Cyber Lessons for Digital Bankers

Digital banking teams are sometimes hesitant to talk directly with consumers about cybersecurity. Some fear that acknowledging banking accounts could be vulnerable to cyberattacks would worry consumers. But consumers are already worried, and ignoring those worries damages consumer trust in and loyalty to their primary financial institutions. As the 2022 Cyber-Trust in Banking Scorecard report by Javelin Strategy & Research shows, FIs are distinctly positioned to build on the trust they’ve already established with their customers by providing better cybersecurity education. Cybersecurity and digital banking teams have a shared interest in improving the privacy protections of consumers. They also share an incentive in ensuring consumers can easily find and access those privacy policies, and understand them. 

Digital banking teams—the muscle behind online and mobile banking product development—historically haven’t concerned themselves too deeply with cybersecurity education. There’s now an opportunity to shift that thinking and work collaboratively with cyber teams to position consumer engagement, empowerment, and enlightenment as part of the strategic communication that is built directly into product development. Investments in consumer privacy increase trust and loyalty, and thus should be viewed as part of digital banking teams’ customer acquisition strategy. More transparency about privacy, and education about fraud-prevention and cybersecurity awareness also provide FIs an opportunity to get in front of regulatory and legislative pushback against fraud, especially as congressional pressures over consumer complaints about peer-to-peer fraud rise. 

Key questions discussed in this report:

• How can FIs’ digital banking and cybersecurity teams work together to deliver products that put an emphasis on cybersecurity education and empowerment?
• How can FIs take steps toward online and mobile banking parity, especially as it relates to security empowerment?
• What steps can FIs take to help consumers improve their password hygiene?
   

Companies Mentioned:

Amazon, Apple, Cash App, Chase Bank, Google Pay, Venmo, Zelle