Building the future of mobile banking - Part III

Study

December 2017

In collaboration with Efma, Wavestone aims at designing the future outlines of mobile banking through 4 pillars covering all features of a bank.

This intermediate report presents the study results on Security and Regulatory.

Financial services are facing an increasing cybercrime with improved attacks. Last year, estimated fraud on credit card payments in France increased by 4.4%, reaching a cost over half a billion euros. In addition, regulatory constraints have been extended significantly over the last years. Following this observations, how mobile banks can face this new context and turn these threats into business opportunities ?
•    Merge the business requirement to simplify the user experience with the security needs
•    Improve the fraud detection by relying on data science
•    Open data to third party entities complying with data privacy and PSD2 regulations

The rest of the study will be released progressively, pillar per pillar, before being synthetized within a global report.

Keywords : Cybersecurity/Authentication , API/Open banking , Compliance/Regulation , Digital/Mobile channels