In the Race Toward Mobile Banking, Don't Forget Risk Management

Banks are in a race to develop their digital platforms to make it easier for consumers to adapt to new payment types as well as to compete with emerging financial technology companies.  The last couple of years has shown astounding growth and popularity in the use of mobile payment and banking applications.  While this digital convergence is helping to streamline consumer experiences, it must align with the goals and regulatory guidance of the financial institution.  Risk management needs to be at the forefront of the development and deployment of these mobile banking solutions to ensure company and customer data is secure.  The features and capabilities of the technology available today is advancing faster than the resources available to manage and complete the projects.  It is recommended that institutions look at mobile development from the same risk perspective that they would any other system deployment, and account for the influx in the data that will need to be monitored.

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