Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Study Mobile banking success lies in ease security
NEEDHAM, Mass. (1/30/08)--The most critical driver for the successful evolution of mobile banking and mobile payments will be the ability of financial institutions and mobile operators to balance ease of use with security, according to recent research. During the next five years, mobile banking deployments will develop significantly, says Needham, Mass.-based research firm TowerGroup in its ViewPoint report, "Mobile Banking and Payments Security and Usability: What's in Your Mobile Wallet?" Although initial consumer acceptance has been "surprisingly strong," with nearly one million consumers in the U.S. using mobile banking at the end of 2007, dire consequences may result from security procedures that are either too lax or too stringent, says the report. "If consumers find registration and authentication procedures burdensome, adoption of this channel will slow," warned the report's author George Tubin. "If data security is compromised, negative publicity will quickly sow fears about the safety of banking 'over the air.'" Tubin is research director in TowerGroup's Delivery Channels and Financial Information Security practice. The report warns banks and credit unions to be wary of mobile operators who want to control the emerging mobile payments space and profit from the potential high volume of mobile payments. Consumer banks must be the central player in this burgeoning market because of their deep expertise in payments processing and maintaining trusted consumer relationships, TowerGroup said. Financial institutions will need to align their mobile banking solutions with the expectations and needs of the marketplace and ensure their central role in future deployments.
Other Resources

RSS





print
News Now LiveWire
Record # of applicants for Crash the GAC means every state & D.C. will B represented by young #CU professional at #CUNAGAC #crashthegac15
24 minutes ago
.@WOCCU and @CUNA are co-hosting 2015 America’s CU Conference July 12-15 in Denver. Registration is open here: http://t.co/FanFeaO0bC
1 hour ago
Recording of @CUNA Jan. 26 #rbc2 webinar is now available online here: http://t.co/jgxkd65Fj0 Just sign in and listen.
1 hour ago
.@SEC_News 2/19 proxy voting roundtable: contested director elections, increasing retail shareholder participation http://t.co/8k0p6ZvNL8
1 hour ago
.@TheNCUA posted resources 2 help consumers protect themselves,take action if they believe they were ID theft victims:http://t.co/HVaikbuT9H
3 hours ago