Mr. Flanagan expressed his views on recent turmoil in the industry which has caused customers to feel the need for more security and personal control over their banking.
Internet banking and have given consumers the power to, not only have a strong medium with which to voice wither opinions, but also provided them with the means to literally take their banking into their own hands. (Iagree! consumers can use their own hands to swipe their own card and enter their own PIN!)
With the ability to have the details of their banking information at their fingertips at all times, customers have much more power in the relationship with banks, and with this new dynamic and the technology that makes it possible comes a unique opportunity for banking institutions to rethink the way that they interact with their clients, and rebuild a relationship with them based on mutual understanding and trust.
...Consumers are still wary of the financial sector as a whole, and so will not be fooled by the usual smoke and mirrors act of traditional bank marketing schemes. As Mr. Flanagan put it, “…consumers can sniff out a commercial pitch. Editor's Note: Oh does he mean to say that useless banking promotions are...useless? How about a useful one that allows consumers to take their banking into their own hands...one that offers two two-factor authentication...one that reduces fear, induces trust and eliminates phishing?
The key to engagement and building trust is authenticity (nee: authentication) and giving them the tools they need to make their lives easier.” For example, a HomeATM Authentication Device which 100% replicates the process trusted to dispense cash from an ATM. Swipe Card, Enter PIN, using existing bank rails, existing bank cards and existing PINs. So if MasterCard's CFO sees the opportunity for banks, does he see the opportunity for MasterCard to provide the banks with the "tool" that would "carpe diem" it?
Read the entire article here
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