Improving e-commerce security perception in banking

Abstract

E-crime has impacted consumer behavioural habits within the banking industry. This affects both the customer and business value, where customers have considered alternatives and the business not realising the return of investment due to diminishing usage. Combating the illegal activities of perpetrators of crime is seen as a cost to business without any reward. However, proactively acting against e-crime does alter the perception of the channel, returning the trust to customers. However, going beyond the scope and addressing other factors that influence perception provides a competitive edge. There are at least six factors that influence perception, namely that the minds are limited, minds hate confusion, minds constantly evaluate risks (monetary and functional), minds don't adopt to change easily (they prefer a comfort zone), minds are affected by past experience or communication, and minds lose, focus. These are not restricted to the science of consumer behaviour, but need to be considered in both technical decisions and charge management. By influencing the perception of consumers, technology changes and ecommerce threats, which continuously evolve, do not have the same impact. Consumers become aware of their existence and are empowered to deal with the issue at hand. Probable the greatest influence on perception is knowledge and education. Having a strategy that educates consumers about the operating environment is investing in an organisation's customer’s lifetime value.