ABN Amro: reclaiming online banking convenience
Feb 07, 2013 (Datamonitor via COMTEX) --
Banks have struggled to balance security and convenience when it comes to online banking. ABN Amro offers an innovative solution that other banks should take heed of.
Online banking was initially introduced to offer consumers the convenience of quick, anytime, anywhere access to their accounts. But as banks have addressed security concerns by introducing more complex log-in processes, customer convenience has been compromised.
Almost 50% of global consumers who do not use online banking say that the time involved in logging in has caused them to prefer other channels, according to Datamonitor's 2012 Financial Services Consumer Insight Survey. ABN Amro offers a solution to the longstanding problem of striking the right balance between security and convenience.
The bank allows customers to choose between two methods of logging in to internet banking. The standard method is ultra-secure and requires the use of a card reader every time a customer logs in. Meanwhile the "Quick Banking" method allows customers to log in using just a five-digit identification code. Quick Banking is less secure so its functionality is limited to everyday banking basics; transferring money to someone the customer has not paid before is not permitted, for example.
Quick Banking is ideal for customers who want to check their balance but do not have their card reader to hand. The identification code for online and mobile banking is the same, meaning customers have fewer codes to remember. Customers can also personalize their account by changing its name and tagging photos to it so that they can more easily locate it.
By offering a choice, ABN Amro allows customers to self-select rather than alienating those who find the more secure log-in method tiresome. In order to reclaim the convenience benefits of online banking, other banks should follow ABN Amro's lead.
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