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3G phones to augment prospects of mobile banking
By Anonya Roy
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Wednesday, 23 June 2010, 00:06 IST
Bangalore: With the launch of 3G services in the country, mobile banking is set to get a boost. Mobiles are becoming the new transaction media for banks and their customers.
B.R. Bhat, GM, Corporation Bank said that mobiles will become a crucial factor in future banking transactions. And as the 3G and 4G services get underway in the country, mobile banking will outgrow internet banking. Like broadband extended the popularity of internet banking, 3G and 4G will do the same for mobile banking.
Corporation Bank has adopted 3i Infotech's eMudhra Public Key Infrastructure (PKI) solution, an authentication security solution, provided by a licensed certifying authority under the Information Technology Act, to ensure more security and identity protection of customers.
Bhat stated, "With the stupendous growth of Internet and online transactions, security is always a concern to the netizens for doing financial transactions. This layer ensures an additional security to all online banking transactions and one can be rest assured that their online transactions are more secure." He also said that this technology can be extended to all aspects of transaction like asset portfolio and that the bank plans to take the technology to customers' mobile phones in a month's time.
With escalating instances of cyber crime across the world, banks and customers are wary of conducting business online. The PKI based authentication of transaction, using one's Digital Signature Certificate not only provides additional security but also legal sanctity. In fact, many emerging economies of Asia like China, Hong Kong, Taiwan,and Korea are fast adapting to this technology.
Speaking on the relevance of PKI technology for internet banking in India, Ravi Jagannathan, MD and CEO, 3i Infotech CSL said, "With the increasing threat due to phishing and other online crime incidents, it is logical for banks in India to also adopt the time tested PKI security for their internet banking." However he added that it will take 3-4 years to completely implement the technology in the country.
With exponential growth occurring in online banking sector and new technology offering coming out to ensure security to customers online, the use of 3G and 4G services, will surely hold bright prospects for the customers to have effortless banking and transactions at their fingertips.