According to a Federal Reserve Board Report, 87% of Americans utilize a mobile phone. Of those with a bank account, 43% of mobile users have utilized mobile banking in the previous year. Within mobile banking, 58% move money between accounts, 48% deposit checks, and 47% conduct Bill Pay. They also see the growth of mobile banking and payment solutions continuing to rise. Apple Pay, Android Pay, and Samsung Pay taking on more transactions, with 33% of mobile users saying they have conducted an instore purchase with their device.
For financial institutions, the strategic value of mobile financial services must be balanced with appropriate risk management. This needs to occur during the strategic planning stages, product selection, and ongoing monitoring of existing solutions. In 2016, the FFIEC released Appendix E: Mobile Financial Services in an update to the Retail Payments Booklet. It brings clear risk identification, measurement, and management expectations to financial institutions. We will discuss the expectations within the FFIEC Retail Payments Booklet.
In addition to the guidance, we will explore applied risk management concepts for mobile banking solutions. Focus will include Mobile Risk Assessments, integration into Information Security Programs, Third Party Risk Management, and effective IT Auditing.
What You Will Learn:
Who Should Attend?
Fundamental background information for the Executive team involved in mobile initiatives. Information Security Officer, IT Auditor, Risk Officers, Compliance Officers, and IT Management looking to understand or improve current risk management practices around mobile banking.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.