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Banking on Millennials:
Noah Thomas
Marketing Manager
info@easysol.net
How to Balance Security and Convenience
in the Digi...
AGENDA
• Your future customers are Millennials,
how will you connect?
• How do Millennials prefer to bank and
buy?
• Mille...
How will
you
connect?
“Cell-phones are possibly the
biggest non-drug addiction of
the 21st century…”
Nomophobic
Source: http://www.usatoday.com/story/money/personalfinance/2014/09/27/millennials-love-smartphones-mobile-study/16192777/...
How do
millennials
bank?
Banking is at the highest
risk of disruption
“I want a bank where
absolutely everything can
happen through my
phone. I want a
concentrated set of
services designed jus...
Real-time mobile
access to personal
financial information
is a baseline
expectation among
millennials today
-eMarketer
htt...
Millennials
put digital
convenience
over security
Threats Targeting Mobile Devices
• Rogue Apps
• Unsafe Wifi
• Operating System Vulnerabilities
• Jailbroken Devices
• SMis...
Millennials
expect banks
to do more
about
security
Balancing Security & Convenience
Reduce customer friction, best
security features are ones the
end user doesn’t see or
exp...
Take a proactive approach to
understand & mitigate threats
Authentication
• Leverage technologies like
push notification, biometrics
(voice, facial)
• Mobile SDKs for apps
• Authent...
Biometrics
Real-time visibility and safe browsing key to trust
Data intelligence out of the device
• Jailbroken/Rooted
• Malicious ap...
Understand your users
Understand and map the
customer journey
Create dynamic models
comparing login and
transaction data w...
• Mobile bankers generate 72% more revenue
than branch-only customers
• Average cost per mobile transaction is $0.10,
comp...
Review:
• Your future customers are Millennials, who will
demand more digital offerings
• Evaluate your current digital ch...
Key Takeaways:
• Implement proactive brand monitoring to stop
attacks before customers are impacted
• Make authentication ...
Thank You! – Questions?
Noah Thomas
Marketing Manager
info@easysol.net
Other Sources:
• https://www.firstdata.com/en_us/all-features/millennials.html
• http://www.infosecurity-magazine.com/news...
Banking on Millennials – How to Balance Security and Convenience in the Digital Era
Banking on Millennials – How to Balance Security and Convenience in the Digital Era
Banking on Millennials – How to Balance Security and Convenience in the Digital Era
Banking on Millennials – How to Balance Security and Convenience in the Digital Era
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Banking on Millennials – How to Balance Security and Convenience in the Digital Era

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Millennials present a unique challenge for financial institutions when it comes to cyber security. The need for constant connectivity, the tendency to overshare online and the sheer volume of sites where they must create passwords, means they are more at risk than previous generations. How will you balance the security they need with the digital convenience they crave?

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Banking on Millennials – How to Balance Security and Convenience in the Digital Era

  1. 1. Banking on Millennials: Noah Thomas Marketing Manager info@easysol.net How to Balance Security and Convenience in the Digital Era
  2. 2. AGENDA • Your future customers are Millennials, how will you connect? • How do Millennials prefer to bank and buy? • Millennials often put digital convenience over security • Security must be in the core of your digital channels as a business enabler
  3. 3. How will you connect?
  4. 4. “Cell-phones are possibly the biggest non-drug addiction of the 21st century…” Nomophobic
  5. 5. Source: http://www.usatoday.com/story/money/personalfinance/2014/09/27/millennials-love-smartphones-mobile-study/16192777/ Multitasking on more than one device
  6. 6. How do millennials bank?
  7. 7. Banking is at the highest risk of disruption
  8. 8. “I want a bank where absolutely everything can happen through my phone. I want a concentrated set of services designed just for me, and not a menu with more than fifty options for services that aren’t even relevant.” http://techcrunch.com/2015/05/30/millennial-banks/#.hadsrw0:6D2j
  9. 9. Real-time mobile access to personal financial information is a baseline expectation among millennials today -eMarketer http://www.emarketer.com/Article/Millennials-Embrace-Mobile-Banking/1012871
  10. 10. Millennials put digital convenience over security
  11. 11. Threats Targeting Mobile Devices • Rogue Apps • Unsafe Wifi • Operating System Vulnerabilities • Jailbroken Devices • SMishing • Phishing
  12. 12. Millennials expect banks to do more about security
  13. 13. Balancing Security & Convenience Reduce customer friction, best security features are ones the end user doesn’t see or experience
  14. 14. Take a proactive approach to understand & mitigate threats
  15. 15. Authentication • Leverage technologies like push notification, biometrics (voice, facial) • Mobile SDKs for apps • Authentication based on risk to reduce friction
  16. 16. Biometrics
  17. 17. Real-time visibility and safe browsing key to trust Data intelligence out of the device • Jailbroken/Rooted • Malicious apps • Geolocation • DeviceID Assume all devices are infected with malware Increase ability to decision • Require further authentication • Secure transactions from compromised devices
  18. 18. Understand your users Understand and map the customer journey Create dynamic models comparing login and transaction data with the typical user behavior Completely transparent
  19. 19. • Mobile bankers generate 72% more revenue than branch-only customers • Average cost per mobile transaction is $0.10, compared to $4.25 for in-person branch transactions • Branch-only customers more than 2x more likely to leave a financial institution than mobile customers • Mobile users hold on average 2.3 products at a bank, compared to 1.3 for branch-only customers Digital Channels are Win-Win
  20. 20. Review: • Your future customers are Millennials, who will demand more digital offerings • Evaluate your current digital channels, are you connecting and engaging with Millennials? • Silicon Valley is coming, can your digital channels compete? • Millennials are the most at risk generation online, does your security posture account for this?
  21. 21. Key Takeaways: • Implement proactive brand monitoring to stop attacks before customers are impacted • Make authentication user friendly, less friction • Secure transactions from compromised devices • Monitor behavior, identify typical log-in and transactions
  22. 22. Thank You! – Questions? Noah Thomas Marketing Manager info@easysol.net
  23. 23. Other Sources: • https://www.firstdata.com/en_us/all-features/millennials.html • http://www.infosecurity-magazine.com/news/millennials-are-cyberslackers/ • http://newsroom.transunion.com/cyber-slackers-millennials-lax-with-cyber- security • http://www.gobankingrates.com/banking/how-bank-adapting-millennial- banking-habits/

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