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Conquering the Granite State's Challenges: Developing Difficult Terrain
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Current Use
The use of mobile banking and payment are increasing and becoming every day tools at the check out line. Jesus Tellez Isaac and Sherali Zeadally focus on the design and implementation of mobile banking applications. Isaac and Zeadally explain that on the consumer’s side, in the PCMS payment protocol, “a software is required for purchase transactions” (2017, pg 602). The PCMS allows the consumer to store the consumer’s personal information such as contact information, bank information, and issuer ID. Consumers are using the mobile banking apps for managing their accounts, payments, budgeting, and shopping (online and in-stores). Just last year, a consumer and mobile financial services report by the Federal Reserve showed “mobile banking apps were used on 52% of smartphones in the US” (Discover, 2018). With the increase of technology and a “broadening array of options” the adoption of mobile financial services such as mobile banking and payment apps has risen (Federal Reserve, 2016). According to the Federal Reserve, in 2011, there were 43% of smartphone users with bank accounts that have reported that they “used mobile banking in the previous 12 months” (2016, pg. 5). In 2015, the use of mobile banking increased reaching 53% of smartphone users (Federal Reserve, 2016). In addition to mobile banking, mobile payments have also increased over time. Reported by the Federal Reserve, in 2011, 12% of smartphone users reported to use mobile payments and in 2014, the usage of mobile payment increased to 28% (2016). According to the American Banking Association, the 2 age groups that most utilize their banking accounts through mobile were age groups 18-29 year olds and 30-44 year olds (2017). This shows that the younger generations are more current with the technology and apps that are used through smartphones.
The use of mobile banking has steadily increased and is continuing to grow with the advancement of technology. Some common ways mobile banking is used is checking account balances, transferring money, checking deposits and making bill payments. With the simplicity of mobile banking apps, 94% of mobile baking users have checked their financial account balances or transaction inquiries using their bank’s mobile banking apps in 2015 (Federal Services, 2016). Another popular activity used by 58% of users of mobile banking is transferring money between accounts (Federal Reserve, 2016). The mobile banking apps also allow notifications from push notifications on smartphones, emails, and text messages. Depositing a check is also widely used by 48% of mobile banking users (Federal Reserve, 2016). Mobile banking allows depositing a check from anywhere, anytime. Depositing a check on mobile banking app uses a remote deposit capture (using a smartphone camera). Lastly, about 47% of mobile banking users make online bill payments from their bank accounts using a mobile phone (Federal Reserve, 2016).
Mobile banking and mobile payments are very similar and play hand in hand. Stated by ISACA (2011), mobile payments are “payments for products or services between two parties for which a mobile device, such as mobile phone, plays a key role in the realization of the payment” (pg. 5). Some common ways mobile payments are used are bill payments, purchasing items online, purchasing items in stores, and sending money. Out of the activities listed, the most common way users use mobile payment is to pay their bills. There were 65% mobile payment users that had made mobile payment when paying their bills (Federal Reserve, 2016). About 42% of mobile payment users purchase physical items or digital content using a mobile phone, browser, or app (Federal Reserve, 2016). In addition to paying for an item online, 33% of users pay for items in a store. There are 25% of users that send money to friends or relatives using an app like Venmo or PayPal (Federal Reserve, 2016). Other mobile payments activities made by individuals in the United States are, parking, taxi and car services, public transit, making a donation through text message, and sending money to friends and relatives outside of the United States (Federal Reserve, 2016). Mobile payments are very easy to use and very convenient. Mobile payments can be used to pay for an item in a store or making payments through an app, website, or even a text message. The easiness of mobile payment through a push of a button or even just a text message concerns rise regarding the security of the technology.
