{"id":1125,"date":"2017-01-18T17:10:45","date_gmt":"2017-01-18T17:10:45","guid":{"rendered":"https:\/\/www.mobicint.com\/?p=1125"},"modified":"2017-01-18T17:12:54","modified_gmt":"2017-01-18T17:12:54","slug":"3-mobile-banking-innovations-must-consider","status":"publish","type":"post","link":"https:\/\/www.mobicint.com\/3-mobile-banking-innovations-must-consider\/","title":{"rendered":"3 Mobile Banking Innovations You Must Consider"},"content":{"rendered":"

There is no question that providing account access to members anywhere, anytime is the major benefit of mobile banking.\u00a0 Remote deposit capture has also been a\u00a0defining technology to this point.\u00a0 However, is your RDC \u201cbuilt-in\u201d to your existing mobile app?\u00a0 If not, it should be.\u00a0<\/span><\/p>\n

As mobile technologies mature, members should not be faced with downloading multiple pieces to complete a mobile banking puzzle.\u00a0 A single interface and sign-on should allow access to every service you offer (including bill pay) through the mobile channel right at your members\u2019 fingertips<\/span>.\u00a0<\/span><\/p>\n

Here are 3 mobile banking innovations you must consider: <\/span><\/p>\n

1. Mobile Lending<\/span><\/strong><\/span><\/span><\/span><\/h2>\n
This is the next step after in-branch lending. CUNA has had mobile lending solutions in place since 2011 and John Putnam, CUNA Mutual Group\u2019s Director of Lending Business Systems, has indicated that mobile application completion rates are \u201cwell above 50%, compared to 40% to 50% for all Internet loan applications.”<\/span><\/div>\n
\u00a0<\/span><\/div>\n

This could be due to mobile loan applications using a simpler design, however, it could also be due to accessibility.\u00a0 <\/span>Putnam points out that \u201cloans made through the mobile channel average about $8,000.00, typically for used cars\u201d.\u00a0 What better way for your member to apply for a car loan than while on the dealer’s lot?\u00a0<\/span><\/span><\/p>\n

Providing a mobile app that will integrate or incorporate mobile lending will increase the likelihood that your members will actually use it. \u00a0Mobile banking apps that are integrated with loan origination systems (LOS) will also help improve loan processing efficiency as loan applications submitted can be routed to a lending specialist in real-time for review and approval.\u00a0<\/span><\/p>\n

2. Mobile Hot Carding<\/strong><\/span><\/h2>\n

Have the data security breaches at Target, Harbor Freight, Neiman Marcus and other retailers grabbed your attention?\u00a0 Most likely yes, especially if your member’s accounts were affected.\u00a0 What can you do to help protect your members?\u00a0\u00a0<\/span><\/p>\n

One solution mobile banking can offer to allow your members to protect themselves is hot carding, a method of issuing a fraud alert on cards that consumers report as lost or stolen.\u00a0 Recently, hot carding has been expanded by card processors to allow on\/off card functionality.\u00a0 This means if your member used their debit card at Target between Nov. 27 and Dec. 15 and were concerned about the security of their account, they could simply \u201cturn off\u201d their debit card through their mobile banking app.\u00a0 This would allow the financial institution to request a card reissue or keep the debit card inactive until the member chose to turn it back on. \u00a0Members have always been able to request a reissue by calling the financial institution, however, they can now do this themselves, with the expanded capability of hot carding within mobile banking apps that support this feature.<\/span><\/p>\n

3. Mobile App Security<\/strong><\/span><\/h2>\n

Security\u2026 an innovation?\u00a0 With the increased adoption of mobile banking and its expanded use, security needs to be a priority. Recent studies have shown major security flaws in mobile banking apps, which indicate that developers treat security as an afterthought. \u00a0<\/span><\/p>\n

With this in mind, built-in mobile banking app security must be accepted as an innovation.\u00a0 A study published by<\/span> IO Active Labs Research<\/a> found that 90% of mobile banking apps from 60 of the top financial institutions around the world contained non-SSL (insecure) links.\u00a0 The study also noted that 40% of the audited apps did not validate the authenticity of the SSL certificates presented and that 50% of the apps tested were vulnerable to JavaScript injections.\u00a0 Another study published by<\/span> Praetorian<\/a>, a leading information security provider, reported that 8 out of 10 mobile banking applications (including apps from the 50 largest credit unions) contained build and configuration setting weaknesses.\u00a0<\/span><\/span><\/p>\n

What can you do?\u00a0 Confirm that your mobile banking provider meets these minimum security requirements:<\/span><\/div>\n
<\/div>\n
1. Ensure that your app provider does not<\/strong> use non-SSL links.\u00a0<\/span><\/div>\n
2. Make sure your mobile app provider updates their SSL links.<\/span><\/div>\n
3. Double check that your mobile app’s SSL certificates are validated for authenticity and avoid \u201cweb views\u201d from 3rd<\/sup> party URL\u2019s within the app. <\/span><\/div>\n
4. Make sure that your mobile banking provider has designed their apps to be re-signed when changes and enhancements are pushed to users.\u00a0 This will require an application re-install which is \u201csilent\u201d to the member if automatic updates are selected. \u00a0<\/span><\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

There is no question that providing account access to members anywhere, anytime is the major benefit of mobile banking.\u00a0 Remote deposit capture has also been a\u00a0defining technology to this point.\u00a0 However, is your RDC \u201cbuilt-in\u201d to your existing mobile app?\u00a0 If not, it should be.\u00a0 As mobile technologies mature, members should not be faced with…<\/p>\n","protected":false},"author":3,"featured_media":1126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"yoast_head":"\n3 Mobile Banking Innovations You Must Consider - Mobicint<\/title>\n<meta name=\"description\" content=\"Simply having a mobile banking app won't meet your member's needs. 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