How Banks Can Balance Security and Convenience for Millennial Customers
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How to balance security and convenience in the digital era. Protect your millennial banking customers from fraud.
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How Banks Can Balance Security and Convenience for Millennial Customers
- 1. ConvenienceintheDigitalEra HowtoBalanceSecurityand MillennialsBANKINGON FUTURE CUSTOMERSARE MILLENNIALS. Your 50% ofthe populationisunder theageof30. by 2025Millennialswill generate46% of allincomeintheUS Millennialsexpectbankstoengagewiththemontheirmobiledevices.Financialinstitutionsinterestedin attractingandretainingMillennialcustomersneedtorethinktheirmarketingandsecuritystrategiestoreflect thewaythisemerginggenerationlivesontheirphones–ortheyriskgettingleftbehindasthisgiantpoolof potentialclientsbankselsewhere. BEHAVEDIFFERENTLY, HOWWILL YOUCONNECT? Millennials 86% Smartphoneusers Millenialsage 25to34are 41% electronicallythanface-to-face wouldrather communicateatwork 71% wouldrathergo tothedentist thanlistentobanks HOWDOMILLENNIALSBANK? THEYPREFERMOBILEAND ONLINEPAYMENTS Specifically, HOWDOMILLENNIALSBANK? THEYPREFERMOBILEAND ONLINEPAYMENTS MOBILEPAYMENTS areexpectedtoreachcloseto $90BillionUSDby2017 94% OFBANK ACCOUNTHOLDERS undertheageof35areactive usersofonlinebanking 38% OF MILLENNIALS useappsandothermobile toolstomakebillpayments ONLY38% OFMILLENNIALSUSE physicalbanksfortransactions asidefromusingabranch officeATM AsMillennialsdrivetheshifttodigitalchannels,traditionalbankbranchesarestartingtofadeaway.Infact, manynewbanksdonothavebranches,insteadrelyingsolelyondigitalbankingchannels. OFTENPUTDIGITAL CONVENIENCEOVER SECURITY Millennials 44%ofUSMillennials havebeenthevictim ofcybercrimeatleast onceinthepastyear 44% 31%ofMillennials sharepasswords includingcredentials foronlinebankingsites 31%ofMillennials sharepasswords includingcredentials foronlinebankingsites 84%ofMillennials puttheiraccountsatriskby checkingtheiraccountsusing insecurepublicWi-Fihotspots 54%ofMillennialsare concernedaboutthesecurity oftheirmobiledeviceswhen PerformingTransactions 86%ofMillennials arewillingtotakeadditionalstepsto verifytheiridentitieswhenopeninga NewAccount BANKSTODOMORE ABOUTMOBILESECURITY Millennialsexpect AlmosthalfofallMillennialsrelyonbanksandcreditcardcompaniestoprotectthemafterahackmaking themtheleastresponsiblegenerationintermsoftakingresponsibilityfortheirownpersonalsecurity. PROTECT MILLENNIALS FROMFRAUD Howto... Millennials’unorthodoxbankinghabitsandheavyuseoftechnologymeansthatbanksneed torevisetheirsecuritystrategiestosuccessfullyprotectthem.Crucialtechnologiesand approachesforsecuringMillennialbankingcustomersinclude: -Devicefingerprintingtosecuremobiletransactionsfromanylocationatanytime -Frictionlessandtransparentprotectionrequiringnohoopstojumpthrough,likeclientlessmalwaredetection -Dynamicformsofuniqueauthenticationsuchaspushmessagesdeliveredimmediatelytomobiledevices -Rogueappdetectionandtakedownthatpreventscustomersfromdownloadingfakeapplications -SDKsthatintegratefraudprotectionfromwithinanativeappanddon’trequireadditionalend-useraction Millennials’unorthodoxbankinghabitsandheavyuseoftechnologymeansthatbanksneed torevisetheirsecuritystrategiestosuccessfullyprotectthem.Crucialtechnologiesand approachesforsecuringMillennialbankingcustomersinclude: TotalFraudProtection® isalayeredelectronicfraud prevention strategydesigned to balance security andcustomerfriction.Letushelpyoureachand protect your future customers,with the most complete multi-channel and layered anti-fraud platform.Formoreinformationpleasecontact: w w w .easysol.net sales@ easysol.net Sources: https://www.firstdata.com/en_us/all-features/millennials.html http://www.infosecurity-magazine.com/news/millennials-are-cyberslackers/ http://newsroom.transunion.com/cyber-slackers-millennials-lax-with-cyber-security http://www.gobankingrates.com/banking/how-bank-adapting-millennial-banking-habits/