TSYS study showed that 63% of bank consumers said they would most likely switch accounts if it is more robust. That means, to meet banking security standards is not a matter of your bank safety, but the viability of your customers’ loyalty. However, the fight for the safety of your customers’ accounts may be challenging. It is, even more, a complicated task for online banking. That’s why 11% of banks mentioned cybersecurity as a strategic priority in 2018.
Check Your Ultimate Guide To Meet International Online Banking Security Standards for more information.
However, 2019 will test bank security systems again and again, as well. Throughout this blog, we will explore the main reasons why online banking is a tough challenge.
5 Reasons Why Online Banking is a Tough Challenge
1. Unmindfulness of the customers
Most of the account holders ignore the importance of passwords. They create the easiest ones to hack (1234, QWERTY) or keep them unveiled to the public eye. Or they use public Wi-Fi and get phishing attacks. Thus, password issues occur again and again. Here, despite the deceptive obviousness of the problem, banks should meticulously instruct customers, increase their cyber-literacy and remind them they should aim at complex passwords of around 12 characters, and change them frequently.
2. Unskilled personnel
27.1% of banks face a lack of trained personnel while implementing banking security standards.
If your employee doesn’t know some nuances or details, your customers will never forgive mistakes, and a trial-and-error approach to the service. Regular training helps to overcome this issue easily. The research shows a correlation between training and employees’ performance. Organizations that invest in their employees’ skills will gain reliable and proficient staff that will encourage customers to trust them.
3. Authentication of mobile transactions
Authenticating a user’s identity on a mobile device is another online banking challenge. Customers lose mobiles, the verification via SMS/text message may get wrong, geo-location can be sometimes not that reliable because people travel a lot. However, thanks to technologies we have biometrics now, so all you need is to inform your customers about this opportunity and explain how to work with biometric apps.
4. Vulnerability of your vendor
Financial service is one of the top 3 fields that are the most vulnerable to cyber-attacks. The threat can come not just because of the imperfections of your online banking system. If your third-fourth parties are insecure, your data is in danger, too. To avoid any problems ensure if all of your vendors have a strong security system
5. Acts of sabotage
And the most shocking issue: 60% of cyber attacks come from insiders. Now we are not talking about the lack of skills or accidents, but about malicious intentions. To avoid this challenge, you should focus on personnel recruitment, the psychological atmosphere inside your bank, motivation, and bonuses. Satisfied and loyal employees will unlikely cause trouble in honor of revenge.
Whether your employees, vendors or even customers themselves make a mistake, it influences your bank reputation. You should always be vigilant in terms of the online banking security system in your organization. However, the majority of the issues happen because of the human factor in one form or another.
To prevent risky situations, you should conduct a constant analysis. But sometimes customers feedback and internal inspection are not sufficient. In this case, involving an independent observer can be a good solution to end this headache. you can check our bank mystery shopper service.