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Security is Top Priority When Offering Mobile Banking

Data security must be a priority for mobile banking, one expert said.

Given the increasing penetration of smartphones and tablets all around the world it isn't surprising that end users are leveraging their devices for more complex tasks every day. Mobile banking has proven to be among the most popular activities.

However, a recent BankInfoSecurity report noted that data security must be given the utmost priority when organizations allow end users to access confidential financial information through a mobile device.

For users who have yet to engage in mobile banking, Javelin Research's Mary Monohan told the news provider, security is often the top reason.

"The number-one reason that consumers don't adopt mobile banking is fear about their security," Monohan said, "and when Javelin asks consumers what features would make mobile banking more secure, two items top the list: encryption of the data and guarantee of reimbursement for fraudulent transactions."

Of course, consumer demand for mobile banking applications has led many financial institutions to develop and support such offerings.

Earlier this month, Citizens Financial Group subsidiary RBS Citizens announced its plans to showcase its accessMOBILE offering at the Financial Executives International conference. According to RBS Citizens, its app may be beneficial for executives at small and medium-sized businesses.