Independent Banker - November 2017 - 51

SPECIAL SPOTLIGHT
NEXT-GEN BANKING
Profi table Fraud Prevention
e all know how important technology is in today's
world of cybercrime and identity theft. But have
you ever looked at technology as a way to strengthen
your relationship with your customers?
Imagine shifting more control to account holders when
it comes to making pay/no-pay decisions. Seems a
little frightening at fi rst, doesn't it? But think about
this: Financial institutions are already preventing data
breaches and staving off fraudsters. Most banking customers
are duped on their own systems, whether that's
at home or at the offi ce. So why not empower them
with tools to stop fraudsters in their tracks?
Technology has evolved so that real-time, actionable
alerts can engage the customer to respond to suspicious
activity on their accounts immediately (whether
that's ACH, wires or checks). And with e-signatures, disputes
can be handled electronically without fi nancial institution staff
intervention, preventing angry customers from coming into the
branch while allowing staff to focus on their core tasks.
The upshot? Customer confi dence and non-interest fee income
soars, while customer complaints and operating costs plummet.
In fact, when fi nancial institutions partner with their customers
to protect their accounts from unauthorized withdrawals and
transfers, a deeper trust is developed. The result: additional
revenue.
So How Much Is This Gonna Cost Me?
Implementing a customer-engaging strategy to fraud prevention
doesn't have to break your budget or the backs of your backroom
operations folks. In fact, if strategically implemented, it
can dramatically boost non-interest fee income.
Look at all of the time and effort that you're putting into
monitoring and reacting to potential threats. We're living in a
real-time environment. If you're slow to react, the impact could
affect your relationship with your customers. The days of backroom
monitoring are fading into the past. The future is now.
W
" Most banking customers
are duped on their own
systems, whether that's
at home or at the offi ce.
So why not empower
them with tools to
stop fraudsters in their
tracks? "
- DEBBIE PEACE, AAP
CHIEF EXECUTIVE OFFICER
You Get Real-Time Alerts...And You Get Real-Time Alerts!
ACH and check-positive pay traditionally have been offered to
business customers only. Because of the fear of loss, consumers
haven't enjoyed the ability to initiate wires online.
But with the evolution of bank technology, it's now feasible to
offer ACH/check protection to retail customers and let them
originate wires online with confi dence! By automating wire
verifi cation out-of-band using interactive voice response and
voice biometric technology, you can give them the tools they
need to fi ght fraud.
And, of course, what would any of this be without having a
mobile option? Customers want their fraud prevention alerts
sent to their smartphones, and their responses should be able
to be managed through their mobile devices.
I know, it's a scary, yet brave, new world. The fi nancial institutions
that embrace the change and look ahead to what's
coming are the ones that will build trust with their customers
and win the future.
8916 Transport Lane, Suite 100 Ooltewah, TN 37363
423-702-4380 | achalert.com
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Independent Banker - November 2017

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