Matt Gunn, Managing Editor | TechComply
As another week comes to an end, here’s our look back at some of the top stories we’re reading in banking and technology.
This eye-opening slideshow demonstrates several ways enterprises are making the cost of data breaches unnecessarily expensive, from inadequate response plans and a poor security culture to poor control over third-parties and a lack of experience. Simply, institutions are still caught up in the idea that data breaches are an “if” scenario, rather than a “when.” Leadership, planning and execution make a big difference. (RELATED: Be sure to attend our free webcast on June 27 covering how to conduct an incident response test).
When it comes to sensitive financial information, it seems that the bad guys will stop at nothing to steal it. Bank Technology News highlights a new wrinkle in hackers’ attempts to steal customer data, which involves a simple virus set up to hijack out of the out of band authentication text messages some banks use to verify customers. While BTN points out that this doesn’t mean all banks using this form of authentication are vulnerable, it is yet another security threat to be aware of.
Technology is constantly changing the ways banks provide services and interact with customers. Bank Innovation has released its annual list of top execs leading the way in shaping the industry’s future, whether it’s the bank itself or as an outside entrepreneur turning new ideas into services that offer mass appeal to today’s ever more wired population.
The free checking account is slowly becoming a thing of the past at the nation’s largest banks, with PNC Bank becoming the latest to turn its back. In the last few years, the percentage of free checking accounts has dwindled from 76% in 2009 to 39% today. And, as Bloomberg BusinessWeek points out, the bigger the bank the bigger the fee, according to a new report from the Consumer Financial Protection Bureau. Is this an opportunity for community banks and credit unions to nab more customers?
NetBanker: OpEd – MRI Study Finds Consumer Interest in Fee-Based Bundles
Fees aren’t all discouraging. Not, at least, if they’re for the right thing. An OpEd on NetBanker highlights some findings in a recent Market Rates Insight study on fee-based products, and what customers are most willing to pay for.