Finance Banking

Banking On I-phone

   Once only found in the pockets of business executives, smart phones have now captured the attention of people from all walks of life. Every other person nowadays owns an iPhone, Blackberry or some kind of android smart phone. The open-source culture has penetrated the Smartphone market in several ways. There have been attempts to open source both hardware and software of Smartphones. iPhone is one of the most popular sets in the range of Smartphones.  It is an Internet and multimedia enabled phone and has over 500000 applications, each being extremely useful. It’s easy, fast, and convenient and that is what makes it the best option. Mobile banking on iPhone makes it possible to easily and securely check your balance, pay your bills, transfer funds, or find a nearby ATM or banking center. Global banks like the Bank of America, Citibank and Barclays offer their services on iPhones through specially and carefully designed softwares.

   iPhone is designed to make life convenient for people by providing all sorts of applications in just one handset. Software companies designed special softwares to enable banking operations easier than ever. These user-friendly apps are gaining much popularity nowadays. One of these is SunTrust Banking. With the SunTrust Mobile Banking app, we have a fast, secure, and free way to get 24/7 access to SunTrust deposit accounts from an iPhone. However, it didn’t get quite the good response that the company expected. It was a major flop as it wasn’t accessible to everyone as it requires a code and device compatibility etc. The USAA bank, recently launched their own software which enables users to post checks through images(one front and one back).  In spite of this feasible method, it too hasn’t gained much popularity, as it is not available to all the customers of USAA, in fact just to 60% of their customers. It still is expected that it will soon be one of the most accepted softwares of all times as it is safe and has an automatic spam detector.

  Nevertheless, banking on iPhone is not considered safe. Risks of scam and fraud are highly probable. At Apple, the policy is to vet each application before it appears in the App Store. But no system is foolproof. For example, there are apps for so-called jail-broken iPhones, which are unlocked in order to allow the use of other networks besides AT&T or to download applications sold on third-party marketplaces. iPhones aren’t exactly fraud-resistant in terms of banking facilities though it isn’t much of an issue if correct precautionary measures are taken. Using a PIN or a password to lock your phone is the first option, and it's a no-brainer--just knowing which bank you use can help a potential ID thief. Next are remote-wipe options that let you clear the contents of your phone if you should ever lose it.

Tips and comments:

  In my opinion, Blackberry is far better than an iPhone. If you ask a banker for his opinion, he too would take an instant to answer with an iPhone. Also, blackberry, unlike an iPhone is designed for the business class and offers better quality and far ore secure apps. I can’t deny that the iPhone is a phone where you get everything, I just think that the banking software that it offers is not as competent or efficient.

By Ahsan Bashir, published at 07/10/2011
   Rating: 4/5 (10 votes)
Banking On I-phone. 4 of 5 based on 10 votes.


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