Mobile Banking

Nothing is more annoying than arriving at a bank and finding that they have just closed it just a few minutes before. That important transaction could not be done and there is no way to open the doors. Don’t worry. If your bank has a website, you’ll probably have that option. What’s more, you won’t go back to racing against the clock. Among the banks and corporations that operate in Colombia and have ‘connected’ to the virtual era, among other things because the big problem for users is usually the lack of time to make their transactions, the virtual branch of Bancolombia stands out. Since August your online financial services will also be available to companies and, through the Internet, you can order products, communicate via e-mail, make financial transactions, make payments, update your data or make disbursements. The era of banking hours is over. Now you can access banking services at any time.

Perhaps one of the most eye-catching products of Bancolombia’s virtual branch is the e-card, which allows you for the first time in Colombia to make payments with a virtual credit card that guarantees the confidentiality to make secure purchases on the network.

Another bank that stands out for the development of services on the network is Citibank. Endowed with an unbeatable infrastructure worldwide, Citi has different electronic banking platforms, including Citibanking and Citibanking-Web. The first aims to meet the needs of customers who not only operate locally but also have international activity such as payments or foreign trade. The second is a version of Citibanking based on Internet access; its field is electronic banking services for clients with local or regional needs. Thanks to this technology the client can have online and real time benefits on the movements of their accounts, a control over their operations that reduces the risk of fraud and all the information they require on their movements and transactions.

Everything indicates that the era of transactions in traditional branches is coming to an end. Entities such as Conavi and Davivienda also offer the great advantages of electronic banking.

 

The history of online banking in Spain is more recent than you probably think. The feeling that you’ve been using digital banking all your life is rather a quick adaptation to all those solutions that make your life easier. Who can imagine living without a washing machine? How young today could be without a mobile phone?

The same goes for Internet bank accounts. They haven’t been common for so long, but users have adopted them as a useful resource of their own and no longer understand their day-to-day life without them. But surely you’re curious to know a little more about what already seems to be a consolidated historical revolution. We tell you how the technology that has given way to the digital banking in Spain that you use every day now has been developed.

Online banks in Spain: the key data of their history
The UK was the first state to develop what could be defined as the first steps for digital banking applications. It was 1983. The first developments that laid the foundations for digital banking in Spain came much later. It was in 1995 when the telephone systems were implemented that would give way to the initial support systems of Internet banking.

However, in the last century things worked differently. Today the equalization of online banks in Spain and the rest of Europe is a fact. Today digital banking in Spain offers similar services to the rest of the European Union. Even in some cases innovations and technologies are presented earlier than in other member states.

The arrival of the mobile: the key point for online banks in Spain
The year was 2007, and by then in Spain some of the banking operations could be carried out in digital. However, it was a rudimentary procedure, with user interfaces that were neither intuitive nor practical. The principles are difficult, but everything was about to change. The rise of virtual banks in Spain – and internationally – is directly related to the launch of Apple’s first iPhone. It was this innovative smartphone concept that allowed the bank to discover a new potential of services focused on the needs of the user. But, above all, options that could be carried in any pocket, accessible at all times.

The massive use of smartphones by practically all the population achieved this change of mentality in society, making the continued connection totally natural. Little by little, the concepts of «mobile» and «consumer first» shook hands, gained strength and continue to develop to this day. Online banks in Spain must no longer only offer immediate and continuous access to products and services and order operations on them by users, but must also strive to create an attractive user interface and propose exclusive services.

Digital banking data in Spain in 2018
Electronic banking users in Spain have grown by 65% since 2010. 15 million Spaniards already bet on access to their accounts and financial products through the network. This represents almost 39% of the total population. In terms of Internet users, 50% of all those who declare themselves to be Internet users use online banking in Spain in 2018. And the numbers continue to rise.

The new model of online banking in Spain: Mobile banking and smartphone payments
Although there are still users in Spain who do not have an online bank account, the change of mentality is a reality. So much so that the online banking revolution that led to the arrival of the first iPhone is consolidated. Entities see as the fastest growing service in terms of demand is not digital banking, but a subservice of this: mobile banking.

1 in 4 users now only use mobile banking worldwide. In 2017, forecasts predicted that 2018 would close with 1,000 million users worldwide. Today, 54% of digital banking users already use mobile banking. In other words, taking your office in your pocket anywhere is useful for more than half of those who already had access to financial products from desktop devices. Spain is one of the European countries in which the trend of which 51% of users with mobile devices are now part has grown the most.

The mobile banking solution has also increased the number of times users control their finances or access the service. Thus, 15% do so several times a day, 16% several times a week, and 15% several times a month. In addition, those who have routinely incorporated it into their smartphones seem satisfied with the management possibilities. Sixty-eight percent of Spaniards who use mobile banking say they have improved their financial management thanks to it.

Bearing in mind that digital banking has a brief history in our country, that its transformation has gone hand in hand with the European one, and the current reception by users, online banks in Spain are faced with the challenge of investing completely in their digital transformation. Mobile banking is the natural evolution of the model, and this implies betting on simple interfaces, on fintech products that help improve financial management and control, and the implementation of Artificial Intelligence to offer a service that meets the needs of users. Bearing in mind that 25% of those born since 1980 say they choose their bank because of the quality of the digital services it offers and are satisfied with their current one, competitiveness will only improve if institutions decide to put the consumer first.

 

It is usually done by registering with the customer’s data and a key or a digital certificate. Other security measures are:

• Use the encrypted connection with strong encryption, in case there may be a sniffer. See SSL/TLS.
• Store the password in a safe place or, much better, memorize it and destroy it.
  • Normally there is some method to recover it if it is forgotten: it can be requested in the cashier, via telephone or in the same web you can request the shipment to house.
  • After sending it home, you can also request its activation by another means, such as the telephone. This minimizes the dangers of mail being intercepted.
• If the password is intercepted and used without the user knowing, it is the bank that bears the responsibility.
• Some security data can be requested for activation, to further reduce the risks.
• Browsers can store login information on the online banking site. If there is a risk that this information may be seen (for example, if it is not the home computer), the browser must be prevented from storing these data, especially the password.
• It may also be advisable not to save the bank’s cookies, since if the server recognizes them, it can fill in certain data in the form automatically. This is the case of Wikipedia, which, according to the cookie, fills in the user name.
• In addition to the password, another password is usually used, called a signature, which is necessary to carry out money movements. The security measures on the signature must be even greater.
• If we do not use a trusted computer, you may have installed a program that captures the keystrokes of the keyboard. As an additional security measure, the password can be entered by pressing a few buttons with the mouse. It is more difficult to find out the number pressed from the mouse position and even more so if the buttons change position each time authentication is requested.

 

Electronic banking allows us to access a specific system of our bank from our computer, smartphone or tablet and perform those operations that until now we only did on site, in a cashier or over the phone. To this end, the different entities have created specific platforms that can be accessed with a user name and password that must be requested in a physical office to avoid security problems. Together with this user name and password, the entity will provide you with a card with a series of coordinates that will be used to authenticate each operation. This is the system that banks use to guarantee the security of their users’ electronic transactions, something that was very worrying when they heard about these improvements.

Once we have logged in with our username and password, we will be able to carry out various operations, such as checking the balance or making a transfer. For operations such as transfers, the authentication protocol is activated, which consists of sending coordinates that correspond to a number of digits that vary according to the entity. This is the number that we must introduce for the authentication. In this way, several security steps are guaranteed. The first step is to send an SMS to the user’s private telephone. The second one is the sending of coordinates that only correspond to your personal coordinates card. This double criterion is used to avoid theft or mismatches in the account.

Although electronic banking was originally conceived to be used from a PC with Internet access, the different entities have created apps for smartphones and tablets that facilitate access to the service from anywhere and at any time. These applications incorporate very intuitive interfaces and have the advantage of saving the user and password for all entries in the service, although of course they maintain the authentication process by coordinates.

The advantages of using electronic banking are innumerable. First, we find the simplicity of its operations, which can be carried out from any device with an internet connection. Its security system also guarantees that our operations are safe and that they will be carried out without incidents. Finally, it allows us to have a more direct contact with our bank, and avoids long queues or waits in the physical offices. This even benefits the institutions themselves, which speed up the procedures.

Almost all banks now have electronic banking. To enjoy the service, all you have to do is go to a physical branch and request the user name, password and the coordinates sheet. To provide you with these details, the operator will ask you to identify yourself as the account holder and will explain the process in a few steps so that you can start using it as soon as possible.

This is the most important development in banking in recent years. A true revolution that is transforming the finance sector by leaps and bounds.

One of the pioneering countries has been China, where the change from cash to electronic money has been made with little or no noticeable transition. However, Sweden is at the forefront of this technology. Today, more electronic payments are being made than anywhere else. In this way, it is becoming the first cashless society, something that Swedes already regard as a gadget of the past. The fact is that the advantages of this technological innovation are so numerous, both for individuals and banks, that they attract thousands of users of financial Apps every day.

For the former, there are three main benefits that generate great interest: they are easy to use, fast, comfortable since only the telephone number is necessary, and, in addition, bank fees are completely eliminated.

At the same time, banks see their costs decrease, optimize their time in terms of management of the electronic process, and all this results in greater customer satisfaction.

Apps are developing at a dizzying pace and I would like to highlight 5 of them, which perfectly reflect the benefits offered by «Online Banking».

1. Swish, the Swedish App
This App is, without a doubt, one of the most relevant and revolutionary within the fintech sector. It originated in Sweden, where more than 50% of the population is active users, no less than 6 million people. In fact, Professor Arvidsson indicates that around 2020, cash payments will be marginal in this country.

It is a system created in 2012 by several large Swedish banks in cooperation with the country’s Central Bank. In addition to being able to make payments online, it allows transfers to be made instantly, simply by knowing the recipient’s mobile number.

Easy and fast, the key to its success focuses on the absence of commissions, as well as the security of the same.

2. Twyp, the ING App
The same steps are also followed in Spain as in the Nordic country. In this area, one of the most used Apps is the one launched by ING Direct, which allows sending and receiving money between registered users through the mobile number. Its main advantage is that it does not restrict its use only to bank customers, but anyone with a smartphone can access it. At present it also allows payment and obtaining cash in partner shops, with Twyp Cash.

3. Bizum, «If you carry a mobile phone, you carry money».
A younger App, but which, thanks to the participation of the main banks in our country, is gaining ground and is positioning itself as the main competitor of the previous one. In fact, it has won the prize for best Fintech 2017 product.

It is a digital service platform that facilitates payment between individuals, as well as shopping in shops and online payment. Its use is so simple that it is enough to know the contact, the amount and confirm the transaction.

4. Samsumg Pay and Apple Pay, the technological giants
The two biggest rivals, Samsumg and Apple, have each developed their own mobile payment system. In this way, all those who have in their hands some of their smartphones, can pay with credit and debit cards without having to physically carry them with them.

Its handling is so simple that it is enough to use the fingerprint to activate the system. In addition, they are characterized for being contactless, a much more agile payment than the conventional one. It is enough to bring the device closer to the dataphone so that it detects it and thus carry out the purchase.

5. Transferwise for international transfers
Finally, this App is known for facilitating transfers abroad quickly, easily and at low cost.

Five technological innovations that are only the beginning of this great evolution. Although Sweden is in the lead, it is estimated that the rest of the European countries will become cashless by 2030. And which country do you think will be next?

The Internet vulnerability of Internet users’ banking data is one of the biggest problems of online banking users. Despite the security codes and precautions of entities that use the Internet as a means of access to current accounts, many users still fall into the traps of cybercriminals, leaving their money unprotected.
These account access data are now the most sought-after by cybercriminals: they are easy access to money, which they can have at any time. Many entities warn that they will never send emails asking their customers for data and that they should try to make sure they close the online banking session and avoid using shared computers. How then do they find the weaknesses? According to a note from Kaspersky Lab, criminals prefer the following methods:

Phishing – the ally of criminals for the less conscientious. In this case, users are tricked into entering their data on fake websites. According to the company, 70% of infected emails are destined to steal money.

Fake websites – For people in a hurry. If the wrong web address is entered, you can redirect the user to a new fake web page.

Compromised websites – a website may be legitimate but compromised. According to Kaspersky Lab, more than 5,000 compromised websites are detected daily, where banks do not have absolute control over the information being entered.

Using an infected computer- Users who use public, shared or unprotected computers are the most at risk of having their data stolen. These programs redirect users to malicious web pages, which collect information and passwords.

Keyloggers – depending on the company, users can be intercepted by typing in confidential information and 230 new keyloggers are discovered every day.

In order to avoid these bad drinks, users must use secure computers, browse trusted websites on a secure connection, and use a virtual keyboard that cannot be intercepted by keyloggers. In this Kaspersky Lab infographics, weaknesses are explained and how users can improve their online protection.

Today, banks offer you various technological channels through which you can carry out financial transactions and, at the same time, save time and money on trips.

One of them is Mobile Banking, through which you, as a financial consumer, can receive information from your bank, make online transactions, top-ups and payments online, easily and securely, 24 hours a day.

This service allows access from any cell phone, any operator, regardless of the plan you have, with or without balance and without the need for a data plan.

How to use it?

• It is natural to have a cell phone and be a customer of the bank that has this service.
• Have first active password (the one used for ATMs).
• Register your bank and the mobile banking option of your cell phone.
• Enter your document and your first password. Once your registration is successful, you will receive a confirmation message.
• You can only register a cell phone with the same user.

Ten benefits:

1. The Mobile Banking service does not generate expenses of minutes or messages from the cell phone.
2. It does not require an Internet connection, so there is no cost for data transfer.
3. It is available 24 hours a day, seven days a week.
4. Its operations are carried out with the highest levels of security.
5. It has international coverage through roaming.
6. You can check balances, pay your credit card, cell phone bill, utilities and third parties.
7. Top up your prepaid cell phone.
8. It has greater agility in the proceedings, reduction of transactional costs and security, since it does not carry cash.
9. It offers greater flexibility and does not require access to a computer or the Internet to carry out transactions.
10. Facilitates the banking process, as it allows low-income populations and / or rural areas to access transactional services comfortable and easy to use.

 

Mobile banking is a service provided by a bank or other financial institution that allows its customers to perform a series of financial transactions remotely using a mobile device such as a mobile phone or tablet, and the use of software, which is generally called an application, provided by the financial institution for such purpose. Mobile banking is normally available 24 hours a day. Some financial institutions have restrictions on some accounts when accessing through mobile banking, as well as a limit on the amount that can be traded.

The types of financial transactions that a customer can perform through mobile banking include obtaining account balances and the list of most recent transactions, electronic invoice payments and funds transfers between accounts of one client or another. Although this is really variable with respect to the bank. Some also allow copies of statements to be downloaded and, sometimes, printed at the client’s premises; and some banks charge a fee for sending impressions of bank statements.

From the bank’s point of view, mobile banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for transactions that do not require cash and deposit withdrawals. Transactions involving cash or documents (such as checks) are not capable of being handled through mobile banking, and customers need to visit an ATM or branch of the bank to make withdrawals of cash and deposits or cash check.

Mobile banking differs from mobile payments, which implies the use of a mobile device for the payment of goods or services, either at the point of sale or remotely, 1 in a manner analogous to the use of a debit card or credit card to make a payment.