For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations.
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance,
Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
• Global payment initiatives
• Open Banking standards
• Artificial intelligence and machine learning
• Consumer demand for real-time fraud prevention and detection
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Since data encryption is a core piece of any security strategy, start by talking with your CIO. This guide is designed to help you determine the right questions to ask your CIO to become better informed about your bank’s cybersecurity position.
Published By: SundaySky
Published Date: Mar 06, 2018
Card members at this consumer retail bank, enjoy a large variety of products and services. The bank offers standard banking transactions, credit cards, insurance, and investment products. After the 2008 financial crisis, the bank experienced a sharp decline in overall customer satisfaction, and also learned that its customers were more empowered than before.
In order to adapt, the bank adopted a customer-centric approach by introducting:
• A new customer motto: “Know me, value me, make it easy for me, and protect me”
• A new core initiative is to always teach digital first
• An understanding that customers are serviced on the digital channels they prefer to use
SundaySky SmartVideo enables the bank to take a strategic approach to enhancing the customer engagement process with personalized video experiences that welcome new card members and assist them in fully understanding how to get the most out of their new product.
Published By: SundaySky
Published Date: Mar 06, 2018
The world is mobile. People communicate with each other on their mobile phones, they stay on schedule with the help of their smartwatches, and, perhaps most importantly, they interact with brands via mobile apps. Therefore, it’s important for brands to focus on their mobile experiences. To investigate the preferences and behaviors of consumers when using mobile applications within the U.S., SundaySky conducted an online survey with 226 total respondents.
One of the largest retail banks in the U.S. sought to improve customer satisfaction
in the call center by eliminating time-consuming processes. Limited by a nonspeech-
enabled IVR, the bank was constrained to outdated authentication
options, such as PIN numbers and knowledge-based authentication (KBA)
questions. Long enrollment processes and authentication challenges were
driving call handle times up, causing significant customer frustration. The bank
turned to Pindrop for help.
Using Pindrop’s multi-factor authentication solutions, the bank confidently
moved authentication away from costly agent-based KBA questions to passively
authenticating callers within the IVR. This not only reduced call handle times but
also improved customer account protection, by assessing every caller for risk
before enrollment and authentication.
Oracle's Digital Innovation Platform for Open Banking is a cloud-based, open API solution built on an enterprise-grade IaaS and PaaS platform. The solution offers high-value, predictable integrations, open-marketplaces with fintech and banking API services. (30 characters/spaces possible)
Every financial services firm understands the importance of data. More is better. Sooner is better. Accessing it, understanding it, and taking advantage of it before the competition is better.
In the mid-2000s, Financial Services was the first industry to strongly adopt data virtualization as a disruptive, new technology for accessing and integrating more data, faster and more easily than ever before.
Buy and sell side groups at the largest institutions led the charge, followed soon after by risk management and compliance units. The leading mutual fund providers, along with hedge funds, led the next wave of adoption. In recent years, commercial banks and insurers have accelerated their use of data virtualization. And today, analyst firms such as Gartner, Inc. and Forrester project continued data virtualization adoption for both first-time use at new firms and expanded deployments at existing sites.
This whitepaper provides 10 examples of TIBCO Data Virtualization enabled application
The banking industry has been talking about improving the customer experience with customer-centric banking for a long time.
From a recent study of French retail banks, neobanks and online banks are winning the customer experience battle. To retain customers, traditional banks will need to improve their overall customer experience, a key priority as reported in DBR Research’s Digital Banking Report 2018. All three of the top trends for 2018 are related to improving the overall customer experience. Failing to address these key trends will hurt laggards.
Just because you have a digital presence doesn't mean your work is done, it just means that you need to continue to innovate to attract and retain your customer base. But what makes for a successful banking customer journey?
Read this solution brief to learn the five pillars of success for the banking customer journey.
Increasing your non-interest revenues without increasing customer fees that ultimately drive customers away can be a challenge.
The digital economy is opening up new ways to drive additional revenue from existing customers. The same technical innovations are also opening up new ways to communicate with customers about both digital and traditional offerings. But that results in customers becoming overwhelmed with advertising and marketing messages. They are forced to decide upfront who is providing relevant information and who to completely ignore. Ultimately, it comes down to trust.
Customers consider generic messages to be spam and learn to filter them out, even if they come from a known vendor. Over the long run, these types of marketing campaigns not only see diminishing returns, they can even damage your long-term relationship with customers and decrease revenues.
Micro-marketing overcomes the noise that traditional spam-marketing creates and establishes news levels of trust betwee
"Financial services institutions are high-value targets for cyberattacks because of the capital they control, the personal information on customers they maintain, and the fear an attack on a bank generates in the public.
Phishing attacks on FSIs have risen steadily, especially employee credential theft - because once an employee’s credentials are stolen, cyberattackers can access customer information, employee data, even finances.
While legacy security solutions claim to block up to 99.9 percent of cyberattacks, all it takes is one employee or contractor to open an email from an unknown source, download a file from a compromised website, or in any other way fall victim to a cyberattack.
So, it’s time for a new approach: Isolation, also known as, remote browsing.
Download this Financial Services Best Practices Guide to Isolation to learn how to best eliminate phishing attacks and web malware.
Since data encryption is a core piece of any security
strategy, start by talking with your CIO. This guide is
designed to help you determine the right questions
to ask your CIO to become better informed about
your bank’s cybersecurity position.
If your bank is like many, it encrypts only a minimum of data. This is because many banks believe, incorrectly, that encrypting all data is unworkably cost- and resource-intensive on any platform. Encrypting piecemeal creates the need to carefully track where you are encrypting, what you are encrypting, and the time and resource costs of these activities.
It’s probably no surprise to you that the financial services industry is changing rapidly. Digital technology is redefining the possibilities with automated processes, AI insights, customized experiences, new operating models and next-generation applications — yet global industry profits are stagnating. As the number of disruptors in the space rises, many banks are being asked to innovate while lowering structural costs and improving capital returns — and many traditional banks are falling behind.
In addition to e-books, on-demand video and GPS devices, one of the future technological innovations envisioned by AT&T in its famous early 1990s series of “You Will” commercials was an Electronic Toll Collection (ETC) system that enabled drivers to wirelessly pay their tolls as they drove through a toll booth. While that prediction was perhaps not as bold as the others (Europe began developing similar ETC systems in the 1980s), today we take for granted E-ZPass in the U.S. and similar systems where drivers can enter toll roads, HOV lanes, bridges and tunnels without having to stop at a tollbooth to pay.
Typically, these systems require a driver to put an OBU (On Board Unit, which can be called transponder or “edge” IoT device) in their vehicle and, when their vehicle passes through a toll booth, the toll booth wirelessly connects to the edge to automatically deduct the toll from their bank account.
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