Last week we went to test out a competitor bank’s mobile account opening process when we were thwarted by their marketing. The marketing email took us to a mobile account opening app that we then had to click three taps down to get to the actual account registration part of the app. Since the marketing already explained the details, there was no need to go through the first several screens of the mobile app.
Community banks need to make a plan to upgrade their current core system to one that handles real-time processing in order to stay competitive. It is crazy the amount of cost and energy our bank (like almost all banks) spends on mimicking a real-time environment, the risk associated with such and how much of an operational hindrance a batch environment is. Consider that in the next three to five years banking will be a 24/7 activity and community banks will not be ready.
In the last 24 months, the mindset, the tools and the methodology to deal with a cyberattack have changed. Just the addition of how to deal with mobile attacks is often missing in many bank plans. If you have not updated your incident response plan (“IRP”) in the last year, it might be time – and, this will help.