Customers are leaving banks that are not offering mobile banking services, such as balance inquiries and transfers and bill payments through photo imaging, the Wall Street Journal reports.
The mobile biometrics market is forecast by TechNavio to see a 156.9 percent compound annual growth rate through 2018. Factors fueling the growth include the use of mobile devices for financial transactions and other security applications.
Mind you, these are banking apps that are released by banks for their customers. If the glaring loopholes discovered here are any indications, it is that BYOD employees are at far greater risk of data leakage or account compromise than they may realize.
Quick takes on the latest mobile IT news for Wednesday, 1/8 including: the latest service from Samsung, why users aren't exactly jazzed about mobile banking, the new BlackBerry CEO's attempts to bring the firm back into the race, BYOD risk warnings ring through the U.K. and the forecast number of PC and mobile device shipments for 2014.
Specialized malware now exists that specifically targets smartphones to steal the requisite two-factor passcodes that banks deliver by means of text messages.
Financial services institutions will need to make "significant infrastructure investment," particularly in value-added services if the mobile payment market is to take off, observed research firm Ovum.
Forty-three percent of all online banking activity in the U.S. now occurs on smartphones and tablets, according to the annual xAd/Telmetrics Mobile Path to Purchase Study.
Only 6 percent of smartphone owners used their devices to make point-of-sale purchases, based on a survey of 2,600 consumers conducted by GfK on behalf of the Federal Reserve Board in November.
One in four tablet users is predicted to pay bills via the device by 2017, according to a report by Juniper Research.
Mobile banking forms an essential component of the overall mobile commerce industry, wherein the two are closely interrelated. Empowering users to make account transactions whilst on the move, mobile banking enables supplementary mobile commerce actions to be undertaken as a function of a mobile wallet.