Problems Faced by Customers Using Mobile Banking Services - Survey Ideas | Startquestion (2024)

FAQs

What are the problems associated with mobile banking? ›

Mobile banking apps are useful tools for managing our finances on-the-go. However, there are risks associated with using them due to potential security vulnerabilities and malicious actors trying to gain access to our data and funds through phishing campaigns and malicious software such as keyloggers and overlays.

The results of research confirmed significant direct effects of factors like ease of use, mobile atmosphere, perceived responsive, image of bank, perceived security, perceived risk, performance benefits, social influence, and hedonic motivation towards mobile banking.

Answer. Consumers consider e-payments, a robust online banking interface, and convenient features such as mobile deposit to be critical mobile banking features.

1) Cybersecurity Threats

Online banking is at risk of cybersecurity threats that could expose confidential and sensitive financial information of the customer. Hackers use various tactics like phishing attacks, malware, and ransomware to gain unauthorized access to accounts.

The two most significant issues with financial and mobile banking apps that users experience are app freezing and a dropped internet connection. Next in line is the inability of apps to display transaction details or to connect with a customer service executive directly.

Perceived Risk in Mobile Banking

Major challenges of mobile banking are the experience and maturity to operate within the complex ecosystem. The immaturity may open space to risks. Mobile banking are open to threat such as unsecured networks, mobile malware, third-party applications and risky customer behaviour [3].

The data analyzed using Structural Equation Modeling revealed that perceived usefulness, perceived ease of use, attitude towards e-banking, perceived behavioral control, subjective norms, behavioral intention, awareness as well as the availability of internet/network connection have a significant positive impact on ...

A mobile banking app continuously requests the bank's server for financial activities like making payments or updating the account balance. If an insecure protocol is used for the data transfer process, users' personal information becomes vulnerable to exploitation by malicious individuals.

What are the risks of online and mobile banking? ›

If hackers gain access to your banking information, this puts you at risk of not only financial fraud — but also identity theft. Scammers use stolen personal data on the Dark Web to: Take out loans in your name. Open new credit cards and ruin your credit score.

The two most pressing concerns are accounts getting hacked (46%) and someone accessing their bank account if their phone is lost or stolen (38%).

Security Concerns

With digital banking gaining momentum for customer convenience, the threat of fraud in financial transactions leaves both customers and banks exposed to swindlers. Banks are working towards spreading awareness amongst customers on the nature of threats that customers could face.