Pressroom

Oct 6, 2014

Bank of America is Best Overall, While Union Bank and Ally Bank Rank in Top Awards Too

San Francisco, CA, October 8, 2014: Criminals are fueling their assault on consumers’ checking and savings accounts with targeted data breaches and malware attacks, which are lucrative sources of account credentials and financial information. Their success was undeniable, as existing non‐card fraud (ENCF) nearly tripled from 2012 to 2013, and resulted in total loss of $5 billion. These incidents are facilitated by the proliferation of a variety of stolen consumer PII that can be used for account access. Today, Javelin Strategy & Research released 2014 Identity Safety in Banking, which evaluated the Top 50 financial institutions’ performance on providing consumer‐facing information about account security features. The winning financial institutions are educating consumers about features and services and confronting the broadest array of fraud threats and to manage the damage when all defenses fail.

With so many ways to break into and take over consumer bank accounts, the need for secondary authentication for high‐risk transactions within a banking session is at an all‐time high. Only 1 in 5 FIs currently utilizes this...

Oct 2, 2014

Javelin Strategy & Research Examines ‘Moneyhawks’—Coveted Consumers Who Are Young, Affluent, and Tech-Savvy but at High Risk of Changing Banks

San Francisco, CA, October 1, 2014:  Bankers covet a segment of tech‐savvy, mobile‐minded consumers called Moneyhawks. These Moneyhawks have a demanding appetite for anytime, anywhere, cutting-edge digital access to banking products and yet their combined lack of loyalty and wealth of assets can cause them to be a tricky segment to attract and retain. Javelin Strategy & Research’s report ‘New’ Moneyhawks: Highly Profitable and Engaged Customers Defining the Future of Banking warns that 20% of Moneyhawks are at high risk of leaving their primary bank or credit union — putting an estimated 103 million financial accounts and $1.1 trillion in deposits into play.

The 31 million Moneyhawks are a top target for financial institutions (FIs) for a variety of reasons that promote profitability, including revenue, cost...

Sep 30, 2014

Javelin Strategy & Research Examines Four Neobanks that Could Disrupt the Financial Industry: GoBank, Moven, Serve, and Simple

San Francisco, CA, September 30, 2014:  Financial institutions today are under tremendous pressure to reinvent themselves for the digitally-driven future. Rapidly changing consumer needs, combined with ever-faster technology adoption curves and evolving regulatory pressures, have created an urgent demand to reimagine the digital banking experience. Javelin Strategy & Research released Reimagining the Banking Experience: GoBank, Moven, Serve, and Simple, which outlines new business models to align to future priorities. In addition, this report builds on an analysis of four neobank models: GoBank, Moven, Serve, and Simple, with takeaways that can improve any institution’s competitive position in the shifting digital landscape.

Neobanks are niche institutions that target neglected segments that might have been considered unprofitable or unreachable before the rise of digital banking. The ever more rapid and prolific adoption of new digital tools has...

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