The use of mobile banking depends on the availability of the Internet and the security of the connection. Banks pay special attention to data protection on mobile devices. Transactions are made instantly, but to make transfers, you must first log in to the system and then use the mechanism of authentication. To confirm transactions, all you need to do is enter a password and code sent via SMS or push-notification.

The main problems during development and use of mobile banking applications:

• Inaccessibility of stable Internet connection in some regions.
• Lack of a unified international standard for mobile banking services.
• Difficulties in expanding the mobile banking infrastructure for stable growth of the customer base.
• Failures in “over the air” (OTA) updates and synchronization of software components.
• Reluctance of conservative customers to adapt to new technological capabilities.
• Possibility of loss, theft and damage to the device with the installed software.
• The striking difference of the Internet banking interface from the design of the utility for portable devices.
• Risk of leakage of confidential data due to encryption problems.

Various unpleasant failures can occur in the operation of applications, which are solved by updating or reinstalling the software. We are usually talking about regular crashes, inability to perform authorization, user interface failures, hanging utilities, and other minor problems.

Mobile app developers, banking service providers, and telecom firms have worked together to improve the security of financial communications. Today’s wireless networks use secure connections, and IT and technical staff at banks are meeting the challenges of securing transactional information.