Fraud is a booming business and it was revealed last year that fraud could be costing the UK economy a shocking £193 billion per annum. The financial sector is a clear target for cyber criminals wanting to get their hands on valuable customer data and they’re getting pretty good at it too.
As consumers, these days we only want to know what’s in it for us. We will no longer accept an onslaught of irrelevant messages and advertising. Although that might mean some industries will struggle, banks are in a fortunate position to understand their customers like no other business.
A faster pace of life and an increasingly ‘always-on’ culture has meant the relationship between consumers and their banks has changed dramatically. A demand for 24/7 banking has increasingly piled the pressure on financial companies to provide their customers with a first-class digital offering.