Bank of America: Question #4 - App Interface

Somehow it made me think of Google when the first time I saw BoA’s app interface -- as simple as possible. But I can not confirm the operation is smooth or not merely according to these screen shots.

About the function, maybe it can combine with more location-based services to not only show the location of the banks and ATMs near me, but also the interest rate or other info of each bank, and even provide “daily tips” about tax saving or some knowledge about personal finance.

Concerning the ways to mitigate security risks, as Ally said, I think it can be both technical way or admonishing way.

<Interface & function >
Personally I think the interface is very intuitive already. As for functionalities, I found out a very cool function of CHASE’s mobile banking app: Quick Deposit. Just take a picture of the check and make the deposit!
https://www.chase.com/online/services/check-deposit-demo.htm?movie=2

<How to Mitigate Security Concern>
Technically, the bank should do everything they can to provide a secure the banking application. Except for secure transaction protocols and encryption, having a physical token to dynamically generate a one-time password is getting popular. The video is not an online banking example, but it still shows how generating one-time password works to make it more secure.
https://www.youtube.com/watch?v=dT6JSU123Lo&feature=related

Another security feature is to provide dynamic keyboards for user to enter passwords, in order to prevent malicious code from recording the password or attacker eavesdropping. Although these kind of software features still don’t guarantee a 100% safe mobile banking app, users’ “perceived risk“ might be reduced.

Because of the insecure nature of mobile banking will always exist, if banks want to convince highly skeptical customers, it’s better to just promise customers that they will not be responsible for any fraudulent activity originating from the online banking relationship on reasonable conditions, such as asking customers to review account statements regularly and reporting any fraudulent activity promptly within n days.

Many of you use smartphones and apps. Based on the screen shots (Appendix: Exhibit 1), how does BoA's app interface compare against its competition. What services does it currently lack and what are possible reasons for its exclusion. As a customer, what functions do you expect from your bank's app? What are some ways to mitigate security risks when using mobile banking?