Solutions are Here, But Security Remains Top Concern
By Tracy Kitten, Managing Editor
Mobile technology is already having a big impact on financial services, from remote banking to mobile payments. The continued proliferation of smart phones is only going to accelerate that impact. Mobile is already revolutionizing the way consumers interact with their financial institutions, and banks have to stay ahead of the technology and the security concerns.
Randy Vanderhoof, executive director of the Smart Card Alliance, says mobile banking is a given. Payments are now the next frontier, and a number of technologies and services, such as remote deposit capture, are converging to make mobile payments readily accessible to consumers.
"By 2011, we can expect to see more NFC (near-field communications)-enabled devices being rolled out by the handset manufacturers," Vanderhoof says. Once that happens, the connection between the mobile device and contactless payments will be bridged.
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