Do members trust you?
These are nervous times. Javelin Strategy and Research says there was a new victim of identity fraud every two seconds in 2013. If the news isn’t warning you about yet another security breach, it may be time to freak out over the $400 your kid managed to spend on pre-destroyed jeans. Can you blame members for feeling insecure?
As we return to Maslow’s Hierarchy of Needs – this time for level two, Security – let’s pause a moment to get our bearings. Last post on this topic, we talked about basic member needs. We considered transactions in all their forms, and how members need many options just to function.
Members whose basic transactional needs are being met think next about security. How are you responding to their concerns?
At the most literal level, you (hopefully) have fraud detection and prevention. Users of CO-OP Revelation portfolio analytics have additional tools to track and halt fraud as it unfolds.
Yet, addressing members’ insecurity is more complicated than fighting fraud. Even years after the financial crisis, do members trust you with their money? Do they trust your motives? Do they trust your skill and your capabilities?