Mobile Banking: Real Risk Or Overhyped Compliance Headache?

 

By Denise Bedell

 

mobile-banking

“It’s not us, it’s our security departments.” This was the mobile banking message coming from corporate attendees at a breakfast roundtable hosted by Citi at the annual AFP conference.

 

Andrew Gelb, MD, treasury & trade solutions North America head, Citi Transaction Services, noted in an onsite interview that the faster takeup of corporate mobile solutions in emerging markets is not solely down to high penetration rates on the consumer side. It can also be chalked up to the compliance culture in North America and the West, and corporate compliance teams that have yet to be convinced of the security of such solutions.

 

So if banks want to win corporates over to their much-vaunted mobile suites, they should be sweet-talking corporate compliance departments, in addition to treasurers and CFOs.

 

  

And they will need to get their security message out quickly, according to the findings of a new survey out by Treasury Strategies and Fundtech. The survey, polling treasurers at over 200 global corporates, looked at demand for multichannel—meaning desktop, tablet and smartphone—access to banking services. It found that 43% of corporate respondents were already using more than one channel for treasury information and service access, and that will rise to 60% over the next year or year and a half. Plus, a whopping 78% felt being able to get treasury information and transaction services consistently across all channels is either extremely or very important.

 

Time to ramp up your security, and security message transaction banks. See our piece on cybersecurity for just what constitutes best of breed multichannel security.