Multi-national financial services institutions move trillions of dollars each day. Boston Consulting Group estimates that banks will move more than $662 trillion covering more than $600 billion in noncash transactions by the year 2020. This represents $493 billion in transaction revenue for banks. As banks compete for their share of the anticipated $500 billion in bank revenue in 2020, cyber criminals will be racing to claim their bounty on the millions of dollars being transferred from laptops and remote workstations. After all, the allure of large transactions and high balance accounts makes transaction banking a particularly appealing target for cyber criminals.
Wealth management and corporate treasury executives understand that security risk is directly tied to client retention and revenue. They want to attract and retain high-value customers, who want to put their money in institutions where they feel most secure. Wealth management and corporate treasury executives fear that without adequate, flexible transaction security, high-value customers will park their money elsewhere. Implementing convenient, powerful, and secure solutions that enable customers to manage payments and move their money with greater confidence attracts high-value customers and fuels revenue growth.