CHALLENGES FOR MOBILE FINANCIAL
Key challenges in making a sophisticated portable banking software areВ: Handset operability
A few large number of diverse mobile phone gadgets and it is a huge challenge pertaining to banks to offer mobile financial solution in any type of device. Some of these products support J2ME and others support WAP web browser or just SMS. First interoperability concerns however have been completely localized, with countries like India using portals just like R-World to enable the limitations of low end java based cell phones, while concentrate on areas including South Africa have defaulted towards the USSD like a basis of interaction achievable with any phone. The desire intended for interoperability is largely dependent on the banks themselves, where mounted applications (Java based or perhaps native) present better protection, are easier to work with and allow progress more complex capacities similar to the ones from internet banking while TEXT MESSAGE can provide basic principles but becomes difficult to run with more sophisticated transactions. We have a myth there is a challenge of interoperability among mobile bank applications as a result of perceived insufficient common technology standards to get mobile banking. In practice it really is too early in the service lifecycle for interoperability to be tackled within an specific country, while very few countries have more than one mobile banking service agency. In practice, financial interfaces are well defined and money moves between banks follow the IS0-8583 standard. Because mobile bank matures, money movements between service providers will naturally adopt precisely the same standards as with the banking world. Secureness
Security of economic transactions, staying executed coming from some distant location and transmission of financial information above the air, are the most complicated challenges that need to be tackled jointly by simply mobile application developers, wireless network companies and the banks' IT departments. The following factors need to be addressed to offer a...