Digital Banks Lack ‘Home Field’ Advantage Needed to Overcome Consumer Security Concerns

Digital-First Banking Tracker® - August 2022

While 50% of consumers avoid digital-only FIs due to security concerns, BM Technologies CTO Jamie Donahue tells PYMNTS that digital-first institutions actually have a home-field advantage when it comes to fighting digital fraud, and digital-only banks should take notice. This month’s Digital First Tracker®, a PYMNTS and NCR collaboration, reveals how digital-first entities are balancing security with a low-friction experience to provide the best of both worlds.

Inside the August Tracker
  • An interview with Jamie Donahue, chief technology officer at BM Technologies, about how the company stays on top of the latest developments in digital security while striving for minimum friction in the customer experience
  • The latest headlines from the digital-first banking space, including how nearly two-thirds of consumers would be willing to do away with passwords in authentication and why many consumers would rather go to the dentist than to the bank after a negative FI experience
  • An in-depth look at data security in digital-first banking, including how technology is making it more difficult to breach security, even as data security worries are impeding consumers’ primary usage of digital-only banking

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