Online Banking Report takes on a tough topic, and does an exemplary job. There is a lot of mystery and unknown about credit reports, not to mention its not the most exciting topic.
This report (44 pages) does a good job of sorting through the customer view, detailing why people are interested in them, including security, and identity theft protection, as well as the market size, and the individual providers.
The report then goes on to explore the opportunity for FI’s to offer credit reports as a value add service, which includes helping people understand the intrinsic value of such a service. Banks are well placed to offer this service, yet few are doing that. My thought is that its another example of Banks narrow view of their service value proposition to customers.
It turns out well over 90% of Americans have never seen their report, which is remarkable considering it forms the basis for so many financial and communication aspects of peoples lives.
All this attention to security provides financial institutions with an excellent opportunity to position themselves as the universal “fraud protector,” delivering peace of mind for a reasonable price. And by helping users detect fraud early on, you reduce your own exposure. It’s a true win-win.
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