PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

The Expectations of Banking Customers Have Changed a Lot In The Last 5-10 Years

Tina Kvavle by Tina Kvavle
February 10, 2015
in Industry Opinions
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Customers have come to expect 24/7 mobile and online banking services that are feature-rich and easy-to-use. To keep pace, we see financial institutions offering robust streamlined functionality like remote deposit capture. A PWC report notes, “Banks are striving to differentiate their products and services, develop a deeper understanding of customer needs, and build customer relationships—at a price that is competitive but leaves room for profit.”

It is estimated that by 2020, one in four checking accounts will be opened on mobile devices. Despite this shift, many financial institutions are still reluctant to fully embrace and invest in mobile account opening. New functionality cannot be provided at the expense of customer experience. In a digital era, when the average Facebook user has 330+ friends who can read about a bad banking experience in an instant, a good customer experience is extremely important.

Many issues can contribute to a bad customer experience:

  • Limited functionality across devices
  • Poor user interface in an app
  • Excessive security challenges

Security will always be a high priority, and regulated concern, for financial institutions. Fraud issues like account takeover, false chargebacks and identity theft need to be addressed without creating friction for valued customers. It costs six to seven times more to acquire a new customer than retain an existing one—which is why creating an outstanding, safe and frictionless customer experience is so important.

Financial institutions need fraud prevention services that can protect online and mobile transactions whether they are web-based, or come through a native or hybrid app. It’s important to note, that from a device perspective, the characteristics that can be collected from a mobile device, like a smartphone, will differ from those of a laptop or PC. Using a software development kit (SDK) that integrates fraud protection directly into an app provides more data capture capabilities for risk assessment.

The key is striking the right balance during progressive authentication, utilizing as many pinpointed behind-the-scenes tools as possible to confidently identify the customer and assess risk. This allows financial institutions to concentrate manual review efforts on just the riskiest transactions, and effectively protect themselves and their customers—all while minimizing impact to the customer experience.

About Tina Kvavle

As Partner Marketing Manager, Tina runs channel marketing for iovation’s business partners. A long-time entrepreneur, Tina was previously co-owner and General Manager of Exopoint Software, and brings almost 20 years of marketing and communications experience with software technology firms including Harland Financial Solutions, Instantiations, Borland and Google.

Tags: Banking ChannelsFraud Risk and Analytics
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023
    payments

    Key Challenges from Growing Payment Methods and Volume

    March 13, 2023
    Data Governance is a Journey, financial data

    How FIs Can Power Their Operations with a Modern Data Architecture

    March 10, 2023
    ISO 20022

    How Banks Can Realize Business Benefits and Reduce Payments Fraud With ISO 20022

    March 9, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Autorek complimentary report: Payments Industry Outlook 2023: