Yeah, compared to separate hardware HSMs mobile banking is a massive downgrade in both security as well as user being in control of the hardware they own (by forcing locked down closer source OS & forcing hardware updates).
If mobile banking really wanted to be secure, they would support something like a NFC yubikey for transaction verification. The fact they fully ignore separate secure HSMs tells you what you need to know about their security.
If mobile banking really wanted to be secure, they would support something like a NFC yubikey for transaction verification. The fact they fully ignore separate secure HSMs tells you what you need to know about their security.