Mobile Banking: Exploring Innovation, Security, and Sustainability

This essay discusses the innovation of mobile banking, highlighting its reliance on the internet and smartphones. It explores how mobile banking provides convenience by enabling users to conduct transactions from anywhere, reducing the need to visit physical bank locations or ATMs. The essay also addresses internet security concerns and the measures taken to protect user data, such as encryption and anti-phishing technologies. Furthermore, it emphasizes the environmental benefits of mobile banking, such as reducing paper usage and promoting sustainability. Finally, the essay considers the impact of mobile banking on traditional banking roles, particularly bank tellers and ATMs, suggesting that the increasing adoption of mobile banking may render these roles less critical.

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Mobile banking
By
[Student’s name]
Course
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Date

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The innovation requires one to have a smartphone or a tablet so as to be able to conduct banking
transactions. The innovation involves downloading an application that is designed by the
involved bank. The customer is then required to sign up and the information is linked with the
bank information. The innovation enables individuals to conduct banking transactions at the
comfort of their offices or homes at any time of the day. The innovation enables individuals to
avoid wasting time queuing in banking halls and in automated teller machines so as to withdraw
or deposit cash. The innovation has created conveniences in the banking sector.
The internet
The internet provides connectivity to millions of computers worldwide and enables them to share
information through the use of networks. Internet protocols enable devices to be linked so as to
share resources (Sheng, et al.2013, p.95). The internet offers a great range of resources that can
be used by researchers to come up with many innovations. Mobile banking requires internet
connectivity so as to download the application from play store and other sites offering similar
services. The internet also enables the mobile banking application to share information with the

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bank account so as to ensure similar information is provided at all times. Without the internet
connection, mobile banking could not have existed.
Smartphones
Smartphones are advanced mobile phones which offer computing services as they operating
systems and are able to support software applications such as mobile banking applications.
Smartphones are also connected to the application store and this enables mobile banking
customers to download the application and install in smartphones. Smartphones have internet
connectivity which plays a critical role in mobile banking. Smartphones also enable
synchronization of more than one device and this helps mobile banking in that someone one can
use various devices to access the same bank account provided the information match. The
touchscreens are also large enough to enable mobile banking users to read the displayed
information clearly and act accordingly. This helps to avoid mistakes when conducting banking
transactions.
Internet security
The Internet is a wide network that is accessed by all sorts of people who have different
intentions. Internet insecurity may lead to loss of vital information which can be used to access
another person’s bank account details (Roman, et al.2013, p.2274). The threats include malicious
viruses which can attack the mobile banking application and prevent transactions from taking
place. Internet security such as encryption of information and use of unique passwords has
helped mobile banking to gain credibility in offering banking services. Anti-phishing and anti-
spam are some of the technologies which have been used to provide internet security. Internet
security prevents loss of vital information such as passwords which can be used to access funds
from a bank account.

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Environmental sustainability
Mobile banking does not require the use of papers as customers can access banking services at
the comfort of homes or offices. This will help in minimizing pollution which is associated with
the burning of papers as they contain vital customer information. Papers come from trees, hence
this will avoid forest destruction which leads to environmental degradation and global warming.
Convenience and easy
Mobile banking enables customers to avoid wasting a lot of time queuing so as to access banking
services. Mobile banking enables customers to withdraw money from their bank accounts at any
time of the day. Customers are able to make payments in time and avoid penalties and fines
which are associated with late payments.
More secure
The risk of fraud that is associated with automated teller machines are eliminated as someone
does not need to visit such machines so as to deposit or withdraw cash. Mobile banking also
alerts customers once a transaction takes place. This enables a customer to report the fraud in
time so that necessary steps can be taken to address the matter.

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Accessibility
Banking transactions can be accessed at any time of the day as someone only needs a smartphone
or tablet which is always in the pocket or on the table. Banks are able to have access to a wider
market even in remote areas and this has helped many people who are far away from banks.
Bank tellers.
Bank tellers help customers in banks to access services such as withdraw cash over the counter,
deposit cash, deposit cheques and address various questions posed by customers. Mobile banking
can facilitate all the roles which are performed by bank tellers. Mobile banking enables
withdrawal of cash at the convenience of the customers and this may render bank tellers jobless.
Mobile banking does not involve long queues that customers have to make so as to get services
from bank tellers. Customers can keep track of their banking activities at the comfort of their
homes as mobile banking also provide bank statements which have all the needed information.
Automated teller machines
Before the mobile banking innovation, ATMs were the threat to bank tellers as they facilitate
withdrawal and depositing of cash. Mobile banking innovation encourages the use of virtue cash

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to make payments to the involved parties. Decline in the cash transactions as a result of mobile
banking will force ATMs to be useless. ATMs are associated with long queues which have been
eliminated by mobile banking innovations. Customers are able to make banking transactions at
the comfort of their living rooms and such convenience created by mobile banking will eliminate
the need for automated teller machines in the banking sector.

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References
Roman, R., Zhou, J. and Lopez, J., 2013. On the features and challenges of security and privacy
in distributed internet of things. Computer Networks, 57(10), pp.2266-2279.
Sheng, Z., Yang, S., Yu, Y., Vasilakos, A., Mccann, J. and Leung, K., 2013. A survey on the ietf
protocol suite for the internet of things: Standards, challenges, and opportunities. IEEE Wireless
Communications, 20(6), pp.91-98.