Javelin Improves Banking Through Analysis of Trends, Fraud

By Zoe Francis, Hacienda Network Staff Writer

Next time you whip out your cell phone to deposit a check, you may want to thank the research analysts at Javelin Strategy & Research for making your life a little bit easier.

The Hacienda-based company provides a wealth of information to banks and other financial institutions to help them better serve their customers.

"Our world is all about research and translating that research into actionable steps for clients," Nancy Ozawa, Javelin's marketing manager, explained. "We're helping them make better decisions."

Javelin has a multi-pronged approach to aiding its clients. The first and perhaps most extensive service offered is the company's renowned research. Javelin has a team of analysts that studies trends to stay abreast of how customers are using technology to make financial transactions.

"A lot of customers are becoming members in our research program," Ozawa said. "That gives them access to our research. They want to know what the latest research is on any of these topics."

Javelin also stays on top of the latest trends in fraud, an issue critical to any bank or financial institution.

"Every three seconds, there is a new fraud victim," Ozawa noted. "Fraud is a big portion of our business. We're known for our identity theft research. Every year, we do a big report on fraud. The banks are sitting in the middle. They want to know how the fraud is happening.A bank wants to know what the latest trends are. What kind of security measures should they be putting in so that they're not on the hook for these costs."

Another major service Javelin offers is advising financial institutions on what they should do to stay ahead of trends and offer cutting-edge services for customers.

A perfect example is a small credit union that may approach Javelin for its expert advice. Perhaps the credit union has some money to invest, but it is not quite sure of the how to invest those funds to best benefit its customers.

"Based on our research, we can show them which platforms are best for investing their money," Ozawa said.

Online banking, for instance, is rapidly becoming passe. The hottest trend in banking and consumer spending is mobile. People want to manage their accounts and deposit checks with their mobile devices.

Mobile wallets - using mobile devices to pay for goods and services - is another hot trend in consumer spending, but the latest technology is moving way past using your mobile phone to pay for your latte at Starbucks. If you use your mobile wallet to buy your airline ticket, you will automatically be notified if there is a gate change or if your flight is delayed.

"It's thinking about it in terms of the whole piece of it," Ozawa said. "We can't just look at the payment. We want to look at the whole shopping experience."

Banks or any companies that move money must stay on top of these trends if they want to attract and retain customers.

"People used to choose their banks based on whether there was an ATM or a branch nearby," Ozawa said. "Now, it's about the technology features they offer. Do they offer online banking or mobile baking? By knowing those trends, we can help the bank position itself to retain its customer base.We will translate that (research) data from what the consumer is doing or will likely do so that we can give that to our clients."

Learn more about Javelin Strategy & Research at javelinstrategy.com.

Photo: Javelin Strategy & Research employees, provide research and analysis to financial institutes, from their Hacienda offices

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