Having changed a letter from i to m, DBS has moved to support mobile technologies by developing an application for iPhones and Android phones which allows DBS clients mobile banking options to remove the tether of computer access or local visits to the bank branch. Smartphone growth has pushed the development of such applications in a variety of industries, allowing clients more freedom when dealing with errands and other financial chores, or allowing access while on vacation.
Given the popularity of smartphones in the US and abroad, it seems likely that mobile apps and smartphones will become increasingly important, as clients move toward better, more convenient technologies and new systems replace older designs. Especially in countries where computer ownership is a financial luxury, such as the developing world, smartphones may even have more potential than they do in developed countries, as they offer a reduced cost compared to desktop computers or laptops, and if capable of providing a rather similar experience for consumers needing at least moderate computing power, or in the case of apps, minimal, they represent a decent halfway option that enables communication without being financially out of reach. Much as families in wealthier nations might have one laptop for each person in the family, nations developing rapidly might see a few smartphones per household.
Security issues regarding mobile apps are comparatively similar to those involving online banking in general, and of course clients logging into DBS iBanking over their mobile phones should take into consideration the same precautions they would ordinarily take when logging in to their regular banking account; these include password secrecy above all else, as it can lead to breaches in security quite quickly. However, most mobile apps involving finances require passwords for each login, which is a feature banking institutions would be well advised to implement.
While still a relatively new market, the move to support mobile apps such as DBS mBanking shows the direction the market is moving, and the expected growth in popularity of smartphones that firms like DBS expect to see in the future. It certainly has no potential to replace traditional or computer-based internet banking altogether, as smartphone ownership will never reach nearly the level of market saturation that ordinary cell phones have achieved (within the next decade or two, anyway), but it is likely the meteoric rise will only continue, both in affluent nations as well as developing ones. The current addiction to oneā™s mobile phone is only mirrored by the subsequent addiction to oneā™s smartphone, which means mobile banking will become a very big deal indeed, and banks would be well advised to follow suit and support the market, despite the relative luxury of such apps; they are, admittedly, not necessities, but neither is online banking to begin with.
Ironically such a confluence of events has reversed the trend away from phones, as online banking has made phone banking seem pitifully complicated by comparison, and many consumers prefer waiting until access to oneā™s computer is feasible rather than typing numbers into a phone incessantly. Mobile apps performing the functions of DBS iBanking have the potential to make that river run backward, with the rise of mobile banking bringing some of the attention back to phones, and away from the beloved computers. At least a little, anyway.
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A more extensive explanation of the features, security recommendations and other details of the service can be found at DBS iBanking as well a link to the homepage where one can sign in and use the DBS internet banking service.
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