There are a growing number of fintech startups that have been able to overstep the legacy cost structures and regulatory constraints that hinder traditional banks in offering mobile banking services. Collectively these firms offer services covering many of the traditional business lines of retail and other banks, including cards, loans, payments, cross-border transfers, and digital currencies. Since mobile banking usage is set to grow exponentially, banks must overcome structural challenges and reconcile consumers’ appetite for ease of use with the desire for greater security.”]
Source: https://www.bankinfosecurity.com/whitepapers/fraud-challenges-in-mobile-financial-services-w-4345