Winds of Change?
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A recent S1 Enterprise consumer survey found that consumers now value financial stability (65%) and trust (54%) ahead of convenience (50%) in terms of attributes they value most in a financial institution. I agree with Mr. Adams, the Bank Technology News writer who covered the findings, when he (sarcastically) wrote, "Well, here's a shocker." But I'm shocked for different reasons.
For all of the time I've been in the world of financial fraud prevention, it's been drilled into me that fraud and risk policies take a back seat to sales and marketing initiatives focused on acquiring new customers and accounts. The conventional wisdom was that as long as new products and new channels (i.e. convenience) were profitable, associated fraud losses were a cost of doing business.
Is it possible that this survey provides some evidence that the conventional wisdom is now wrong? Banking customers now place trust ahead of convenience" interesting. I realize that "trust" has several potential meanings in this context, but one of those meanings must relate to how banks protect customer information and assets. Will this help bolster the business case for investing in fraud prevention and security resources and projects? It's hard to say, but let's hope so.