Convenience in the Digital EraHow to Balance Security and Millennials

BANKING ON

FUTURECUSTOMERS AREMILLENNIALS.

Your

50% of thepopulation is underthe age of 30.

by2025Millennials willgenerate 46% ofall income in the US

Millennials expect banks to engage with them on their mobile devices. Financial institutions interested in attracting and retaining Millennial customers need to rethink their marketing and security strategies to reflect the way this emerging generation lives on their phones – or they risk getting left behind as this giant pool of

potential clients banks elsewhere.

BEHAVE DIFFERENTLY,HOW WILLYOU CONNECT?

Millennials

86%Smartphone users

Millenials age25 to 34 are

41%electronically than face-to-face

would rathercommunicate at work

71%would rather goto the dentistthan listen to banks

HOW DO MILLENNIALS BANK?THEY PREFER MOBILE ANDONLINE PAYMENTS

Specifically, HOW DO MILLENNIALS BANK?THEY PREFER MOBILE ANDONLINE PAYMENTS

MOBILE PAYMENTSare expected to reach close to$90 Billion USD by 2017

94% OF BANKACCOUNT HOLDERSunder the age of 35 are activeusers of online banking

38% OFMILLENNIALSuse apps and other mobiletools to make bill payments

ONLY 38%OF MILLENNIALS USEphysical banks for transactionsaside from using a branchoffice ATM

As Millennials drive the shift to digital channels, traditional bank branches are starting to fade away. In fact, many new banks do not have branches, instead relying solely on digital banking channels.

OFTEN PUT DIGITALCONVENIENCE OVERSECURITY

Millennials44%of US Millennialshave been the victimof cybercrime at leastonce in the past year

44% 31%of Millennialsshare passwordsincluding credentialsfor online banking sites

31%of Millennialsshare passwordsincluding credentialsfor online banking sites

84%of Millennialsput their accounts at risk bychecking their accounts usinginsecure public Wi-Fi hotspots

54%of Millennials areconcerned about the securityof their mobile devices whenPerforming Transactions

86%of Millennialsare willing to take additional steps toverify their identities when opening aNew Account

BANKS TO DO MOREABOUT MOBILE SECURITY

Millennials expect

Almost half of all Millennials rely on banks and credit card companies to protect them after a hack makingthem the least responsible generation in terms of taking responsibility for their own personal security.

PROTECTMILLENNIALSFROM FRAUD

How to...

Millennials’ unorthodox banking habits and heavy use of technology means that banks need to revise their security strategies to successfully protect them. Crucial technologies and approaches for securing Millennial banking customers include:

- Device fingerprinting to secure mobile transactions from any location at any time- Frictionless and transparent protection requiring no hoops to jump through, like clientless malware detection- Dynamic forms of unique authentication such as push messages delivered immediately to mobile devices- Rogue app detection and takedown that prevents customers from downloading fake applications- SDKs that integrate fraud protection from within a native app and don’t require additional end-user action

Millennials’ unorthodox banking habits and heavy use of technology means that banks need to revise their security strategies to successfully protect them. Crucial technologies and approaches for securing Millennial banking customers include:

Total Fraud Protection® is a layered electronic fraud prevention strategy designed to balance security and customer friction. Let us help you reach and protect your future customers, with the most complete multi-channel and layered anti-fraud platform. For more information please contact:

www.easysol.netsales@ easysol.net

Sources:https://www.firstdata.com/en_us/all-features/millennials.htmlhttp://www.infosecurity-magazine.com/news/millennials-are-cyberslackers/

http://newsroom.transunion.com/cyber-slackers-millennials-lax-with-cyber-securityhttp://www.gobankingrates.com/banking/how-bank-adapting-millennial-banking-habits/