP
  6. Avoid changing the setting of the devices(e.g. rooting)
  7. Perform regular update and use vaccine app.
  8. Set the auto-lock and change the password regularly.
  9. Beware of Unidentified or unlocked WIFI.


As shown above, there are many merits and demerits in using a Smartphone for personal banking. With the suggestions above in mind, I hope our readers could enjoy the convenience and efficiency of Smartphone banking on more secure basis

 By Sang Hee Yu  (


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