The FFIEC’s take on mobile financial services
I hope everyone had a wonderful Thanksgiving holiday! For me, the passing of Thanksgiving means its finally late enough in the year to start planning out the next year. Over the next few weeks, countless hours will be spent reading reviews for the best 2021 planners and diligently mapping out all the events, personal and professional goals and due dates already on my calendar for next year as well as completing my annual budgeting project. For all those out there who are not overly zealous planners, that’s okay, I accept you as you are. But, for those like me, you may also be gearing up for next year already.
As we have all experienced the changes this year has brought, thinking about how to expand mobile and digital offerings at your credit union may be on the 2021 to-do list. So, today’s post covers the FFIEC’s guidance on mobile financial services. While there is nothing new to report, it can be a helpful refresher as you think about these services and how your credit union is implementing them.
The FFIEC’s discussion on mobile financial services can be found in Appendix E of the Retail Payments Systems booklet. Mobile financial services (MFS) include any services offered through a mobile device and include four main types of services: text messages, mobile-enable web sites, apps and wireless payment technologies (such as tap to pay or person-to-person transfers). When considering MFS offerings, the guidance identifies four key risks along with ways credit unions may be able to mitigate these risks.
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