It’s hard to stay ignorant of the recent advances in mobile technology, at least in a general sense. Who hasn’t heard about the impressive new features of the iPhone 4, the Windows Phone 7, or even the iPad? It almost seems as though people are spending more time on their mobile wireless network than on their laptops or notebooks now. Banks have taken notice, and many are now offering mobile banking options.Today, you can use your mobile device to perform many of the tasks you might do on your bank’s website, including:balance checks;account transactions;payments;credit applications;and more. A conceptual model of mobile banking highlights three different channels, all of which are connectedMobile Accounting, Mobile Brokerage, and Mobile Financial Information Services. Both you and your bank need to know how much money you have in your account before you start taking money out, and you’ll also need to be informed if you approach or surpass your savings limit.Original mobile banking was done by text message, but the increasing capabilities of modern smartphones have made it possible for users to easily interact with their banks through downloadable apps. This has also led to some banking services being led more by the telecommunication company than the actual bank. In these instances, the bank simply performs fund safe-keeping.The definition of mobile banking could change again soon. Some developers are adding chips to their phones which will allow users to swipe them as a credit card for physical purchases. This will be in addition to the phone’s current e-commerce capabilities. Juniper Research, a market tracker, predicts that one in six mobile phone users will have this capability by 2014.As with online banking, there are security issues with mobile banking. One is the frequency with which these devices may become missing or stolen. If security data is stored on a smart-card within the device, a stolen device could easily lead to identity fraud. Institutions must also authenticate each device before initiating the transaction and encrypt all data sent wirelessly, as well as all data stored on the device. Many banks are now using one-time passwords (just what their name implies) to provide an even stronger level of security.