I tend to disagree with the banks' assessment that it will undermine public confidence. The research gives the public one more piece of information to judge the

I tend to disagree with the banks' assessment that it will undermine public confidence. The research gives the public one more piece of information to judge the risks for placing their money in a financial institution. The banking sector as participants in a free market who frequently advocate for opening of more sectors of the economy to the free market (and rightly so) should be encouraging such research. The research gives consumers of banking services more accurate information to consider when deciding how accessible their money should be. Additional information allows consumers to make more informed choices regarding the trade offs between security and convenience. Banks could offer insurance to their customers to protect them against the risks while still keeping the benefits of increased convenience. It's an opportunity for the banks to differentiate their services and cater to the needs of their customers. Yes, not having a PIN is less secure, but it's also more convenient, with proper positioning of their products banks should be able to offer tailored solutions that better address the needs of their customers.