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.

"System Availability" positively impacted satisfaction, while "Reliability" had a slight negative effect. Other factors like convenience, security, and trust, and accuracy also played significant roles.

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

Issues like weak passwords and using unsecured networks make people vulnerable to online attacks, like login credential theft and phishing, which could result in fraudulent bank transactions.

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.

The study's main findings explore six key factors affecting the decision to use E-banking services. Six factors included perceived usefulness, ease of use, trust, social influence, innovation, and communication.

For the adoption of mobile banking, prior research has emphasized the significance of factors including self-efficacy, security, privacy, ease of use, and social influence (SI) (Giovanis et al., 2019; Kanobe & Bwalya, 2022; Koksal, 2016; Tran & Corner, 2016; Zhang et al., 2018).

They argue that the way products and services are packages can be an important factor in determining satisfaction, other times, it is the way products and services are delivered, while other times satisfaction maybe embedded within the interactions customers do have with the banking staff.

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 positive and negative effects of mobile banking? ›

Advantages to mobile banking include the ability to bank anywhere and at any time. Disadvantages include security concerns and a limited range of capabilities when compared to banking in person or on a computer.

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].

Data breaches occur when cybercriminals exploit website or system vulnerabilities to gain access to sensitive information. A bank may experience a data breach if they don't prioritize cybersecurity—and hackers can also use stolen data to compromise mobile banking apps.

Top security challenges and risks of mobile banking include: Phishing attacks. Vulnerabilities in conventional authentication methods and systems. Device theft and unauthorized access.

The biggest disadvantage of internet banking is that the chances of fraud increases because on internet there are many hackers who by sending emails get information from account holders about their bank account number and password and transfer the money from customer account to their accounts.

1. Security Concerns: Mobile money services are susceptible to cyberattacks, fraud, and data breaches. Ensuring robust security measures is crucial to protect users' financial data and transactions.

In most cases, cybercriminals are lured by the potential financial gain offered by mobile banking apps. To exploit user data from mobile banking, they often employ phishing attacks through email or text messages to trick users into revealing their login credentials.