Some consumers remain reluctant to fully embrace and adopt digital and mobile banking channels, because they distrust digital channels and the internet. Yet they trust their banks and credit unions, which presents a challenge for digital and mobile banking adoption, but an enormous opportunity to engage with consumers who have historically only banked via the branch or contact center. Those consumers are making a clear plea for more interaction with their primary financial institution, especially when it comes to cybersecurity engagement and education. Meeting consumers’ needs is merely one way, but a powerful way, FIs will fortify the trust between them and their long-time customers and members.

Trust, in fact, is the through-line of every lesson in Javelin Strategy & Research’s second installment of Cyber Lessons for Digital Bankers, which comes on the heels of the initial report published in October 2022. Whether it is outreach to digitally reluctant customers – those referred to here as “traditional” banking customers – or use of smart friction to demonstrate security in action during online and mobile banking sessions, helping consumers beef up their cyber-hygiene strengthens the bond FIs have with their consumer bases, and ultimately makes everyone more secure. 

Key questions discussed in this report:

• Where are financial institutions missing opportunities to engage traditional consumers to push them to adopt digital banking?
• How can FIs expand the ways they reach consumers through cybersecurity education?
• Where are FIs winning consumer trust, and how can they gain more of it through cybersecurity awareness? 

Companies Mentioned:

Chase, Google, PayPal, Republic Bank, Venmo