Balancing Convenience and Security to Enable Mobile Banking
Enhance mobile apps to provide user protection while offering members an optimal digital banking experience.
By Sam Bakken|July 12, 2021 at 03:07 PM
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Over the past few years, there has been an increased adoption of mobile channels for remote banking, particularly during COVID-19. In fact, a recent Mastercard survey asked 14,000 global consumers how the pandemic affected their banking habits. Of these consumers, 96% of respondents completed banking tasks digitally, 53% engaged with mobile banking apps more than they did pre-pandemic, and 87% of those that hadn’t used apps previously would continue to do so.
The mobile channel has become the supreme interface for banking, offering on-the-go users the ability to check their balance, send payments and pay bills at their convenience. Banks and credit unions are racing to provide online options for services that were traditionally done in person, such as loans and account openings. However, for credit unions to use mobile banking as a competitive advantage, they must balance convenience with security. Convenience is key for mobile app success, reducing friction and encouraging members to remain loyal to their credit unions. If members are forced to wait for services, there is a risk that they might find another financial services provider that gives them the convenience they desire.
One of the biggest remaining roadblocks to enabling digital banking is the concern over mobile app security. The FBI recently warned that with the increased use of mobile apps, there is a greater risk of cyber-attacks as hackers learn how to crack app security to gain access to mobile users’ personally identifiable information and banking credentials. To combat this, credit unions must ensure these apps have sophisticated, robust security processes in place so it is more difficult for hackers to target and exploit their apps.
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