New Year, A Traditional Value
NORTH CANTON, Ohio-One person is reminding credit unions that in planning for 2012 it's important not to forget the threat presented by broken trust.
Chuck Somers, VP-ATM security and systems at Diebold, noted trust and security have long been cornerstones of the member relationship with their credit union. "It's something that's earned, and once [that trust is] broken, it is difficult to repair. So anything they can to do enhance protection of consumer info is of tremendous value."
Somers cited a 2009 Harris poll that found that two-thirds of consumers would switch providers if their FI was the culprit in a data breach. Ensuring the protection of that information is "an underlying expectation of members" and is something "that's absolutely essential" to maintaing a close bond with members.
To that end, credit unions need to review data security in doing their planning for the new year.
Meanwhile, that same information CUs need to guard also needs to be better leveraged, according to Somers' colleague, Dean Stewart, Diebold's senior director of advanced solution product management. Stewart noted that "operational efficiency is going to play at any time," and that acquisition and retention of members is key to maintaining-and growing-a CU's market share.
He further reminded that another area of focus will also be vital. "You can never discount the power of the smart phone and what that might mean, and what capabilities it brings and how you can exploit that," said Stewart.