Exploring User Perceptions of Security in Mobile Banking: A Study in Malaysia

Mobile banking has become increasingly popular in Malaysia due to its convenience and efficiency. However, persistent security concerns such as vulnerabilities to cyber attacks, malware and phishing affect user trust and impede adoption. This study aims to explore how users perceive and experience the security features of mobile banking applications. In spite of the implementation of security controls, understanding user perceptions and experiences remains essential, as these are core factors which influence mobile adoption. Thus, this study investigates the user experience of mobile banking security features in Malaysia. Specifically, we focus on the users’ perceptions, satisfaction levels and concerns. We employed a hybrid approach consisting of online surveys in-person interviews, and online interview sessions for data collection. This study comprises a detailed assessment of user awareness and behavior regarding mobile banking security, insights into the impact of security features on the users’ trust and recommendations for enhancing the security and usability of mobile banking applications. Our findings revealed that there were significant variations in user experiences across diverse demographic groups, with younger users exhibiting higher security concerns. Furthermore, usability issues associated with confusing navigation and slow response times were reported, negatively affecting the overall user experience. From the analysis, we noticed that while users generally rated the overall Malaysian mobile banking security applications positively, they identified key areas for improvement. These include the need for enhanced access control authentication mechanisms for secured transactions and more intuitive security interfaces for user-friendly navigation and use. In summary, this study highlights that user perceptions and experiences are central to understanding mobile banking security concerns in Malaysia. Hence, user-centric security designs are desired for balanced protection with ease of use.