FCA to Analyze Mobile Banking Services

Mobile-Banking-ServicesThe Financial Conduct Authority (FCA) has lately decided to conduct a review of mobile banking, promising that fraud and security would be focused on.

Mobile banking may include financial transfers, contactless payments and online account access with the usage of tablet computers or smartphones.

The FCA said that the risks of interruptions to the services would be looked at. The risks, reportedly, are caused by system failures or IT blips, which freeze accounts of customers.

The report said that anti-money laundering controls and systems would also be analyzed by the group. The aim is to ensure reliability in use. Since, mistakes or fraud on fiddly keypads was likely to give rise to problems for those who use mobile banking services, said a regulator.

The analysis is being hoped to encourage the providers of mobile banking to make their products straightforward to use as well.

When it comes to financial services, mobile banking is a great development. Since, it draws growing number of consumers to the banking convenience on the go.

"Mobile banking is an exciting development in financial services, with increasing numbers of consumers attracted to the convenience of banking on the move", avowed the FCA's director of supervision, Clive Adamson.