Mobile phone banking is gaining in popularity so swiftly that it is set to overtake online banking in just a few years.
This trend has security implications for growing firms that are increasingly adopting bring-your-own-device (BYOD) policies to keep up with the need for an optimized mobile information infrastructure.
Logging On
Mobile banking customers are expected to double from 800 million in 2014 to 1.75 billion in the next five years, according to a recent report by Juniper Research covered by Mobile Commerce Insider. Those 1.75 billion users include those living in emerging nations. Juniper found that demand is continuing to grow in developed countries as security issues of the past become less of a concern.
The research also noted that the mobile banking upswing supports the idea that mobile platforms will make concepts like branchless banking and services such as digital wallets and micro-insurance more popular — one day even becoming the norm.
Midsize Banking
The adoption of mobile banking directly affects IT professionals on several levels. Firms that aim to get ahead are increasingly adopting third-platform technologies, including mobile for increased productivity. As a result, workers are encouraged to use their personal tablets or smartphones for everyday use, since BYOD can improve worker experience and help employees maintain an optimal work-life balance. As time goes on, users will become more comfortable with conducting personal or company transactions on their mobile devices, and that will necessitate increased device security measures.
With the surge of mobile in all aspects of business, especially with financial and banking matters, it is up to IT managers to ensure security and protect corporate data from cyber criminals. An unsecured network could be fatal to a smaller firm should information be compromised. Organizations that place value in optimizing their mobile platforms should invest in various mobile security solutions to secure their company data, including network security, authentication and password controls, and tools such as mobile device management. By consulting with experts, IT professionals can apply the right tools to their specific needs without overspending or wasting time and resources.
Banks of Tomorrow
Going mobile is becoming the norm, and mobile phone banking is no exception. Midsize firms that are prepared to meet the next-generation mobile security challenges with the right software and BYOD policies can make the most of the benefits mobility can offer.
This post was brought to you by IBM for Midsize Business. Dedicated to providing businesses with expertise, solutions and tools that are specific to small and midsized companies, the Midsize Business program provides businesses with the materials and knowledge they need to become engines of a smarter planet.
