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In these times of increased digital activity, fear of digital fraud is on the rise for many consumers. According to FIS findings from the PACE 2020 Survey “In tough times, fraud soars. Consumers currently prioritize safety and security to prevent their information from being stolen over other key concerns like misuse of personal information.”
Other industry statistics reinforce these findings. In a recent BAI Executive Report containing a survey of financial services leaders, nearly 80 percent said they’ve seen an increase in fraudulent activity as a result of the pandemic. Fraud, big or small, takes a toll on banks and credit unions.
Financial institutions can actively combat fraudulent activity with real-time alerts sent automatically to their retail customers. Alerts empower customers to take ownership of their individual security. Concurrently, they add value to – and enhance – the customer’s experience with the bank.
The value of alerts from your core system of record
Whether countering fraud or providing an exceptional user experience, timing matters. The faster alerts reach a bank customer, the better the odds are of nipping a fraudulent transaction in the bud.
Alerts sent directly from a bank’s core system can speed consumer reaction time. Deploying a library of these types of fully integrated alerts is often a matter of simply enabling settings at the bank and then asking customers which alerts they would like to receive.
The following provides a partial example of such a library:
Examples of account alerts:
|Low Balance||An alert is sent when a withdrawal brings the available balance below the requested amount. An alert is also sent when the end-of-day balance is below this amount.|
|High Balance||An alert is sent when a deposit brings the available balance above the requested amount. An alert is also sent when the end-of-day balance is above this amount.|
|Balance Alert||An alert is sent containing the end-of-day balance for the account once per day.|
|Loan Balance||An alert is sent containing the end-of-day principal balance for the loan.|
Examples of customer service alerts:
|Address Update||An alert is sent immediately when an address is updated or deleted, or a new address is added.|
|Phone Number Update||An alert is sent immediately when a phone number is updated or deleted, or a new phone number is added.|
|Email Address Update||An alert is sent immediately when an email address is updated or deleted, or a new email address is added.|
Important alert attributes
According to FIS’ HORIZON business unit’s internal reviews, transaction data creates the most popular type of alerts for community bank customers. Electronic alerts for banks should be automatic and fully integrated with a bank’s core platform.
To save time and create efficiency, community bankers should have a one-stop-shop for alert creation and delivery. This one vendor responsibility for the source of the alerts, the processing of the alerts, and the display of the alerts saves operational time and headache for smaller financial institutions.
To boost customer enrollment of alerts, teams at a bank should also incorporate a one-click sign-up option for customers that’s part of their digital onboarding solution.
According to a Forrester study on customized alerts hubs, ensuring that tools for enrolling in and managing alerts are present, convenient, and easy-to-use across all digital banking touchpoints will help banks achieve the following:
- Increase alerts adoption and use
- Serve the millions of people who are now primarily mobile banking customers
- Engage and retain customers
- Earn loyalty
- Deepen and expand relationships with current customers
Adding value to alerts will continue to remain of high importance to bankers. New features, such as allowing bank customers to receive security alerts to their smartwatches or to see where and how transactions are being used, will become increasingly important.
Alerts will also supply a foundation on which banks can build future Artificial Intelligence initiatives. Providing transparency, speed, and a sense of ownership for bank customers are all integral to the alerts experience.
Alerts create the opportunity to “deputize” customers in the fight against fraud while greatly enhancing their digital experiences.