3 Things You (And We) Need to Know about Mobile Banking

We’ve posted before about the rise in mobile banking, and we’re in the process of launching new mobile options for our customers. But beyond simply making our site and services more mobile-friendly, there are a number of considerations that we (the Bank) have to take into account…and other tips that you (the consumer) should keep in mind, too. This past spring, I attended the 5th Annual Mobile Banking and Emerging Applications Summit hosted by American Banker. The attendees were a unique combination of banks, credit unions, software developers and core technology systems, and it was a great opportunity for all of us to learn from each other and share observations – so ultimately, we can better serve you in this increasingly mobile age.

While there were plenty of lessons learned, cautionary tales and exciting tips shared, three pieces of advice that stuck out to us, which banks should be thinking about, are these:

1. Forget the mouse. The touch screen is quickly becoming the common, “normal”
   way people are online banking on their smartphones and iPads/tablets. This means that as we design mobile applications and sites, we need to make sure they’re sleek and intuitive and easy – not just shrunk down, re-formatted versions of our traditional websites.


2. Unlike in years past when people identified with one bank, mobile bank customers can and will work easily with multiple financial institutions. This means it’s up to us to keep our promises and offer all the services consumers are looking for, and make sure we do so in a way that keeps those customers coming back because we’ve actually helped make their lives easier.


3. There’ll be a big shift in the way people think about banking, from “storing money safely” to “conveniently and efficiently moving money 24/7.” This is a core reason why mobile usage is rising in the first place. People have to be able to instantly and efficiently check balances, transfer funds and complete transactions from wherever they are – without having to guess or scratch their heads.

Of course, as banks learn and adapt, there are things that we need to make sure we’re helping our customers with, too. As a consumer, please remember these three tips for protecting yourself:

1. Change your mobile passwords regularly – the nature of mobile devices and tablets are that they’re easily transportable (stolen, left behind) and often used by multiple people. So better to be safe than sorry.


2. Set up MobileMe (for iPhone users), or the equivalent ability to wipe your device remotely if lost. Again, it’s just a question of taking precautions.


3. Don’t bank on open WIFI networks, which aren’t secure and can leave you more exposed to fraud and/or identity theft. Use the carrier network (it is more secure), or a password encrypted network to handle your business.

Of course, if there are other tips you think banks should be thinking about, or questions you have about mobile banking, please leave them in the comments.