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Q&A: BankMobile’s Luvleen Sidhu on Connecting With Gen Y Customers
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Jonathan_Camhi
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Jonathan_Camhi,
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7/30/2014 | 4:25:25 PM
Re: Take nothing for granted
That's also going to be a big concern for banks who may be looking to partner with some of these non-traditional competitiors. They're going to have to be 100% sure that those partners' data security is up to snuff.
Jonathan_Camhi
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Jonathan_Camhi,
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7/30/2014 | 4:22:23 PM
Re: Data Security
Data privacy is also an area where government and regulatory agencies are getting more involved. So it will be interesting to see how that plays out over the next few years.
KBurger
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KBurger,
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7/30/2014 | 2:18:03 PM
Take nothing for granted
I think this also is where some of the non-bank competitors have advantages but also potential disadvantages. The non-banks are constrained by legacy systems, legacy thinking, or the regulations and restrictions that today do influence some of how banks use customer data. But because of that, they may also be more cavalier about privacy and fiduciary responsibility -- they may be willing to take greater risks. While that may position them as more innovative, hipper and better attuned to younger customers than banks are, the blowback when the inevitable privacy breach occurs could be greater. I'm not saying established banks should sit back, change nothing, and wait for the new competitors to screw up. But if more banks adopt some of the steps Luvleen advises, they could be well positioned to capitalize on the eventual missteps of the new competitors.
Kelly22
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Kelly22,
User Rank: Author
7/29/2014 | 4:45:27 PM
Data Security
Personalization is a major trend among younger customers, and I think data privacy will become a bigger issue as the trend grows in popularity. I've heard a lot about how younger generations are more flexible with sharing their data in exchange for improved service, but in exchange they'll also want to know their data is secure. Banks have the advantage in that space, but Luvleen also makes a good point in saying that those who misuse data will also lose their credibility. 


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