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In Wireless We Trust? Perceptions and Physical Security of Mobile Financial Services Abstract The issue of security in mobile financial services is more than just a discussion about the bits and bytes of relevant technologies. Unfortunately, a technology-focused security discussion overlooks the equally relevant area of security, one which is often underappreciated by financial services institutions (FSIs) in their mobile efforts. This additional consideration consists of the development and maintenance of trust as well as the strategies that help FSIs tailor user perceptions and habits in ways that build upon this trust within the mobile delivery channel. By standardizing mobile within a multichannel environment, marketing effectively, and introducing policies that suggest stability of mobile, FSIs can generate a sense of trust that will speed the uptake of sophisticated new mobile financial products and services. This TowerGroup Research Note reviews the issues that user perceptions and habits have in the evolution and maintenance of trust in financial services, particularly with regard to mobile. It contrasts methods for developing trust among retail users with tactics best employed for ensuring stability in the development and usage of enterprise workline mobile applications and introduces key strategies and considerations for FSIs in both areas. Finally, this Note details trust and security in the physical, or device, environment. It reviews the various physical security risks facing physical and enterprise users as well as tactics and technologies FSIs must implement to promote safe user habits and device usage patterns.
Table of Contents Highlights Introduction The Role of Trust Within the Financial Services Relationship Security Is Trust and Trust Is Security User/Consumer Perceptions of Mobile Financial Security How FSIs Can Influence Retail User Perceptions How FSIs Can Support Enterprise User Behaviors Physical Realm Security: Issues and Guidelines for FSIs Role of Industry Consortia in Developing Standards, Trust Conclusion |