The Bankers Roundtable this week published guidelines to help banks maintain high standards when adding technology-based products.
Roundtable president Roger L. Fitzsimonds said the pamphlet "pulls together in one place the various issues involved in technology and banking and permits each bank to review its operations and plan for utilizing new products with an eye to technology's broad impact."
Protecting consumer privacy in financial transactions is among the Roundtable's 11 "governing principles." Also high on the list: a continued central role for banks in the payment system.
The Roundtable urged banks to tell customers "in a timely fashion" of changes in fees and other terms, to establish clear procedures for resolving customer disputes, and to develop industrywide security standards for all payment system users.
The big-bank trade group also called for the industry to lobby against consumer regulations that may "deter" development of electronic products. Also, it said, banks should seek a "fair return" on the new services.