Federal Bank Adopts IBM's MobileFirst Platform

by CXOtoday News Desk    Dec 07, 2015

IBM

 

 

 IBM announced that Federal Bank, a major Indian commercial bank in the private sector, has selected IBM Security Trusteer Mobile SDK to enable secure banking through their mobile banking application. Federal Bank has made significant investments in its journey, establishing itself as a ‘digital bank’ to enhance customer convenience.

Federal Bank has developed three mobile apps which enable customers to bank on the move. Developed on IBM’s MobileFirst Platform, FedMobile can be used to transfer funds, make utility bill payments and to avail value-added services like top up/ recharge of mobile phones, payment of school fees etc. By far one of the easiest and most comfortable mode of making any kind of payments, be it payments at retail stores, restaurants, hotels, home delivery, e-commerce, bill payments or even person to person payments, Scan N Pay is a first–of-its-kind QR-code based payment app developed by Federal Bank. FedBook is India’s first mobile app for account opening, which converts into an electronic passbook once the account is opened.

The mobile channel became critical for Federal Bank as more customers started transacting via smart-phones and this necessitated implementing safeguards against constantly looming threats like SMS stealing malware, unsecured Wifi and Man-in-the-Middle attacks. Additionally, the bank was looking for a security solution that would not impact user experience while mitigating risks, and could be implemented very quickly.

IBM proposed a solution, where IBM Security Trusteer was integrated with IBM MobileFirst Platform, and its SaaS model helped the bank to cut down additional costs on hardware or services, and also helped them achieve quick time to market. This solution attenuated all the risks involving endpoint security and helped Federal Bank to build a secure platform for addressing key challenges in mobile banking without affecting the user experience.

IBM Security Trusteer Mobile SDK is a dedicated security library for Apple iOS and Google Android platforms that can be embedded in proprietary mobile banking applications to detect compromised and vulnerable devices and generate persistent device IDs.

“Going the digital way, mobile was our preferred channel to reach out to our customers. Within the mobile ecosystem, we realized that, the customer machines were the point of compromise and these had to be safeguarded to build customers’ confidence. IBM’s Security Trusteer Mobile SDK equipped us to stop these attacks from coming in from unsecured customer device,” said  Johnson K Jose, Head - IT, Federal Bank.

IBM spokesperson, Vaibhav Khandelwal, Trusteer Leader, said, “Federal Bank, like many financial organizations, identifies that even if their mobile banking systems are secure, the compromising weak link in the chain is the endpoint device. IBM Security Trusteer Mobile SDK enables any bank, large or small, to secure their customers’ device against financial malware without having to worry about support calls from users who need help to activate or use the software. It just works in the background with no end-user intervention.”

With this implementation Federal Bank has also become the first Indian bank to adopt a proactive real-time mobile banking security solution with IBM Security Trusteer Mobile SDK.