Mobile banking is the highest margin channel for your financial institution. It provides your organization with the profitability and customer engagement you have been seeking for decades. Your customers are eager to adopt this channel as 68% of them view it as the primary way they will bank within 2 years; however, customers overwhelming cite a lack of security as their biggest barrier to mobile channel adoption. Fortunately, with evident security measures in place, the vast majority of consumers report they would use mobile banking and payments. So, by taking steps to protect both your institution and your customers you also benefit from:
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- Increased customer confidence in mobile banking through a well communicated security program;
- Higher market share through a secured and differentiated mobile banking service;
- Higher adoption of mobile banking amongst your current customers;
- Higher usage of high-margin mobile services like mobile bill pay, remote deposit capture, and mobile payments.
This session will highlight the prolific growth of mobile banking threats and the danger that these attacks pose to both your institution as well as your customers. The FFIEC recently issued guidance on how keep these treats, including malware, jailbreaking/rooting, insecure networks and unencrypted data, from exposing your customers, accounts and transactions to mobile banking fraud. The session will also examine the best practices, including the FFIEC recommendations, for securing mobile devices and applications so a financial institution is able to provide its customers with the convenience, security, and confidence they demand.
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