Readers will know how important mobile software security is becoming, particularly in the financial sector. You can read our dedicated white paper on the subject to discover more about some of the concerns that consumers have. If banks do not prepare properly for the risk of cyberattacks, they could seriously damage consumer trust.
Banks are rightly investing in digital services, such as mobile apps, but the resultant increase in data could leave them vulnerable to cybercriminals.
Faced with these risks, it may be tempting to double down on cybersecurity. However, if the processes are too complex and feel clunky, it could be off-putting to consumers, something that banks cannot afford in such a competitive climate. The challenge is to achieve a balance between security and a seamless customer experience. With 66% of the respondents indicating they’d perform more transactions if they knew mobile security was on board with their devices, advanced solutions must be a priority for industry leaders.
Nordea Bank in Finland is demonstrating that it is possible to develop a first-class mobile security mechanism without compromising on customer experience. We congratulate the bank on winning the “Best Mobile Service in Finland 2016”1 award at the Slush Conference with its new app, Nordea Tunnusluvut (Nordea Codes). Currently serving 450,000 users, the software provides a strong authentication system, which essentially transforms the smartphone into a verification token. Customers can use it for verification and for confirming transactions via Nordea’s Netbank, Mobile Bank and Nordea 24/7. It allows secure online purchases and identification in services offered by other providers.
We’re proud to say that we have a long relationship with Nordea, and Tunnusluvut is based on our Ezio Mobile Protector solution. The aim of Ezio is to create a robust multi-factor authentication solution that offers maximum convenience for the mobile user. With PIN and biometric strong authentication, Transaction Signing and protection against mobile threats, Ezio Mobile Suite is the most sophisticated mobile software security solution out there.
Congratulations again to Nordea Bank on their superb award win! It’s great to see more financial institutions embracing ‘digital first’ strategies and implementing sophisticated mobile software security solutions. Let us know your thoughts on mobile banking by tweeting to us at @GemaltoMobile, or posting a comment below.
1 Nordea Tunnusluvut was awarded in the category “Best Windows 10 Mobile service”. The app is also available for Android and iPhone.