Dangers of Mobile Banking

by

Acknowledgement

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

DECLARATION

I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

Signed __________________ Date _________________

Abstract

In this study we try to explore the concept of mobile banking security in a extensive manner. The main focus of the research is on mobile banking security and its relation with consumers. The researcher studied the existing research extensively and reached to meaningful conclusion. The researcher used secondary method and the questions which were addressed in this research were How to institute a suitable security policy for banking in the U.K? How to improve online banking security in the U.S on the bank side? How to improve online banking security in the U.K on the user side? The research ended on the note that existing security must be improved and consumers must be involved in the security measures because at the end of the day it is the consumers who suffers. In conclusion, this is said that mobile banking is not that much secure so that we can rely on it, because there are allots of errors, and open spaces for the hackers to theft the identities and other secrete information of the consumer.

TABLE OF CONTENT

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Background of the Research1

Problem Statement2

Rationale2

Aims and Objectives3

Significance3

Research Questions4

Theoretical Frame work4

Limitation of the Study5

Ethical Concern5

Outline of the Study6

CHAPTER 2: LITERATURE REVIEW8

Introduction8

Mobile usage in United Kingdom8

Banking industry in United Kingdom9

Mobile banking in United Kingdom10

Internal Factors12

Competition12

Communication and marketing characteristics16

External Factors19

Customer's attitude and behaviour19

Application of new information technology23

Summary of Literature26

CHAPTER 3: METHODOLGY27

Research Design27

Research Technique and Process27

Research Method28

Ethical Issues28

Interviewee Profiles29

Limitations of the study31

CHAPTER 4: DATA ANALYSIS32

History of mobile banking?32

What are the potential drawbacks of mobile banking?33

What are the benefits of mobile banking?34

What are the dangers involved in mobile banking?35

What is the scope of the dangers of mobile banking?36

How we can overcome the potential dangers in mobile banking?36

Questionnaire and Interviews transcript38

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS39

Conclusion39

Recommendations39

Recommendations to United Kingdom Banks' Consumers39

Recommendations to the United Kingdom Financial institutions40

Recommendations for Further Research Studies40

BIBLIOGRAPHY44

APPENDICES47

INTERVIEW TRANSCRIPT47

CHAPTER 1: INTRODUCTION

Background of the Research

The importance of IT in any given field is of immense importance these days. Studies have revealed that there are a significant number of changes that have occurred in the banking sector with the integration of IT which have made the business more effectual and speedy. However, those working in the banking industry are not making use of the IT system to their full potential has every chance to suffer as they cannot meet the growing competition. Mobile financial services separate into four broad subjects. These are mobile banking, how mobile services have evolved, the new business model for mobile services, and the statistical analyses that are available on the ...