Why do I call this a useless online banking program?  Because they can get more bang for their buck by offering their customers a bulletproof security solution to online banking for about 8 times less money.  Online Banking promotions are designed for existing customer retention and new customer acquisition.   In fact, eMarketer says new customer acquisition and customer retention/engagement are the top 2 leading market priorities in 2010.  (see chart below)



Last time I checked, almost 50% of online banking customers would switch or highly consider switching banks if they (or somebody they knew) fell victim to fraud.   Therefore, if banks really wanted a legitimate "customer retention" tool, I would think it would be one that prevents the 50% likelihood of them switching banks...namely, security. 

If banks wanted customer "retention" they wouldn't risk losing them to a phishing attack.  If banks wanted "engagement" I think that bribing them $150 to do so sends the wrong message.  Provide a secure environment and you'll get engagement. 



Question:  Do you know how many people I have talked to that wouldn't even consider banking online because of the inherent security risks? Answer: The same number who later said that they would bank online if they were  enabled to swipe their card and enter their PIN to secure their log-in. 



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