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Security and convenience top issues in mobile banking

Rachel Wheeler Archive
Banks must focus on security and convenience as they roll-out their mobile banking operations, it is claimed.

According to BankInfoSecurity, 23 of America's top 25 banks now use some sort of mobile services, with most planning to expand operations in 2012.

Changing technology trends and consumer needs will mean that banks will need to keep evolving their service, but Mary Monahan of Javelin Strategy & Research believes that security and convenience will always be uppermost in the minds of customers.

"When Javelin asks consumers what features would make mobile banking more secure, two items top the list: encryption of the data and guarantee of reimbursement for fraudulent transactions," she told the publication.

She adds that around 20 per cent of financial institutions do not have information about mobile banking security on their website, highlighting the need for further education and clearing up misinformation that undermines consumer confidence in the service.

Posted by Richard Jones