Your account holders entrust you with their personal and financial information. They also rely on you to protect it. Their identities and their wealth are more than just a name and number; they’re the foundation of who they are and the relationships that they’ve forged.
With the total number of identity crime victims at a record high, Financial Institutions (FIs) must be proactive to ensure that fraud and security incidents don’t rob them of account holder loyalty. Criminals can easily manipulate financial, medical, government, criminal, and even employment records. This sheer breadth of misuse makes identity crimes hard to detect, and even harder to repair without the right resources. Continue reading
Does your bank belong on Snapchat? What should your credit union tweet about? Will Facebook’s algorithm ever be on your side again?
There’s a perfect storm swirling in the social-sphere that is creating a lot of questions for social media professionals in the financial services space.
As banks and credit unions increasingly try to engage consumers on social media, they’re often left defeated amidst waning attention spans, changing platforms and unfriendly algorithms. It’s the harsh reality of social media today, but it’s not all bad news.
“An investment in knowledge pays the best interest.”
– Benjamin Franklin
Franklin was a pioneer in financial education and often oozed witty, yet practical wisdom. In fact, the man attributed with “a penny saved, is a penny earned” even authored one of the first widely-published financial advice pieces. Franklin understood the value of financial education — and made it a life mission to empower individuals through knowledge. Continue reading
Technology moves fast. We see it with major “disruptions” from both digital innovation in banking as well as in our personal lives. These changes breed new opportunities but the accompanying challenges can be difficult to overcome. With all the avenues for innovation, what’s the most profitable path for financial institutions?
A people-centric approach with a dual-view of the digital landscape is always a smart place to start. Continue reading
The Pew Research Center reports 64 percent of Americans have been victims of at least one data breach.
A data breach occurs when personal or financial information is unlawfully viewed, stolen or used. Exposure can stem from malicious sources, like hacking and theft, or can be seemingly innocent in nature, such as an employee improperly disposing of sensitive files. Continue reading
Small business banking is the new battleground for financial institutions, as many seek to ramp-up revenue by focusing on these often-under-served assets.
The push comes as small business undergoes some major changes — from the owners themselves to the sought-after account features to the diverse set of players in the space. This small, yet mighty facet is creating major opportunities, as well as some considerable competition, for banks and credit unions. Continue reading
Bank switching continues to plague financial institutions in an increasingly competitive market. From tailored offerings to high-engagement account holder retention strategies, banks and credit unions are definitely determined, but is bank switching still a top concern at your financial institution? Continue reading
The consumer banking experience has changed dramatically in recent years.
Today, banks and credit unions adhere to the rise of the tech-savvy and budget-conscious consumer. From mobile apps and online banking initiatives to tailored programs — the trend of rapid adoption is impressive, but it’s not without its shortcomings. Continue reading
Staying on top of consumer and small business fraud risks is critical to the security and success of your financial institution. Hand-in-hand with being attuned to identity crimes, you must be able to help customers protect against them. This keeps you compliant with industry regulations and fulfills your customers’ expectations.
So how do you ensure such a positive outcome for you and your customers?
View our latest webinar Strategies to Protect Banking Customers from Emerging Fraud Schemes, which I recently presented with fraud expert Al Pascual of Javelin Strategy & Research.
Our discussion delves into new findings surrounding current and evolving fraud threats, how customers view your role in their protection and how you can strengthen customer relationships while growing your revenue with industry-leading identity protection.
Take advantage of this complimentary webinar now.
As public concern about identity theft and fraud continues to escalate, it has become more critical than ever for financial institutions to step up customer protection efforts — or risk taking a hit to their bottom lines.
In a global study across 17 countries that included more than 5,200 consumers, some 25 percent of respondents said they’d been victims of credit, debit, or pre-paid card fraud within the past five years. Most tellingly, more than 20 percent reported that they will stop using, or switch from, the card impacted by fraudulent activity. The study — conducted by ACI Worldwide and Aite Group — further found that after experiencing fraud, more than half of cardholders switched to using cash or an alternate form of payment instead of their credit or debit card.