The recent economic downturn has created some formidable challenges for the retail banking industry. Fraud and identify theft are on the rise, costing banks big money and raising customer concerns about security. More customers are falling behind on loan and credit card payments, putting their credit ratings at risk and forcing banks to spend more on collections. And as competition stemming from globalization, adjacent market expansion and new technology upstarts intensifies, it’s more important than ever that retail banks retain and expand relationships with existing customers.