For our European banking readers, VP of Mobile Services Ted Eull has contributed an article in the latest Efma Journal issue. The publication is an issue dedicated to security, nÁ 239 July/August 2013, The security issue: ensuring customers are protected across channels. (Full access to the article is limited to Efma members.)
In March, the US Federal Reserve released its second annual survey of consumers’use of mobile financial services, which included extensive research data . Nearly half of respondents who are not using mobile banking said that it was because they were concerned about the security of mobile banking. The report states: “One of the main reservations consumers have with adopting mobile banking and mobile payment technologies is concern about the security of the technology . . . even as adoption of mobile banking has increased, consumers are now more likely to believe the technology to be ‘very unsafe’or report that they ‘donÍt know’whether it is safe.î
This impediment to adoption is real and hampers the growth of mobile banking, even though mobile banking is a real win for both consumers and banks. Consumers enjoy the convenience, speed and innovation of mobile banking.
ItÍs up to financial institutions and solution providers to dispel user concerns about security not just with marketing, but with sound security practices front and centre. The significant side benefit is reduced mobile risk exposure.î
For over 40 years Efma has been nurturing innovation in retail financial services by fostering debate and discussion among peers, supported by a robust array of information services and networking opportunities.
Only members of the association have access to the full offering of Efma services, including specially commissioned research, comprehensive market data and exclusive member events. (From Efma Web site)