Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness

Consumers are increasingly turning to mobile banking applications as their preferred channels for financial interaction. The mobile banking channel offers a unique and secure way for consumers to embrace and adopt digital banking, and financial institutions increasingly rely on their mobile channels to enhance and improve engagement with consumers, especially for cybersecurity awareness and outreach. Lessons from top-tier banks set a good example for community banks and credit unions to follow. Improvements to mobile banking options offer smaller institutions low-dollar ways to enhance cybersecurity, prevent fraud, and improve consumer engagement. 

Javelin Strategy & Research’s latest review of cyber lessons for digital channels builds on its More Cyber Lessons for Digital Bankers: It’s All About Trust report, which published in March 2023. Javelin sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are administered directly through mobile apps and educational materials are readily accessible.

Key questions discussed in this report: 

• How are leading FIs taking advantage of mobile banking to disseminate cyber education and build cyber-risk awareness and engagement with consumers? 
• How is consumer adoption of mobile banking helping to strengthen the adoption of authentication that goes beyond usernames and passwords? 
• Why is mobile app push notification one of the best tools FIs can use to build consumer loyalty and trust from a cybersecurity perspective?

Companies Mentioned: 

Bank of America, Capital One, Chase Bank, CreditWise