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Define mobile financial services

Question: 
We’re not sure we offer any mobile financial services (MFS). Can you give us some examples of what these are?
Answer: 

A mobile financial service is any product or service a bank offers to its customers that the customer accesses via a mobile device. If your bank offers text message alerts, a mobile banking app, a method to make payments, such as an app or mobile wallet, and even any method using a mobile device to communicate account details or payment instructions, those are types of mobile financial services. This isn’t an exhaustive list. Each bank will have to take its unique products and services and compare them to the definition to determine if they are a covered product or service.
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Learn more about Rayleen Pirnie’s webinar Mobile Services Risk Management

First published on 08/28/2016

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