These days there is nothing that you cannot do with a Smartphone. Previously mobile phones were for mere calling and messaging, but these days they are high tech gadgets, nothing less of a computer. You just have to name the task and a mobile phone completes it. Mobile banking is one of the wonderful task that can be done using a mobile phone. Mobile banking is a technology which allows cell phone users to access their bank accounts right from their mobile phone. Though there are many advantages there are some disadvantages too to the mobile banking. Here are a few disadvantages of mobile banking listed.


Security experts opine that mobile banking is more secure than computer banking since there are very few viruses, Trojans etc on mobile than on computer. However, it does not mean that mobile banking does not have any security threats.  Users of mobile banking can be prone to scam similar to phishing termed “smishing”. It happens when a user receives a fake message asking their bank account details from hackers who disguise as people from financial institutes. Many people were caught with this trick and lost their money because of this scam.


Usually online banking is done via an encrypted connection so that no hackers will be able to read the data that is transmitted, but just think what will happen when you lose your phone. All the bank applications need the users to enter password or a PIN number. Many people save passwords in their phones or use easy to guess passwords. This way hackers can easy lay their hands on your account details.


Every device does not have the facility for mobile banking. Some banks even do not provide users the facility of mobile banking.  Of the banks that allow mobile banking, some banks require users to use a custom application for mobile banking that is available only on a few phones like Apple’s iPhone and Blackberry phones. Software from third parties for mobile banking is not supported.

If a user does not have a smart phone, mobile banking is limited. You can check your bank account balance through text messages, but advanced features like account transfers are not available on regular phones.


If you have a compatible device then the cost of mobile banking might not matter much to you, but if you have to pay for the data and the texting fee then it might cost you some amount of money. Some banks will charge users an extra fee for the service and also users have to pay a fee for the software too. If you use mobile banking regularly  then all the extra charges might make a significant amount that you will have to pay.

These are the disadvantages of mobile banking.