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Wells Fargo Uses Customer Feedback To Tune Mobile Security
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With the majority of Americans – 58 percent – now using smartphones, consumers are increasingly using their phones to conduct financial transactions. “Mobile banking is the fastest growing thing in the history of our institution,” according to Armin Ajami, Wells Fargo’s vice president and senior product manager.
Banking data is under constant attack by cybercriminals looking to steal account information and personal identity information. Banks are under intense pressure to protect customer data, but at the same time have to balance the user experience with security of data.
“When it comes to mobile devices, there’s a lot of information on the device that could make its way into the wrong hands if it’s lost of stolen.” Wells Fargo has taken an approach that periodically tests security innovations to ensure that they don’t interfere with the user experience on mobile.
Wells Fargo mobile customer log in to banking on their phone an average 13 times each day, so the experience has to be straightforward and hassle free. Before the bank rolls out new security features it tests it with focus groups of 20 customers to gauge their reaction: were they able to complete their common tasks, were they able to do it without getting frustrated or giving up?
The bank also provides general Mobile Security best practices for their customers online. Such tips include:
Use a password on the device that times out after 1 minute
Log out of mobile banking after finishing a session
Don’t keep any sensitive information on the device
By following these mobile security recommendations, customers can ensure their data is protected. What does the future of banking promise to deliver? Expect new innovations in the coming years such as biometric login on the phone taking advantage of finger print sensors on devices like the iPhone 5S, say analysts. Add that with remote wipe, device registration, and encryption, keep banking secure even across a mobile device anywhere in the world.
Skyhigh Networks, the Cloud Security Services company, enables companies to embrace Cloud Security Services with appropriate levels of security, compliance, and governance while lowering overall risk and cost. With customers in financial services, healthcare, high technology, media, manufacturing, and legal verticals, the company was a finalist for the RSA Conference 2013 Most Innovative Company award and was recently named a "Cool Vendor" by Gartner, Inc. Headquartered in Cupertino, Calif., Skyhigh Networks is led by an experienced team and is venture-backed by Greylock Partners and Sequoia Capital. For more information, visit us at http://www.skyhighnetworks.com/mobile-security/ or follow us on Twitter@skyhighnetworks.
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