Selling Account Monitoring

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Question:

We are thinking about monitoring customer accounts for activity and notifying them when it is unusual. How can Marketing help put a positive spin on this instead of a privacy woe?

Answer:

RSA Security did a survey and found that while phishing attacks are now leveling, customers have a higher awareness of the threat. We've also seen debit cards being more vulnerable to compromise. The RSA survey revealed that 9 out of 10 Americans want their accounts monitored for suspicious activity, much like is done now in the credit card industry. Seventy-three percent believe banks should do more for security and 59 percent want a notification when these transactions occur.

Use this information for your "spin" and to keep continued contact with your customer through an internet banking alert, email, telephone dialing system or even hard copy notices mailed. The latter is not as timely or cost effective. With such a monitoring system losses should be reduced, for both the customer and the institution.

First published on BankersOnline.com 04/03/06