Mobile Banking Guidance May Be Forthcoming

In response to the increased use of mobile banking applications among consumers, financial services industry regulators may soon release new guidance on how banks and other organizations should go about leveraging this trend, according to BankInfoSecurity.

The use of mobile banking applications may be included in a forthcoming update to the  Federal Financial Institutions Examination Council's Authentication Guidance. However, the news provider reported, industry regulators are still getting up to speed when it comes to the emerging mobile space.

"I think that we're still in that discovery phase with mobile," banking expert George Tubin told BankInfoSecurity. "Regulators are still just getting a read on the market and what to expect over the next month to year."

M&T Bank  senior vice president of IT Matthew Speare said mobile devices present a unique challenge for financial services organizations, according to the news provider. Specifically, Speare said, companies are in need of guidance for channel architecture and the risks mobile banking presents.

A separate BankInfoSecurity report published earlier this month urged companies to prioritize security when launching a mobile app. Customers will be turned off if they believe sensitive information is not protected.