| Q&A session
At the end of the panel discussion the speakers responded to some questions from the audience:
Q: Have banks taken enough security measures for mobile banking or is it vulnerable?
A: Wikramasinhe: People who are IT savvy are reluctant to use mobile banking services. Breaking the perception that online banking is deadly is harder to deal with than the vulnerabilities.
Gunasekera: Only 55% of people use online services to fulfil their banking needs.
Q: Should each company create an app and clutter the consumer’s phone? Or can a common app be created?
A: Lokuliyana: Even though people expect apps it does not mean every business should have its own app. We have created one such app that brings the best deals on credit cards, loyalty cards and club and society memberships onto one platform which is known as Bigbon.
Q: Where does your faith in technology come from? Where does morality stand in watching a person’s habits?
A: Wikramasinhe: Faith in technology is based on experience. Very rarely we come across people who have lost money online due to technical failures. The regulatory requirement needs to be met and consumer confidence needs to be built.
Banerjee: Technology is not something alien. Faith in technology comes in the way the community embraces it and how it is embedded in our lives. From taking pictures, sharing it on social media and editing your privacy settings, everything is technology. It is a person’s perspective on their boundaries and a company’s responsibility on setting regulations.
Gunasekera: In the financial service perspective we want the consumer to have peace of mind. Having a robust system to engage with the customer, especially when there is an unusual activity in their transaction history, is important. When we notice there is an unusual activity we usually contact them on their mobile to inform them.