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BizReport : Mobile Marketing : August 05, 2016

Mobile finance app marketers walking tightrope between security and ease-of-use

Consumers and retailers alike can appreciate the benefits of mobile payments but, according to research from Episerver, consumers are still not convinced their mobile finance apps are secure enough.

by Helen Leggatt

In their survey of 1,000 UK consumers, Episerver reveals the underlying reason that mobile payments are yet to enjoy the adoption rate retailers desire. They found that 60% of 25-34 year olds have concerns about the security of their mobile finance apps, rising to 78% among those age 55 and over.

"In today's retail environment, mobile shopping has become a key part of the consumer experience, with mobile apps playing an increasingly vital role," says James Norwood, CMO at Episerver. "Despite this fact however, the adoption of direct mobile payments remains slow, with many consumers still not trusting financial mobile apps to keep their payments secure. "

finapps.jpgHowever, despite their concerns about security, consumers want uncomplicated mobile login processes that are not any more complicated than they already are, says Episerver's Future of Finance report. In fact, 25% say they are frustrated by current complex security logins, which makes it difficult for mobile finance app developers and marketers to strike the right balance that will instill trust yet attract new users.

Reassuring consumers about security can be as easy as the use of a clearly labeled SSL security certificate (for mobile websites) or, for apps, a visual signpost such as a padlock icon. However, Norwood advises that new technologies can help mobile finance app marketers overcome this challenge, too.

"Through the development of a mobile strategy that takes advantage of secure touch IDs and one-click social media logins, marketers can quell security fears while still managing to build an intuitive user experience for their end customers," he said.

Tags: apps, financial technology, mobile, security

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