Executive Summary (This is a document excerpt)

In their approach to security, many banks fail to take into account one key ingredient that is required for online banking to be successful: the customer. Most current online banking environments miss critical elements that serve to reassure the customer that online banking is safe. On the one hand, making all functions available to all online banking customers, whether they want them or not, seems to lower the security bar. On the other hand, banks seem to apply unnecessary security steps to routine transactions, leaving users confused and irritated. And all the while, customers still have that nagging feeling that they can't really verify what's going on with their account. If they want to reap maximum benefit from online banking, firms should address these issues by: giving the customer more control; taking a more risk-based approach to additional authentication requirements; not focusing too narrowly on authentication, but deploying a wider range of technologies designed to mitigate fraud risk; and putting their money where their mouth is by providing online banking security guarantees.

Buy Risk-Free

Download and print PDF immediately. Price: US $499

Our Money-Back Guarantee: If you are not completely satisfied, return it for a full refund within three weeks of your online purchase.

Already a Forrester Client?
Log in to read this document.