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MOBILE BANKING


Meeting customer needs and staying secure in a mobile world


Mobile banking is becoming ubiquitous, even outside of the younger generations, so how can banks make sure their customers’ data and accounts stay secure?


Senior Fintech Reporter Alex Hamilton


M


obile banking has experienced something of a revolution over the past five years. Mobile phones, despite some brave attempts from wacky startups,


remain devices through which everyone’s lives revolve. Mobile banking penetration is on the rise as customers begin to reject the necessity of visiting a branch to perform their basic banking tasks.


You may scoff and think it’s a trend only really represented by the millennial demographic, but you would be mistaken. Although, according to a Verizon study, more than 70% of millennials use their mobile phones to perform banking, around 67% of Generation X members do, too. The numbers fall off slightly, but even 39% of people aged 55 and over want effective mobile banking services. Of US adults who use smartphones, 63% have a banking app installed, while the average smartphone users have between 2.5 and 3.5 apps dedicated to finance.


The digital banking economy is flourishing, and institutions are beginning to catch on. The introduction of Open Banking in the UK and PSD2 in Europe will mean that the democratising of data is already underway, and GDPR looms around the corner, ready to come into effect in May.


“Awareness of data security is likely to increase this year,” says Rene Hendrickse, vice president and managing director for EMEA at digital identity firm Mitek. “The introduction of Open Banking will mean third parties will need to explain why APIs keep customer data safe if they want permission to access data, while GDPR will give customers more control of their data.”


Lock and key So, what’s the demand from the digital-native customer? According


www.ibsintelligence.com | © IBS Intelligence 2018


to Hendrickse, it’s quite hard to nail down one single feature. “They do want simplicity, but they also want lots of features,” he says. “While some customers will only want to use the device to check their balance, others will want to perform more complicated tasks such as cancel direct debits, download statements, or have a text chat with a customer service representative.”


The one ubiquitous need, he adds, is quick onboarding and rapid access to finance: “Without these the customer will rate the mobile experience poorly.” Customers also need to know that they can trust their bank, especially as financial institutions – and their mobile apps – are becoming an increasingly tempting target for malware and cyberattack. So, to make a winning banking app, you need a lot of


FirmBee / pixabay


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