Mobile phones and the Internet are changing the banking

[Biggapp]

I still dont like doing personal stuff on my smartphone where google is like monitoring every one of our moves. Personally many of these news are propaganda news and FUD in nature but many are true as well. No one knows which one is actually true and not everyone of us can build their own smartphone for using. I prefer to use my computer to do online transactions though there is not much difference with that. But for banking and all I would rather do it physically by going to the bank even if I feel lazy.

In my country the world is the same. There is no big effect especially on banking due to mobile phones and internet. Yes I agree that transaction is ore easy through internet. It is one advantage of internet to the local community. Still many people do not use these ways for their trading and investment. In my locality almost all the people use the old ordinary methods of sending, receiving and investing.

It is not good to become so disappointed that early my mate just waits for the convoy of the bitcoin users, each day a new member is getting into the convoy of the bitcoin. It is getting more high and it is for sure soon it will become the legal currency and at that time all the banks will have to accept bitcoin and to invest in bitcoin so it is the right news  just wait and watch.

[Nisharawal]

Yes i agree that the Mobile and Internet banking wont be the same after few years, as it is evolving and developing year after year. Before few years internet banking was not used by many people but today even children of 15 yrs are great in operating it and the credit goes to Smartphone and Internet. Even i am using the internet banking from past few years and i can see that people are really moving fast with the fast moving digital generation, let's see how does it moves and improves in future.

[nskendrovic]

Mobile phones and the internet are definitely changing the banking industry. Central banking system is getting thrown out the window in replace of a new one.

[777Bitcoin]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

[yugyug]

Mobile phones and internet are changing the banking and finance industry, newly developed countries most in Asia are rapidly adapting this mobile banking bandwagon but the widespread of mobile banking has also a threat to personal and financial security where most mobile devices, routers and other internet  devices are came from China. There are rumors that some Chinese chip manufacturers for mobile devices are injecting malicious codes or programs that can track your activity and can sniff your personal data like passwords, banks accounts and contacts, we don't know how true it is but if it is the case, this is the Chinese biggest secret weapon, the data invasion.

[ipanks]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

it is a good option for you and i think if its be done in other country then we can changing the banking services although its far beyond from now but i am sure that in future, we can do this with easy. it is good for us to know that there is a wallet that could convert our bitcoin to our local fiat and send the amount to our bank account or our debit/credit card so we don't have to difficult to spend the money. we just only need to use our debit/credit card to buy something.

[klf]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

In some debit cards, you no need to do anything just send bitcoins to that wallet and can go to ATM to withdraw your money. In XAPO account you just send bitcoins and then you can straightway withdraw money without any additional work like converting into your local currency. They automatically deduct the fee and other conversion charges from your account.

[Hydrogen]

The main concern with smartphones are them being the weakest link in a chain, from a security and attack vector perspective.

It is known that many smartphones may have backdoors built into them which allow for monitoring/data mining/state surveillance. Here is an example of this in action:

Pre-installed Backdoor On 700 Million Android Phones Sending Users’ Data To China

WASHINGTON — For about $50, you can get a smartphone with a high-definition display, fast data service and, according to security contractors, a secret feature: a backdoor that sends all your text messages to China every 72 hours.

Security contractors recently discovered preinstalled software in some Android phones that monitors where users go, whom they talk to and what they write in text messages. The American authorities say it is not clear whether this represents secretive data mining for advertising purposes or a Chinese government effort to collect intelligence.

International customers and users of disposable or prepaid phones are the people most affected by the software. But the scope is unclear. The Chinese company that wrote the software, Shanghai Adups Technology Company, says its code runs on more than 700 million phones, cars and other smart devices. One American phone manufacturer, BLU Products, said that 120,000 of its phones had been affected and that it had updated the software to eliminate the feature.

https://www.nytimes.com/2016/11/16/us/politics/china-phones-software-security.html?mcubz=3

Here's another example of smartphones not being the most secure platform:

An Obscure App Flaw Creates Backdoors In Millions of Smartphones

FOR HACKERS, SCANNING for an open “port”—a responsive, potentially vulnerable internet connection on a would-be victim's machine—has long been one of the most basic ways to gain a foothold in a target company or agency. As it turns out, thanks to a few popular but rarely studied apps, plenty of smartphones have open ports, too. And those little-considered connections can just as easily give hackers access to tens of millions of Android devices.

A group of researchers from the University of Michigan identified hundreds of applications in Google Play that perform an unexpected trick: By essentially turning a phone into a server, they allow the owner to connect to that phone directly from their PC, just as they would to a web site or another internet service. But dozens of these apps leave open insecure ports on those smartphones. That could allow attackers to steal data, including contacts or photos, or even to install malware.

"Android has inherited this open port functionality from traditional computers, and many applications use open ports in a way that poses vulnerabilities," says Yunhan Jia, one of the Michigan researchers who reported their findings at the IEEE European Symposium on Security and Privacy. "If one of these vulnerable open port apps is installed, your phone can be fully taken control of by attackers."

https://www.wired.com/2017/04/obscure-app-flaw-creates-backdoors-millions-smartphones/

There are other potential issues with smartphones in financial transactions.

There's a push for lower smartphone encryption standards by intelligence agencies. There's the potential for cellphone signals being wirelessly intercepted and decoded to mine passwords and other personal data. As usage of cellphone based payment and monetary transactions increase, the number of viruses and malware which target cellphone platforms are also likely to propagate.

Smartphones are very convenient. Whether they can realistically be secured is another question.

...

I would like to re-iterate the above and mention that while backdoors on smartphones haven't yet been used to steal financial details of the 700 million+ phones it affects. It may only be a matter of time before that becomes a real issue.

There are cases of scam and theft involving crypto but for the most part those may be a handful of cases and a limited occurrence. Its probably nothing near on the scale of magnitude 700 million people potentially being scammed/robbed via cellphones could rival.

[barrystark]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

In some debit cards, you no need to do anything just send bitcoins to that wallet and can go to ATM to withdraw your money. In XAPO account you just send bitcoins and then you can straightway withdraw money without any additional work like converting into your local currency. They automatically deduct the fee and other conversion charges from your account.

WARNING KLF WAS HACKED last month, please do not trade this guy !!!    , proof https://imgur.com/a/LEagy  DO NOT TRADE !

[sasaki111]

Mobile phones and internet are changing the banking and finance industry, newly developed countries most in Asia are rapidly adapting this mobile banking bandwagon but the widespread of mobile banking has also a threat to personal and financial security where most mobile devices, routers and other internet  devices are came from China. There are rumors that some Chinese chip manufacturers for mobile devices are injecting malicious codes or programs that can track your activity and can sniff your personal data like passwords, banks accounts and contacts, we don't know how true it is but if it is the case, this is the Chinese biggest secret weapon, the data invasion.

Too many convenient in the mobile phone services will lead to the unsecurity of your bank account when your mobile phone is lost. In my country there is an app that can transfer money from this account to other account without a password ( cause the owner use the option " Always remember password". Then the thief takes away his mobile phone and his money in bank account. So you should need at least 2-FA code protection. Make the way to your bank account more complicated for security.

[Sled]

Banking is not only in the banking from the banks anymore because you can do more advanced banking by having cryptocurrencies. Cryptocurrencies is one of the best way to have banking because when you put money in cryptocurrencies then you will have a chance to grow it with a higher interest rather than the traditional way of banking and it can be all done using mobile phones and internet only.

[Daimon88]

I can hardly remember when the last time I went to the bank, the banking system in the digital world was influenced by the system, maybe easier but we can not touch the real money

I think in this modern age of technology, almost all of us are looking for more comfortable ways of handling the things. And there is no other better way to handle the things especially money than sitting in your room in front of your laptop. Internet has no doubt made our lives very much comfortable.

[777Bitcoin]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

it is a good option for you and i think if its be done in other country then we can changing the banking services although its far beyond from now but i am sure that in future, we can do this with easy. it is good for us to know that there is a wallet that could convert our bitcoin to our local fiat and send the amount to our bank account or our debit/credit card so we don't have to difficult to spend the money. we just only need to use our debit/credit card to buy something.

Yes it is best options for me now and they're customer services deserve a thumbs up. Never have an issue with this pattern of cash out for me. You can do it in fraction of time, less transaction fess and so much option to choose from. They're confirmation is instant from converting, receiving and cashing out. It was good to have it on phone for mobility. Banking system and technology works best with bitcoin.

[stomachgrowls]

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

it is a good option for you and i think if its be done in other country then we can changing the banking services although its far beyond from now but i am sure that in future, we can do this with easy. it is good for us to know that there is a wallet that could convert our bitcoin to our local fiat and send the amount to our bank account or our debit/credit card so we don't have to difficult to spend the money. we just only need to use our debit/credit card to buy something.

Yes it is best options for me now and they're customer services deserve a thumbs up. Never have an issue with this pattern of cash out for me. You can do it in fraction of time, less transaction fess and so much option to choose from. They're confirmation is instant from converting, receiving and cashing out. It was good to have it on phone for mobility. Banking system and technology works best with bitcoin.

I do have an idea on what local wallet you are using because i do have the same experience too on my local wallet.Once i recieve funds on bitcoin form i do easily convert it on a matter of single click then it exchange to local value then you can opt out on cashouting it without or less fees involved and that transaction would only happen on a single day depending on the confirmation of such withdrawal.

[Nerman]

Mobile phones and internet are changing the banking and finance industry, newly developed countries most in Asia are rapidly adapting this mobile banking bandwagon but the widespread of mobile banking has also a threat to personal and financial security where most mobile devices, routers and other internet  devices are came from China. There are rumors that some Chinese chip manufacturers for mobile devices are injecting malicious codes or programs that can track your activity and can sniff your personal data like passwords, banks accounts and contacts, we don't know how true it is but if it is the case, this is the Chinese biggest secret weapon, the data invasion.

Too many convenient in the mobile phone services will lead to the unsecurity of your bank account when your mobile phone is lost. In my country there is an app that can transfer money from this account to other account without a password ( cause the owner use the option " Always remember password". Then the thief takes away his mobile phone and his money in bank account. So you should need at least 2-FA code protection. Make the way to your bank account more complicated for security.

There are always pros and cons to everything. Right now bank and financial institutions are still developing ways to make sure that our money will be safe but scammers and phising sites are always creating new ways to get account  information. I think they also need to intensify their customer education on how to avoid scammers.

[NewBet]

Yeah man I cannot tell you how many times I have logged into mobile banking on my phone and it has been a life saver for me many times.

[chickenfried12]

The emerging markets have outpaced the mature one’s development significantly, experts say. Let’s check out two of the major trends.
Smartphones golden age
The first trend implies that emerging market buyers are shifting from PC, laptops, and tablets with a high penetration in mature countries right towards a new generation technologies. That means that smartphones there have been adopted not only before PCs but instead of them. Due to continuous smartphone penetration on the market, the growth in a number of mobile phones in emerging markets is proceeding exponentially. According to GSMA Intelligence, for instance, it stands for 76% in Taiwan and for 70% in Myanmar. The reason is that smartphones in Asia have recently become rather affordable and its cost varies just from $30 to $50. Moreover, the capabilities of smartphones processors are on par with PCs’ processors, and the features sometimes wider — photo shooting, for example.
Contrary to all the rules
The second trend covers rising of the Internet penetration even among people with very low income. The emerging markets show interesting statistics: usually, they have a high percentage of the unbanked and underbanked population and, at the same time, the high level of penetration of the Internet and mobile services.

For example, Asian region overall is expected to become the world’s fastest-growing Internet region by 2020. While Internet industry is flourishing, only 27% of the South East Asian population have a bank account. In 2017, China has 731 million internet users and 53,1 %t of them are online. The country demonstrates a fast development pace but still has 21% of unbanked. In Myanmar, the Internet traffic growth is 58% and, at the same time, Myanmar has one of the lowest banking penetration rates in Asia, with over 70% of adults (aged 15+ years) unbanked.
Traditional banks and alternative fintech projects battle
What is more surprising, these trends have the strong impact on the totally different industries, for example, on the financial markets. Emerging market consumers, in the same way, skip traditional banking services and move to online wallets, payday loans cards, P2P credits and to online applications for loans that can be taken via smartphones! That happened since people found it is much easier and faster to do it by phones, however, this fact formed a new trend in financial services. As mobile and Internet services do not need paper documentation, therefore, neither financial services nor their customers need such traditional creditworthiness proofs as papers, credit histories, collaterals, persons to vouch and so on. All the traditional banks’ requirements make sense as they are just trying to de-risk their ​businesses, especially for the emerging markets banks.

In Kenya, for example, M-Pesa financial service lets customers store, transfer and send money via simple text messages. Usage of WeChat Pay and Alipay apps is approximately 7 times greater than average of top five conventional banking apps in China!

However, at the same time, alternative mobile services market is growing rapidly making all the classic rules senseless because the fintech projects found the way not only to accept applications online from mobile devices but to assess their customers online too.

For instance, the blockchain company MicroMoney has developed the mobile scoring system based on neural networks technologies that allow estimating of customer's creditworthiness remotely just having an access to a customer’s smartphone data. So its clients don’t have to collect a pile of papers, to provide a collateral and a one to vouch, or to wait for the bank approval. No struggle to prove that they are reliable credit customers or wasting the time if they had no credit history before (because for a bank it means the obvious rejection). MicroMoney’s mobile scoring system after getting the access to mobile data explores around 12 000 different parameters of data stored on a phone (SMS, contacts, social accounts data, searches and purchases, and even a music a user likes) within just several minutes and approves (or disapproves) a loan. In case it approved, MicroMoney immediately sends money right to a client’s e-wallet.

With the trends we mentioned before, it’s obvious that the banking industry will not stay the same anymore. Moreover, these changes give the banks the key to the audience untapped before — to the unbanked and underbanked people in emerging markets and worldwide.

In my country, the application has been removed for many mobile phones in the near future and I am now using banks with mobile phone application. Crypto money is also next to them. I think we can do everything that is safe from mobile phone to mobile phone. But sms service sending money for now can not possible . Mobile is save your time about ttransfer or pay your bills

[Pumapipa]

The fast changing times called for fast changing trends especially in the digital world. With this, they also adapted the way people do things, if you come to think of it, this paved the way for convenience for many. In this term, Online and or Mobile banking had been a great convenience. Since people don't have all the time to do things. In mobile banking, you can pay your bills and transfer funds to another account. All without leaving the comforts of your home.

[Roman Abraham]

with the current internet makes it easier for us to do something. including in the affairs of the bank, we easily make transactions wherever we are as long as there is internet connection, this is what makes the emergence of new innovations in the form of digital money that we know with bitcoin at this time. bitcoin to make money transactions that we do easier.

[katiecbell]

Mobile phones and the internet are definitely changing the banking industry. Central banking system is getting thrown out the window in replace of a new one.

I think with the advancement in technology, things will keep on changing and we’ll be able to see such a wonderful things like online banking and stuff like that. It is a very good idea and we must appreciate it. I think with the evolution of mobile phones and internet, we can do almost anything related to banking by sitting at our own homes.