Benchmark analysis finds financial mobile apps lack security

Many financial institutions have successfully adapted to the mobile-first world. Customers can perform common banking transactions, check accounts and even apply for loans conveniently through mobile apps. Bank of America alone has over 30 million mobile banking users, and Insider Intelligence’s Mobile Banking Competitive Edge Study found 89% of all respondents use mobile banking. While traditional banking continues to thrive, fintech and insurtech mobile apps grow more popular by the day. So much so that Brainy Insights expects the global fintech market will reach USD 936.51 billion by 2030. Brands like CashApp, Marshmallow, Chime and other popular fintech and insurtech brands complement traditional banking options by offering similar services with greater simplicity. These financial services businesses seem to have a great deal in common, but