Banks that invest in and promote the security of their online Web sites stand to differentiate themselves from their competitors and win customers, according to a consumer attitude study from JupiterResearch.
The report, 'Online Banking: Employing Security as a Differentiator', found that, in a climate of heightened consumer awareness and concern about online security and fraud, 37% of online banking consumers believe some banks are more secure than others, while 43% place online banking security among the top-three factors in selecting where to bank.
The results present a challenge to smaller regional banks and institutions, says the analyst group, with one-in-three consumers less concerned with online security at large national banks. However, just 21% of consumers already banking online make such a distinction.
Bruce Cundiff, JupiterResearch analyst and lead author of the report, suggests that marketing online security could help national banks win customers away from regional and local competitors.