Corporate Mobile Banking Update: Adoption Conundrums and Security Realities
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The good news is that corporate mobile banking can be extremely safe. The bad news is that security fears, some of them unfounded, are preventing users from flocking to corporate mobile.
Do the benefits outweigh the risks? Should banks be investing in corporate mobile given these adoption challenges?
Mobile is a critical customer touchpoint and provides several key benefits, including on-the-go access, alerts and notifications, and cash flow improvements. An often overlooked benefit to corporate mobile banking is that it provides an additional layer of security; when executives receive mobile alerts, they have the ability to intercept potentially fraudulent transactions in near real time. However, even with the added security benefits, corporations are and should still be concerned about security; it’s obviously critical to make responsible technology and security decisions.
“There is a chicken and egg situation here. It’s quite difficult for banks to prioritize mobile investments when corporate adoption simply isn’t there,” says Jacob Jegher, a research director with Celent’s Banking practice and author of the report. “All banks should be investing in digital infrastructure that encompasses online, mobile and tablet banking. Banks don’t need to deploy actual mobile solutions immediately, but should be poised to rapidly deliver when customers ask for it. Customer demand should dictate when banks invest their hard-earned IT budgets in corporate mobile apps and solutions.”
This report examines and analyzes the corporate mobile banking landscape, delving into the current state of mobile banking adoption and explaining some of the adoption hurdles. It then explores corporate mobile banking security misconceptions and truths. Finally, the report provides a set of mobile banking best practices for corporate users and explains why banks must invest in digital infrastructure to support online, smartphone, and tablet banking.