JANUARY 202519Nikola Petkovic, Digital Product Owner Lead, OTP banka SrbijaMOBILE BANKING OFFERING CONVENIENCE, SPEED AND ACCESSIBILITY 1. In your opinion, how has the mobile banking landscape evolved over the years? What are some of the advantages of the current technological evolution?Technological evolution, i.e. changing society as a result of technological development, has undergone a phase of the use of basic tools by humans, then machines and finally progressed to automation and artificial intelligence.The evolution of mobile banking has gone through similar phases. What started as a tool, 12 years ago, for mobile banking users was checking account balances and some of the simplest fund transfers. As technology progressed, mobile banking users had more and more functionality within the mobile application and less and less need to visit branches.In the last few years, mobile banking has progressed rapidly, the processes are fully automated and accelerated, so that the user can open a bank account in just a few minutes, become a client and receive a cash loan and money in his account with a mobile phone, without coming to the bank.Also, user experience is no longer an exception, but an expectation.Today, the advantages of technology have made it possible to integrate non-banking services into banking applications, so some banks have enabled users to buy an insurance policy, trade shares, donate humanitarian aid, activate some of the digital streaming services and so on through the mobile application.2. What according to you are some of the challenges plaguing the mobile banking landscape and how can they be effectively mitigated?The use of mobile banking is growing rapidly worldwide. In the first half of 2020 alone, after the emergence of Covid 19, there were 26 percent more mobile banking application sessions globally than in 2019. Compared to previous years, the number of people using mobile banking has increased sharply. While the acceleration of mobile banking has indeed brought opportunity for banks and financial institutions, it has also resulted in challenges.There are significant security risks arising from the use of mobile applications, including mobile banking applications. As businesses expand mobile payment capabilities, it's critical to ensure that business and customer payment data is secure.With the growth of mobile and digital banking continuing even after the pandemic, banks and their vendors must work to develop a seamless and secure environment for the future. User behavior regarding mobile banking is changing, and business needs are changing as well. Those who fail to recognize these changes will fall behind their competitors, while those who adapt must ensure they are putting the appropriate security measures in place to protect their customers.How to take advantage of these benefits without compromising security?Mobile banking offers convenience, speed and accessibility to consumers - no more wasted time, closing on national holidays, tedious queues or nervous bank clerks. It's no wonder people are adopting mobile payments and banking in droves, as the benefits are huge. While banks rightly monitor and listen to their customers in enabling seamless mobile banking and payments, they must be constantly vigilant about the security threats posed by mobile banking.According to a late 2020 survey, it was estimated that 76 percent of mobile banking app vulnerabilities can be exploited without physical access to the Nikola PetkoviCXO INSIGHTS
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