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I think banks have been competing on security for centuries. Marketing around security of investment and guaranteed returns are the norm. These notions are shorthand for getting a message across to consumers without having to go into the small print of financial
Even architecturally, the main message of banks has been one of solidity - massive stone columns designed to imply impregnability ..
Competing on security is nothing new.
This is an interesting subject - I wrote a paper on it for the CSFI about 15 years ago! (see
John is right - although banks in public always claim security is not a competitive issue, in practice, as with many aspects of banking, they actually all do a delicate act of both collaborating and competing on security simultaneously.
They need to collaborate to establish the security and trust of the banking industry as a whole, in competition with other industries - this trusted status is one of banking's main strengths. Then they compete with each other on top of the common trusted
The best example of this is the Identrust scheme (see
http://www.identrust.com/) where after many years the banks have now established a common infrastructure based on PKI and individual member banks are now beginning to launch applications on top of this infrastructure which they sell competitively to corporate
This post is from a series of posts in the group:
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