Academic journal article ABA Banking Journal

Techno Paradox?

Academic journal article ABA Banking Journal

Techno Paradox?

Article excerpt

You may have noticed that all three stories listed on the cover this month relate to technology. Two articles are cautionary. "Cyber threat" (p. 24) addresses technology's vulnerability, whereas the Digital Native feature (p. 29) urges banks to be aware of and ready for the very different attitudes and habits of the growing number of people raised in the age of "digital immersion."

Regarding the latter, any parent (or grandparent) reading this can't help but have noticed these differences--sometimes in amazement, sometimes with envy (as when trying to program a digital thermostat), and sometimes with concern about over-immersion.

In reality, these two articles are two sides of the same coin. Banks strive to stay in touch with customers who increasingly expect access to bank services on their digital devices. By providing that access, banks expose themselves to attacks from anywhere on the globe by abusive, angry, criminal, or terrorist elements.

The industry always has been alert to fraud and privacy issues, but as these two articles reaffirm, nothing having to do with technology stands still. Literally, not for a second. By the time you finish reading this column, someone, somewhere will have devised another virus or a means of disrupting business.

Likewise, on the customer-service side, a bank can't simply roll out a smartphone application that lets customers transfer funds, and say, "Check. Done." All things digital continually change, and change rapidly. Consider how new models of tablets and smartphones emerge regularly. …

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