Mobile Banking Updates - Aug 16

Survey Finds Smartphone Apps Store Too Much Personal Data
"An uncomfortably large percentage of mobile applications are storing sensitive user account information unencrypted on owners’ smartphones, according to a new survey of 100 consumer smartphone apps.

Some 76 percent of the apps tested stored cleartext usernames on the devices, and 10 percent of the tested applications, including popular apps LinkedIn and Netflix, were found storing passwords on the phone in cleartext.

Conducted by digital security firm ViaForensics, the testing occurred over a period of over eight months and spanned multiple categories, ranging from social networking applications to mobile banking software. The firm tested apps only for iOS and Android, the market’s leading mobile platforms."

TMG Releases Mobile Banking White Paper
"Brian Day, product development architect for The Members Group (TMG) says it’s time for financial institutions to rethink they way they service customers – understanding that today’s consumer increasingly values self service over traditional customer service. This shift in customer preference, Day says, has elevated the importance of products like mobile banking for community-based financial institutions."

Government rallies banks on mobile banking
"The Minister of Finance, Ms Maria Kiwanuka, has said local financial institutions have to offer mobile phone-based solutions to make financial services more accessible and affordable.

Speaking at the launch of the Interswitch in Kampala yesterday, Ms Kiwanuka said,“I urge Interswtich and other financial institutions to have products that will lead to financial inclusion and reduce the cost of doing business."

Absa to launch mobile apps, overhaul ATMs
"Banking group Absa will soon overhaul its ATMs, adding a broad range of functionality to them, and launch mobile banking applications supporting a range of popular smartphone and tablet computer operating systems.
It says this is part of its long-term goal of providing a “unified customer experience” across platforms and devices, particularly entry-level devices.
Deputy managing executive for digital channels Adrian Vermooten says Absa is in the process of a wholesale “platform renewal”. The bank has created a core framework that can easily be adapted to various digital platforms, he says."