As new technologies emerge to transform the status quo, so does the opportunity for innovation around banking and payment services. Financial business leaders everywhere need to ensure they are investing in the right technology, and in some cases move away from legacy operations, even if it eats their own lunch.
But, as new technologies emerge, so to do the threats facing the industry. A lot of this has to do with the accelerated adoption of a digital lifestyle by consumers and enterprises. As a result, financial institutions must evaluate all possible risks to uphold the security standards of their account holders who entrust them with their sensitive personal and financial data. Continue reading
In a world saturated with millennial-focused advertising, financial institutions are turning a blind eye to a very important demographic group: baby boomers. Many financial institutions place boomers in the bubble of anti-technology and dwindling funds. Not only are these stereotypes problematic, they can lead to a substantial loss in potential business. Continue reading
Driven by a pressure-cooker competitive environment, shifting consumer perceptions and growing security concerns — a not-so-new opportunity in banking has re-emerged.
Identity protection has once again become an optimal opportunity in banking. As cybercrime costs the financial services sector more than any other industry, and consumers increasingly demand engaging financial wellness experiences, financial leaders are starting to take a proactive approach to both by providing targeted identity protection offerings. Continue reading
We’re losing a staple of Main Street faster than expected. Nationwide, bank branch visits have been cut in half over the past 20 years.
According to data from S&P Global Market Intelligence, this drop has led to a rash closing of physical branches. Since the financial crisis, banks have closed more than 10,000 branches – an average of three a day. Continue reading
New research from the Auriemma Consulting Group (ACG) paints a bleak picture of the state of synthetic identity theft and its hit to the banking industry.
Synthetic identity theft cost banks $6 billion in 2016. Five percent of charged-off accounts and up to 20 percent of credit losses are thought to be a result of synthetic identity theft.
With synthetic identity theft on the rise, banks and credit unions must search for more comprehensive solutions to this growing problem. Continue reading
Last month, I co-hosted a webinar with Javelin Strategy & Research, “Growing Fraud Risks Facing Millennials, Gen X and Boomers.” It showcased new research surrounding different identity risks and protection preferences for each demographic. Continue reading
New research from Javelin Strategy & Research’s 2017 Identity Fraud Report knits an intricate relationship between consumer personas and identity crime risks.
In 2016, an estimated 15.4 million consumers were victims of identity theft and fraud, up from 13.1 million the previous year. This marks the highest identity victimization rate since Javelin Strategy & Research began tracking the trend in 2003. Continue reading
What makes up your financial institution’s engagement toolkit?
Perhaps you have a great app, timely email and text notifications, or even a strong social media presence. These initiatives keep accountholders tuned into their finances on their time. However, these perks offer much more than meets the eye. Continue reading
As we round out the current year, the data security world is buzzing with year-end reports and data security predictions for 2017.
From cybercrime to payments fraud — identity crimes took a dramatic turn in 2016. This year-end data paints a telling story of the state of data security. Some changes were for the best, others for the worst. However, there are a few qualitative findings that offer even more insight into the future. Continue reading