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Major bank considers new security for mobile banking

Rachel Wheeler Archive
JPMorgan is considering implementing new technologies for its improved mobile banking solution that will keep sensitive information protected and ensure data quality remains high. Currently, the bank is looking into biometric technologies, specifically voice and fingerprint recognition, as a way to keep confidential records protected, according to a report by Bank Technology News.

"We approach the security challenge by provisioning what we refer to as a 'security cocktail,' layering multiple technologies to protect our clients franchise and our company," JPMorgan treasury services managing director Lloyd O'Connor said, according to Bank Technology News.

As the demand for mobile usage in and outside the enterprise continues, JPMorgan is considering deploying encryption technologies and registration services that will safeguard data stored on smartphones, tablets and other devices, the news source reported. JPMorgan also conducts customer surveys to see where consumer pain points are and how they can be addressed.

According to a study by Antenna Software, more than one-third of all U.S. consumers with mobile devices use mobile banking, which will present both opportunities and challenges to retail banks over the next few years as these services remain high in demand.