Wireless applications have numbers of vulnerabilities higher than the wired applications and the devices. In India, there are not lots of people who do banking through mobile but outside India there are high profile countries in which many people do banking via mobile only. Here are some recommandation that the bank and the financial institutions which to be noted and to be implemented in their system. The system have to generate logs of the activity of the account and the transaction. Avoid storing sensitive personal information on mobile devices which can easily be retrieved.
Source: https://thehackernews.com/2011/01/tips-for-make-mobile-banking-safe-and.html