BofA fortifies online banking with new security layer

23. October 2017.

The trust in data integrity and assurance is what financial institutions are increasingly trading on in this day and age. As the article references, the Equifax breach has been widely publicized and has reinvigorated the discussion around how best to bring immutable record keeping to consumer database. Until a cost effective and efficient solution has been found, verification of authorized access will be one way to preserve confidence in our accounting. Increasingly we are seeing leading FIs being sure to relay to consumers the high levels of security being employed.

BofA said it would incorporate Intel Corp’s (INTC.O) Online Connect technology, that enables fingerprint touch payments, into its online banking systems starting next year.

As well as quantifying the importance placed upon it by the FI.

BofA itself has earmarked about $600 million this year toward information security, its chief operations and technology officer Cathy Bessant told CNBC earlier this month.

Mercator Advisory Group anticipates the security arms race between the various large scale Financial Institutions, which will play into the wider drive to customer-centrism. We recognize the existing reputation as secure data repositories provides established FIs with something of an edge against their challenger Fintech consumer service providers. It will be the eventual collaboration of the security as a brand FIs provide with and the responsive and personalized productized service of Fintech that will catapult those cooperative engagements to the forefront.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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