3.

1 Mobile Banking

The technology for mobile payment has brought us a gift in the banking sector. Now

mobile banking is also possible which means that people can do all the lengthy and time-

consuming bank work in a few minutes sitting anywhere with their mobile devices. This

means that the mobile devices based financial services are now subject to easy settlement.

There comes the SAFE system which helps us to avail mobile banking services. The business

model of the SAFE system along with its actors and cases make this possible. This entire

process of mobile banking service through the SAFE system consists of the following three

concepts:

1. First of all, we consider the concept of mobile accounting.

2. Next, we come to the second concept of mobile brokerage.

3. Finally, the concept of mobile financial information services.

The first two that is mobile accounting along with mobile brokerage can make

available the transaction based use cases. On the other hand, the non-transaction-based use

case is provided to us by the third concept of mobile financial information services. This third

concept is crucial transactions to be conducted. These transactions include balance inquiries.

This form of inquiry is essential before the credit transfer is made. Information services make

all these services available to us. This is an autonomous unit.

3.2 Mobile Banking Process

The participants in the entire process of mobile banking are:

Banks

Banks are the most vital part of the whole process of mobile banking. They mainly carry

out the registration work along with the required certification which is done for the

individuals as well as the financial services which are under the provision.

Consumers
 This refers to the total participants in the process of mobile banking. They are the

consumers who initiate the process of mobile banking. They make mobile transfers and

receive the payments. They take advantage of the financial transactions made through mobile

devices. The SAFE system of mobile banking is accomplished through the business model of

the SAFE system along with its secured architecture which has been designed and developed

for the purpose of mobile banking. This SAFE system designed for mobile banking has two

types of servers.

Gateway Servers

These are some special servers which help in providing support for secured

communication. These are used for the purpose of front-end proxies to the bank servers.

Bank Servers

These refer to the internal bank servers which perform the banking applications that

are standardized for transactions.

The mobile client stations comprise the mobile devices which help in enhancing the

security of the applications. They are also used as the interfaces for interacting with the SAFE

system and for performing the different financial transactions from far and wide. This is the

importance of mobile banking because it can be used for making transactions from distant

locations through mobile devices. However, there is a requirement for maintaining the

security and privacy of the data used in the transaction.

Fig. 4 Mobile Payment Risks