Trust is the bedrock of financial transactions. Banks need to know who their customers are and customers need to trust their providers as custodians of their data. This is never more manifest than during an onboarding process.
Opening an account digitally has become a fairly urgent requirement at best, and a key competitive differentiator at the very least. The friction points with identity verification have caused frustration and process abandonment and kept banks and other financial organisations up at night trying to come up with a solution.
Digitisation programmes have been a top priority for financial service organisations for a long time now, and recent global response to the Coronavirus pandemic has served to accelerate digital launches and advancements.
Changes in regulation have focused these challenges and the whole exercise has consumed resource and budget on an ongoing basis, industry-wide. Security being the main driver, coupled with the fresh demand for remote and digital services given the pandemic and lock-down, all of a sudden not only is there a new appetite for digital adoption in the form of, say biometrics, but also a fresh imperative on the part of banks to innovate and deliver.
A sudden shift online has and will continue to provide new targets for fraudsters, so organisations have their work cut out to mitigate the enhanced threat and stamp out new forms of attack as well.
A key consideration here is the strategic use of partnerships, as organisations have to decide where their expertise really lies and where it is worth building expertise internally or whether they access it from third parties. This is especially the case when speed-to-market is being ramped up under the pressure to deliver during a lockdown.
Take into account different geographies and the multiple channels that any solution needs to straddle, and the whole picture starts to look challenging in the extreme.
The good news is that the results gained from extra effort, speed and resilience during these times won’t be wasted; for financial services and many of its players, the advancements catalysed by the pandemic won’t be a quick fix, rather a permanent part of the so-called new normal, and so it is worth doing well.
Watch this webinar from Finextra, in association with OneSpan, to hear experts in the field discuss the following points and more:
- How the pandemic crisis has shifted priorities and accelerated digital onboarding programmes
- How to utilise technology to tackle the combined and now increased pressures of regulatory security compliance and fraud threats
- How strategic partnerships can advance and strengthen your offering and how to forge them
- Anna Milne - Editor, Finextra [Moderator]
- Conor Hickey - Head of Solution Architecture, OneSpan
- Anna Kuzmina - Chief Operating Officer, Bank 131
- Jonathan Williams - Principal Consultant, Mk2 Consulting