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Mobile banking on the rise among financial institutions, customers

The rise of mobile banking makes it easier for customers to complete transactions, but mobile institutions must be aware of potential roadblocks

Michael Hatamoto | Feb 28, 2014 at 11:06 am CST (1 min, 15 secs time to read)

Mobile banking users looking to access bank accounts from smartphones and tablets are becoming increasingly sophisticated and demand intuitive banking services. Mobile banking adoption also continues to see strong growth, so banks now have the ability to embrace customers across a variety of platforms.

Mobile banking on the rise among financial institutions, customers | TweakTown.com

In Europe, customers are twice as likely to log into mobile banking apps while using a tablet over a smartphone, though financial institutions must cater to both market segments.

"Mobiles and tablets offer banks a variety of benefits but in different ways," a recent Forrester blog claims. "While widespread mobile and smartphone adoption presents banks with a large opportunity to engage consumers today, surging tablet ownership rates over the next few years will demand a robust tablet banking platform as well."

As banks and other financial institutions prepare for increased mobile use from customers, there are glaring security issues that must be properly addressed. Sophisticated malware open the door to security threats that many banks are struggling to try and keep up with, and security experts continue to call for banks to boost mobile security.

For example, NatWest and RBS customers in the UK were recently locked out of mobile banking services, with bank officials claiming a "record" amount of users trying to log into the apps - on payday for UK workers, no less. Issues like this only anger mobile customers and need to be avoided at all costs, as NatWest customers took to Twitter and Facebook to voice their displeasure with app problems.

Last updated: Apr 7, 2020 at 11:42 am CDT

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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