Security Centers in Digital Banking: How to Tell an Empowering Story of Prevention, Detection, and Resolution

Security centers have gained prominence within mobile banking as financial institutions shift the security narrative from paternalism to partnership, with 70% of the nation’s 20 top financial institutions maintaining go-to resources. But a Javelin Strategy & Research analysis of seven security centers at top-performing FIs reveals that their centers tell an incoherent story. Notably, security centers are hard to find, are crammed with features of unclear value, and lack the strategic infrastructure to one day be the first place customers go to monitor and manage their private data and digital footprint. 

Addressing these issues will require FIs to present security empowerment features in a more engaging, digestible, and enticing manner that nudges customers to play an active role in countering fraud. That begins by structuring a security center based on the three pillars in Javelin’s strategic model—prevention, detection, and resolution—and following tenets that will ensure not only that customers are aware that a security center exists but also that it provides the fraud-fighting information and tools when they need to make educated choices about their security.

Key questions discussed in this report: 

• Why is it important for FIs to develop security centers that empower customers?
• What are the shortcomings of security centers at leading financial institutions?
• What features and experiences should FIs prioritize as they develop security centers?
• How can security centers tell a coherent story structured around the three fraud-fighting pillars of prevention, detection, and resolution?
• Why should FIs feature third-party data management in their security centers? 

Companies Mentioned: 

Bank of America, Chase, Citi, Fifth Third, Navy Federal, PNC, U.S. Bank, Wells Fargo