Recorded on: June 10, 2021
- David Mattei, Senior Analyst, Aite Group
- Sam Bakken, Senior Product Marketing Manager
A decade ago, banks were on the leading edge of technology and innovation; but they seem to be losing their grip on their historical pole position. With the global pandemic having forced institutions to revisit their technology stack and processes, the time has come for institutions to re-establish themselves as leading innovators in today’s crucial areas of identity proofing and authentication.
Fraudsters exploit times of uncertainty to attack vulnerable systems and outmoded OTP delivery systems such as SMS and other weak consumer authentication methods. Because of this, consumers are often skeptical of their institution’s ability to keep them safe with these old-fashioned authentication methods; they expect advanced techniques that increase security and reduce the hassle of clunky methods. Investment in new tools that take a layered approach to online banking with strong authentication, risk analytics and advanced mobile app security ensures not only the financial health of institutions, but also the protection and satisfaction of their consumers.
In this webinar, Aite Analyst David Mattei and OneSpan discuss the reasons why financial institutions should prioritize their investments in updating their authentication technology stack.
- Industry trends that have sparked the need for a robust and more modern authentication control framework
- The role of authentication orchestration to address the appropriate level of authentication and friction for specific events
- Plan of attack (the good kind) for making authenticators work across multiple digital channels
- How financial institutions can overcome their reluctance to replace weak OTP delivery mechanisms due to usability concerns with innovative biometric-based technologies