The Banking Regulation and Supervision Agency (BDDK) has instructed banks in Turkey to send account statements of their customers on mobile apps instead of emails.

The watchdog has restricted banks to send the statements via email due to security concerns, Turkish media firm Daily Sabah reported.

As an alternative, BDDK has urged the banks to promote the use of mobile banking apps and e-banking websites for accessing account information.

The banks will direct their customers to the online channels available, so they can access their bank or account statements and EFT receipts, the report added.

However, customers who wish to receive their financial details on the email can choose to apply with their respective banks.

This move comes after BDDK announced a new set of regulations recently.

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According to these regulations, effective 1 July 2020, banks cannot use Google, Hotmail or any other foreign-sourced email services to share financial details to their customers.

The watchdog intends to keep the sensitive financial information of the Turkish customers within the country’s borders with these regulations.

The order is also aimed at bolstering the cybersecurity of banking and financial institutions. Since mobile banking apps offer two-factor authentication, they are said to be safer for storing sensitive customer information.

The authentication requires customers to login with a password along with a single-use code sent via email, call or text.

Turkey has significantly adopted the use of mobile banking services in the past few years.

According to Deloitte’s EMEA Digital Banking Maturity 2018 report, 65% of customers use mobile banking apps in the country.

21% use internet banking and only 14% still rely on bank branches.