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Corporate Mobile Banking? Not So Fast
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KBurger
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KBurger,
User Rank: Author
12/18/2013 | 6:08:08 PM
re: Corporate Mobile Banking? Not So Fast
Yet finance execs are consumers, too -- and presumably bring those expectations of how systems and transactions should work to their jobs. That's why I would have thought the extent of mobile adoption would be farther along than the Cap One findings indicate.
Byurcan
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Byurcan,
User Rank: Author
12/18/2013 | 2:55:28 PM
re: Corporate Mobile Banking? Not So Fast
True, the needs of a corporate customer for mobile services differ vastly from that of your average consumer.
KBurger
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KBurger,
User Rank: Author
12/17/2013 | 5:22:14 PM
re: Corporate Mobile Banking? Not So Fast
Thank you for your feedback, and I agree with your analysis. I actually was a bit surprised by the Capital One findings about slower uptake on mobile corporate banking because I have heard from many people in the industry that the security concerns, while valid, can be addressed in a variety of technical and policy ways. I think it comes down to banks needing to understand what their clients want/need, and then figuring out the best ways to deliver (vs avoiding a new channel altogether).
EmmanuelleF221
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EmmanuelleF221,
User Rank: Apprentice
12/17/2013 | 11:28:53 AM
re: Corporate Mobile Banking? Not So Fast
Given the many stories currently circulating about hacking, fraud and low levels of security in relation to the mobile channel, it may seem a pipe dream to be able to use the technology in the corporate/treasury space this doesn't have to be the case. In fact a number of studies show that banking executives feel that mobile devices have a role to play in fraud reduction.

In fact it is possible to secure the mobile channel ina similar way to online banking, through a process of what is called multi-factor out-of-band authentication, and at the same time improve the overall transactional experience for users. The first step in this process is to udnerstand the risks involved, which comes back to understanding the nature of smartphones and mobile devices. When securing transactions people need to think of the mobile phone as a computer that can make phone calls, rather than a phone that is capable of handling transactions.
pjauregui
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pjauregui,
User Rank: Apprentice
12/16/2013 | 4:42:19 PM
re: Corporate Mobile Banking? Not So Fast
Mobile developers also need to play their part by building and maintaining secure mobile banking apps.

Results from a recent study reveal that 8 out of 10 mobile banking apps contain build and configuration setting weaknesses. While the issues identified are merely informational in terms of risk, they do provide insight into the state of mobile development practices among leading megabanks, regional banks, and credit unionsGă÷in short, basic security best practices are not being followed.

Download full report: http://www.praetorian.com/prom...


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