Mobile banking has become an integral part of everyday life. More and more bank customers are using apps on smartphones and tablets to manage their financial affairs, and customer demand for mobile applications continues to rise. As a rule, the customer’s own bank provides the app.
A recent online survey conducted by market research institute CENSUSWIDE on behalf of CREALOGIX of 1,500 consumers in Switzerland and Germany showed just how important important mobile banking is to consumers. Almost 69 percent of those surveyed would open a new account with another provider if it meant that they could use just one app to check their overall financial situation across all accounts. This would allow them to do their everyday banking on the go at any time. And for the younger generation of 16-24 year olds, who already do everything with their smartphones, a convenient mobile banking app is an important criterion when choosing whether to stay with their bank or consider switching to a mobile-only bank.
There is no question about it: While mobile banking is very practical, it also has the potential to be open to attack from possible abuse. For years, consumer magazines have warned that the “bank branch in your pocket” is at risk from hacker attacks. And as the methods used by cyber criminals become ever more sophisticated, the relevance of the topic of security in mobile banking continues to grow.
How do banks manage to keep their mobile banking user-friendly yet secure?
As a secure mobile gateway to all banking transactions, the optimal mobile banking solution is based on an open architecture that works according to a modular system. This allows the bank’s landing page, modules, third-party applications and entire collections of applications to be connected and made accessible seamlessly in a single app. As a result, bank customers can move easily from function to function on a single platform. Standardized APIs ensure customers can use the functions as they wish. For example, they can access the camera via their own API and use it as required.
The platform should be designed for maximum security for sensitive bank data and include up-to-date security functions such as authentication and transaction signing. Apps are generally more convenient and secure than browser access; they usually have additional security levels such as a fingerprint scan (Touch ID). Regular security audits ensure that they always meet the highest standards and allow any weak points to be anticipated and remedied promptly.
State-of-the-art mobile banking at VZ Depotbank
VZ Depotbank recently chose the CREALOGIX Mobile Application Platform in order to integrate banking more closely with its customers’ digital environment and make it even simpler and more convenient for them. Thanks to the flexible and scalable solution, VZ Depotbank customers will be able to execute all desired transactions and access all financial information and services via a single app without having to leave the platform’s secure environment. The product brings together a wide range of applications in a single secure app: In addition to the VZ financial portal and various CREALOGIX products such as Payment Scanner, VZ Depotbank will initially provide its customers with a financial news app from the Web Financial Group as a third-party component.
Secure and convenient authentication via Strong Push Authentication
In addition to the previous FotoTAN procedure, VZ Depotbank uses the new Strong Push Authentication procedure, where bank customers only have to confirm a push message directly via the mobile banking app on their smartphone in order to trigger a transaction. Using Strong Push Authentication, bank customers and e-banking users do not need any additional elements or devices such as TAN blocks or TAN generators. There is also no need to enter a transaction code, which is delivered via SMS or a separate authentication app.
Only those companies that understand the world of their customers today and offer them convenient services can differentiate themselves and enjoy success in the market. Learn more about how VZ Depotbank has successfully done this with its mobile-only approach.