Customer loyalty has been established by face to face relationship in the past.  With the advent of internet, and pervasiveness of electronic theft, and multiplicity of payment methods nowadays customers want greater attention paid to their spending patterns and many want control over unusual amounts, or significant changes in their accounts.

Enter automated alerts, customised to the their preferences, that provide the assurance of confirming customers activity, and importantly notifiying them immediately of anything that was not them.

Banks set up text, email fraud alerts for customers – Financial Services – Breaking Business and Technology News at silicon.com

The threat of electronic thievery has prompted a security strategy rethink at several US banks.

As part of a broader security initiative, Bank of America is offering to alert customers of any suspicious charges or changes to their account via email or text messages almost as soon as they occur.

Sanjay Gupta, the bank’s ecommerce executive, said in a statement: “We’re giving customers more ways to detect fraud and keep an eye on their accounts. They can decide what they want to hear about and where they want to be told.”