What we’re seeing:

Year-over-year, fraudsters get more creative with their threats and fraud continues to rise – impacting account holders and institutional reputation. In fact, 80% of organizations reported attempted or actual payment fraud. 

Alkami Research conducted a study revealing distinct segments of business banking digital maturity. Among financial institutions that offer business banking solutions, the majority of institutions enable businesses to self-serve automated clearing house (ACH) fraud remediation – some at a cost, others that are free to the user. By empowering businesses with 24/7 access to greater security controls, financial institutions can introduce a preventive approach to fraud and improve operational processes. However, only 29% of U.S. financial institutions are satisfied with their current positive pay adoption rates.

The most mature organizations can differentiate themselves by elevating the user experience with self-service ACH remediation – making it easier for businesses to act swiftly to fraud attempts. There is still an opportunity to implement and charge for this service as shown in the chart – leading institutions (39 percent) and least mature organizations (59 percent) alike. 

Takeaway and Call-to-Action:

Financial institutions aiming to elevate their business banking digital maturity should focus on their fraud prevention and security strategy. Leading institutions are leveraging ACH fraud remediation as a revenue stream, rather than a cost center. To achieve the next level of business banking digital maturity, financial institutions should:

• Invest in advanced fraud prevention technologies that protect business accounts from evolving security threats 
• Monetize fraud prevention services by demonstrating their value to business account holders
• Offer self-service tools to remediate ACH fraud attempts – strengthening institutional loyalty and trust