This software is, at best, a placebo for the user and at worst (as another poster suggested) a crutch for the banks to accuse the user of lax security.
I would also go as far as to say that it is completely useless as a security application. It does not protect your data against the most serious malware infections, such as root-kits or other embedded viri.
The single most effective security precaution any Microsoft Windows user can take, no matter what website you are using, is NOT to use any iteration of Internet Explorer.
Sorry if this amounts to a thread-derailment.