Finding an Acceptable Compromise
Right now, however, financial institutions are favoring customer convenience too much, according to Sean Brady, director of product marketing at security solutions provider RSA, a business of EMC (Hopkinton, Mass.). He points to how frequently and easily banks upgrade their mobile apps. One solution, Brady indicates, is to offer more mobile security measures, such as mobile security alerts, to customers as opt-in features. "It has to be the consumer's choice," he recommends. "Otherwise it's just too invasive."
Brady also says he expects to see more finely grained, targeted security policies concerning customers' mobile devices. For instance, banks might not allow certain transactions or account access if the mobile device is overseas or the mobile number is out of reach, Brady suggests, adding that creating these policies and implementing additional security measures will require increased collaboration among banks and their security providers.
In addition to actually making the mobile channel secure, banks also need to project a secure front and ensure that customers feel secure when banking on their mobile devices, according to Calvin Grimes, mobile product manager at Brookfield, Wis.-based Fiserv. "You have to present a secure image," he stresses.
"The page needs to look like your brand and have little padlocks and statements of fraud protection," Grimes suggests. "Reassure customers that they are in the right place." Grimes also advises using the same images and security questions that banks use online to help customers feel comfortable and secure in the mobile channel.
Minimizing the pre-registration to use the mobile app also is important, Grimes adds, so customers can start using the app quickly. As much as customers want to feel secure, they still don't want to be overly inconvenienced, he insists. "Simplicity is paramount in mobile," Grimes says. "You don't want to burn the customer with extra steps."