Online Banking USAA Essay

Pages: 4 (1407 words)  ·  Bibliography Sources: 3  ·  Level: College Junior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] The USAA online banking system does not today integrate with the broader banking networks globally, which makes money transfers across global regions very difficult. This lack of integration also costs customers a significant amount of time and cost. Second, the lack of consistent support for security standards on the Safari browser is significant and while the bank has issued a path for this, it is very difficult to find it on the site and to install it on legacy iPad and iPhones. Third, USAA could be using the massive amount of data they are capturing more effectively by creating predictive models and attempting to anticipate what kinds and types of breaches would occur when (Twum, Ahenkora, 2012). This is an evolving area today but one that the bank is slow to react to, further jeopardizing the security of customers.

Recommendations For Improvement (Note: This is the single page on Recommendations your instructor asked for)

The USAA online banking system has several significant areas that need improvement. The top three areas of improvement that need urgent attention include having a consistent user interface across all web browsers, Apple iOS and Google Android applications consistent with each other in terms of features and transactions supported. Today each varies significantly, which makes it problematic for customers who use multiple devices or approaches to doing their online banking. Empirical studies have also shown that inconsistencies in user interfaces and application support have direct implications on the level of customers' trust in financial institutions including banks, and can lead to increased churn rates as well (Lim, Yeow, Yuen, 2010).

USAA online banking systems also aren't integrated into European and Asian banking systems, which makes transferring money to family and friends in foreign countries problematic and difficult. The depth of integration designed into an e-banking system is proportional to the level of cross-cultural adoption attained as each regional area of the world has drastically different data and banking standard requirements (Lim, Yeow, Yuen, 2010). Having greater integration across global banking systems would reduce churn and increase lifetime customer value over time as well.

The recommendation is to accelerate adoption of predictive analytics and the use of score-based fraud detection to mitigate social engineering attacks. The use of advanced security analytics and the definition of algorithms can reduce risk and anticipate attacks, blocking entire ranges of Internet Protocol (IP) addresses from individuals and organizations attempting to hack into the bank's systems (Mavri, Ioannou, 2006). Using the massive data set the bank has captured over decades of operations to define a series of algorithms and analytics measurements to thwart attacks is urgently needed as the level of sophistication and intelligence that criminals and entire criminal syndicates has is increased at an accelerating rate (Lim, Yeow, Yuen, 2010).

Conclusion

The USAA online banking system must continually work to create a highly reliable, secure and trusted series of websites and applications of they are going to be successful in continually increasing the value of lifetime customers. The three positive aspects of the system include its personalization options, accessibility options and augmented security. Its weaknesses include the lack of integration to global systems which makes money transfer across international boundaries difficult. There is a lack of consistent SSL implementations across all devices, and a lack of focus on how to get the most out of the massive amount of data the bank has accumulated.

References

Chong, A.Y., Keng-Boon Ooi, Lin, B., & Tan, B. (2010). Online banking adoption: An empirical analysis. The International Journal of Bank Marketing, 28(4), 267-287.

Claessens, J., Dem, V., De Cock, D., Preneel, B., & Vandewalle, J. (2002). On the security of Today's online electronic banking systems. Computers & Security, 21(3), 253-265.

Lim, N., Yeow, P.H.P., & Yuen, Y.Y. (2010). An online banking security framework and a cross-cultural comparison. Journal of Global Information Technology Management, 13(3), 39-62.

Mavri, M., & Ioannou, G. (2006). Consumers' perspectives on online banking services. International Journal of Consumer Studies, 30(6), 552.

Tassabehji, R., & Kamala, M.A. (2012). Evaluating biometrics for online banking: The case for usability. International Journal of Information Management, 32(5), 489.… [END OF PREVIEW]

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Online Banking USAA.  (2013, August 10).  Retrieved February 17, 2019, from https://www.essaytown.com/subjects/paper/online-banking-usaa/9792970

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"Online Banking USAA."  Essaytown.com.  August 10, 2013.  Accessed February 17, 2019.
https://www.essaytown.com/subjects/paper/online-banking-usaa/9792970.