What We’re Reading: New Year’s Edition
Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.
- Bring Your Own Device Trend Sparks New Security Technology
The “bring your own device” trend in banks and other businesses is spawning a mini industry in mobile device security. Developers from companies such as Good Technology, IdentityX, and Centrify are all targeting institutions with new tools for user authentication and corporate identity management for employees via mobile and other personal devices. Good Technology, for example, has what the company calls Good Vault, which incorporates identity access management (IAM) and encryption to guard data accessed remotely by mobile and other devices while using programs such as email. Good Vault combines with Good Technology’s broader security platform to extend IAM to mobile devices in an effort to customize mobile application experience based on user identity.
- Experian Offers Searchable Consumer Credit Database
Experian has taken a quarterly report of consumer credit data, one that used to be printed and came to hundreds of pages of text and charts, and turned it into a web-based searchable database. The new tool, IntelliView, provides data in seven categories: bank card, retail card, automotive, first mortgage, second mortgage, home equity line of credit and personal loans. Credit.com recently used it to compile a list of the 10 states with the highest average bank card balance per consumer in the third quarter of 2012.
- Three credit unions in US to implement mobile banking services
Three credit unions in US – Municipal Employees Credit Union of Oklahoma City; Central Communications Credit Union of Independence, Missouri; and Texell Credit Union of Temple, Texas – will deploy mobile banking services. Minnesota-based core data system vendor Sharetec Systems said Municipal Employees CU of Oklahoma City and Central Communications CU will use mobile banking solution from Sharetec partner Data Systems in Waco, Texas, in Q1 of 2013, reports Cutimes.
- Android, iPhone are Top Fraud Targets, Study Finds
A Javelin Strategy & Research report on mobile payments found that the two most popular smartphone platforms are targets for fraudsters. Consumers who use Android and iPhone devices to conduct mobile payments and mobile banking are top targets of fraudsters, according to a new report from Javelin Strategy & Research. The research firm says that Android is especially vulnerable in the $20 billion mobile payments market because of its large and growing user base and open source platform. However, according to Javelin, the 33 million iPhone users are also attractive targets, as they spend more on average and shop more frequently with their smartphones than Android users.
- 5 Crucial Banking Safety Lessons Learned from Losing My Wallet in a Cab
How to Avoid Identity Theft When You Lose Your Wallet: 1. Don’t keep bank account information in your wallet! 2. Ensure you’re signed up for mobile banking. 3. Shred old credit cards. 4. Keep a business card behind your ID. 5. What goes around comes around.
- The 2012 GonzoBanker Awards
Technology of the Year. Enhanced Multi-Factor and Web Security/Fraud Detection. Denial of service attacks on big banks and wicked malware like Gauss have reawakened bankers to hacker darkness – just when new Federal Financial Institutions Examination Council regulations regarding enhanced Multi-Factor Authentication go into effect. It will be a struggle for bankers to balance security with a simple customer experience, and the journey has just begun. Innovators like Silver Tail Systems (recently acquired by EMC) are to be commended for their work to tackle this ongoing challenge.
- How banks will continue to innovate in mobile next year
Smartphone adoption continues to grow and recent research from ForeSee shows that the customer experience provided by financial institutions on mobile can translate to real bottom-line results. This means banks need to be measuring the mobile customer experience and looking for ways to improve it. One mobile banking feature that is likely to play a bigger role next year is mobile payments. Other sectors have been aggressively moving into mobile payments and financial services firms know they need to act soon or they risk missing their opportunity to play a role in how consumers use mobile to pay for transactions – potentially a very valuable service.
- 2013 Watch: Marketing in the Year Ahead
Mobile banking, onboarding and gamification may be some of the buzzwords marketing professionals in the credit union industry are using throughout 2013. Marketing veteran Drew McLelland said if mobile banking wasn’t your top priority in 2012, it better be for 2013. “This isn’t optional for financial institutions that want to be in business in 2020,” said McLelland. “It’s really that simple.” Michael Kelly, president/CEO of PSCU Financial Services, couldn’t agree more. “The future of credit unions rests in the ability to offer current mobile tools and technologies to members,” Kelly wrote in an opinion column posted at cutimes.com.