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The identity challenge: How can banks know who’s who?

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The identity challenge: How can banks know who’s who?

By Ian Holmes, Global Lead for Enterprise Fraud Solutions at SAS

Technology has transformed the world of banking, bringing all manner of new services to the table and revolutionising the way that customers manage their finances. Gone are the days of fixed branches and localised appointments. Today’s banking is done with the click of a button. However, technology has also brought with it new challenges, particularly in regard to identity and authentication. These two things are no longer as easy to achieve as they used to be.

Customers can interact with banks through a growing number of channels. As a result, there are myriad factors that banks need to take into account to facilitate the different options. The question of when and how to authenticate identity has become particularly important, as has the data that is used and the processes that are put in place to ensure strong customer authentication compliance. What’s more, consumers now expect unified services with a seamless experience and will have no qualms about going elsewhere if banks can’t provide them.

What is identity and authentication?

Before answering this question, it is important to clarify what we mean by identity and authentication, and how the terms differ. Organizations use identity to ensure that only authorised individuals can access information for the appropriate reasons. Authentication, on the other hand, is the key in the lock for identity, allowing customers to go on to execute transactions

Authentication is required in all channels of interaction, and there are varying means to achieve it. For example, banks can use knowledge factors such as passwords, possession factors such as ID cards or authentication tokens, and inheritance factors such as biometrics to verify users. Each factor has its own unique challenges, however, presenting various security flaws such as weak credentials or the risk of losing physical tokens.

Moreover, in the era of digital banking, criminals can counterfeit many pieces of information to compromise user identities. This has devastating consequences for all involved, whether it be customers whose data is compromised or banks whose reputation is damaged. Identity theft is clearly a grave threat.

The extent of the problem

Identity fraud is a growing concern that affects both businesses and customers, especially when fraudulent activity affects innocent people’s credit scores. It has therefore become vital that banks take action to preemptively detect identity theft. But this is, of course, much easier said than done.

Modern hackers are using powerful tools to steal identity information. For example, geospoofing enables criminals to use intermediate computers to hide their IP address and appear in a location that matches the stolen credentials. Elsewhere, hackers are implementing bots that use automated scripts to guess passwords.

The extent of the identity problem becomes clear when we look at the statistics. For example, research shows that it takes the average victim seven months to become aware of identity fraud,. In some cases, it can even take years.

What’s more, once an attack is discovered, the average cybercrime victim in the UK spends 14.8 hours dealing with the aftermath. These are worrying facts, considering the large volumes of money and sensitive data at stake.

With all this in mind, if the established players can’t provide a strong anti-fraud service via a user-friendly authentication system, it will only be a matter of time until consumers take their custom to more agile fintechs and challenger banks. So how can these problems be resolved?

The AI solution

Proving identity is the critical first step in preventing theft. After all, only when you have confidence in the interaction can you begin to validate the other requests. However, the greatest problem is gaining this confidence, and the rise of remote requests increases the challenge.

If it is true that technology has complicated matters with regard to identity and authentication, it is also true that it holds the key to resolving the problem. For example, AI-enabled programmes are now capable of authenticating payments in real-time. They can also quickly recognise fraudulent attempts to steal logins or log counterfeit payments.

Despite this, an alarmingly small number of financial institutions are leveraging the appropriate solutions. Research shows that only 10% of organisations are actively using ML analytics to orchestrate authentication. While 50% are in the process of implementing these solutions or have them on their road maps, a worrying 40% are not.

With this in mind, banks need to take steps to prove the value of AI and advanced analytics. In addition, they must demonstrate how these solutions can bring new levels of flexibility and convenience to customers.

AI and advanced analytics are helping banks to preemptively detect identity fraud rather than having to deal with the aftermath. By learning the “normal” behaviour of customers, they can limit the number of false positives and unnecessary challenges. This helps to reduce customer frustration and friction while maintaining security in the process.

The sooner you invest, the sooner you benefit

Technology has changed the face of identity and authentication. The benefits brought to banking are significant and the risks of inaction rapidly expanding. When innocent people begin falling prey to cybercriminals, it dramatically affects the user experience. This is a key issue for banks to overcome in the era of open banking and digital payments.

For all the benefits that AI and advanced analytics bring, there is an alarming lack of adoption in the industry. As a result, it falls to the banks themselves to become the driving force for change and to demonstrate the business value that these solutions bring to financial services.

Those who fail to implement powerful AI-based authentication will soon feel the impact on the bottom line as customers flock elsewhere in search of increased security and a smoother journey.

Banking

The Bank is Where the Heart Is

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The Bank is Where the Heart Is 1

By Nick Barnes, Practice Director, Financial Services & Customer Success at JRNI

When unexpected events occur, people turn to their banks to provide a sense of trust, security, and stability. They need to be available anywhere, anytime, and from any device. As it’s a business based on trust, one-on-one communication is key.

With the world still emerging from the COVID-19 crisis and endeavouring to avert a possible second wave, every country, state, and region has their own unique requirements. Plus, every customer or member has their own demands. Experts and pundits have discussed a new normal, but what’s normal for now involves keeping customers and employees safe while also providing the same sense of stability as before.

For banks, building societies and credit unions, the main concerns include how to maintain personal relationships amidst social distancing; how to be available at any time on any device; and how to provide a sense of calm and security amidst the chaos.

Adapt or fall behind

Customers are quickly learning which of their service providers are adapting best to this new world. Are financial services providers like banks and credit unions adapting, or falling behind?

Finances are a highly personal topic, and often, illogical or emotional. Will I have enough? Will it be available when I need it? It is always a hot topic of conversation, but especially during a pandemic when unemployment rates are rising, and the economic landscape is unsettled. In the past, a customer could walk into the bank, have a reassuring conversation with a representative and move on.

So, how can banks help their customers through tough financial times during the current crisis, when in-person communication is nearly impossible? One solution is to provide helpful, personalized customer service through digital channels.

While in-person assistance will remain important after COVID-19, customers are looking for assistance now.   Banks are turning to remote video and voice appointments to boost customer satisfaction and meet customer expectations.

3 reasons to use remote appointments

1. To comply with social distancing

Our Modern Consumer Banking Report​​​​​​​ last year showed that when consumers visit branches, it’s primarily to talk face-to-face and ask questions/get help.  Research from Bain reinforces this, and emphasizes that “many retail banking customers think it’s easier to purchase through a human channel, or prefer to speak with an employee before buying a product.”

Due to social distancing measures, branches cannot be customers’ primary way of managing their finances during this pandemic. However, this doesn’t mean that customers aren’t interested in personalized attention that can be made available via video and voice.

2. To meet new demand 

Although spending habits may have changed, consumers are still making critical financial decisions during the COVID-19 pandemic.

Individuals: The financial effects of coronavirus are drastically different from one customer to the next. While some are counting down the days to receipt of their unemployment check, others may be taking advantage of low-interest rates to buy a house. Ultimately, banks and credit unions need to address each customer segment with a unique message and way of providing assistance.

Small business banking: Countless small businesses around the world have been forced to close their doors. Whether they’re needing loans, payment deferrals, or advice, small businesses are looking to their bank as a guide, and a comfort.

Investment management: A recession is upon us, and with that comes a new approach to investing. Financial advisors are fielding questions, providing recommendations, and staying up to date on the market. Beyond this, many are building entirely new strategies for their clients.

Regardless of customer type, it’s clear that each subset of customer needs help from their financial institution at this time.

3. To boost customer retention

​​​​​​​​​​​​​​Financial institutions cannot afford to lose customers during the pandemic, so customer retention is crucial.  Great customer service boosts customer loyalty, and research from Bain shows that loyalty is key to retention:

  • Customer loyalty increases revenue, and loyal customers are less likely to switch to a competing bank.
  • Customers who are a bank’s “promoters” recommend the bank to others as much as six times more than “detractors.”
  • A bank’s “promoters” spend one-quarter more than detractors on their primary credit card.

Ultimately, being able to connect with a customer in need using video or voice can give customers peace of mind and boost loyalty. Delivering personalized financial services without interruption is crucial.

Initial results from video banking show that consumers consider the service valuable. Phoenix Synergistics’ survey from December 2019 found that 17% of customers polled had used video chat through a website or app with their financial institution. Of those that had used video chat, 89% found video chat valuable.

Some suggestions for banks using remote video or voice appointments would be to: firstly ensure your solution is secure and doesn’t expose personal information outside of the conversation; secondly create a culture of consultation to alleviate outstanding fears; thirdly leverage appointment setting to allow customers to pre-schedule consultations and enquiries; finally include remote appointments as part of a wider suite of ‘touchless’ offerings.

The dos and don’ts for bank branches

Forty-three percent of banking customers have expressed their desire to change the way they bank due to the pandemic. As with retail and hospitality, several key customer segments have doubts about visiting physical locations and are transacting more remotely.

The challenge for banks is to make services available wherever customers want to bank – be it by phone, online, or in branch – and when it comes to any transaction, the key is to make customers feel cared for, heard, and secure.

With social distancing parameters in place along with other health and safety measures, there’s significant focus on the need to retool the branch experience. Here are a few suggestions as we move into that next stage of business and interaction:

DO: Have a plan.

Nick Barnes

Nick Barnes

Think about how customers will enter and exit each location. Plan for increased space between people in line, how to attend to at-risk customers, properly spaced lobbies, and waiting areas. Consider your employees and what they need in order to stay safe including break rooms with increased space between lounging areas, removal of shared snacks, availability of hand sanitizer and masks.

DO: Make sure you can effectively manage footfall.

Overcrowding will create fear and loss of trust. Make sure you have plenty of directional signage, crowd control measures, and staffing. Solutions including people counters, occupancy managers, and pre-booked appointments​​​​​​​ both allow for the throttling of traffic, and the ability to build in cleaning time.

DO: Hire the right team and staff adequately.

Being courteous and in control will be the most important ingredient to success. Have enough staff, you will need the extra hands to ensure that all staff is properly trained and ready to enforce new protocols.

Some customers will be understandably anxious going into branches, and some will want to feel that everything has returned to normal, so staff may need to be very firm and well-versed in a new operating style.

DO: Offer customers the ability to bank when and how they prefer.

We’re not suggesting that you remain open for 24 hours, but the goal is to make it easy for the customer. Adding the ability to set an appointment with a wealth manager or an advisor online will enable customers to bank from home, and will enable banks to provide the personalized service customers have come to expect.

Leverage online appointment confirmations to remind customers to have key documents available if they need them. Virtual solutions position the bank to serve as an advisor rather than just a financial institution.

DO: Demonstrate your commitment to a safe environment.

Use clear signage to convey the measures in place to ensure customer and employee safety. Make hand sanitizer or wipes available throughout the branch, and in all high-touch areas. Ensure cleaning supplies are visible, around doorways and ​​​​​​​near greeters to provide customers with an added sense of security. And make sure that employees are following every measure required of customers.

DON’T: Lose customer confidence.

If you are not prepared, it will show, and it will be very hard to gain back customer confidence once compromised. Social media will not be your friend. Forrester Research reports that 52% of US online adults prefer to buy from companies that demonstrate how they are protecting customers against the threats of COVID-19.

DON’T: Overcrowd or fill your branch to capacity.

Consumers are being trained to avoid crowds, so failure at the branch to comply could result in losing their business. Most physical locations are operating with fewer staff and accommodating 10 – 25% of the traffic once allowed. Keep in mind that you only have one opportunity to make a first impression on customers, and they’re looking to trust you have their best interests in mind.

DON’T: Understaff.

You will need to expect the unexpected and having more hands-on deck will prove to be beneficial in the long run.  Having the wrong staff, or those that don’t take the time to learn new operating procedures or feel comfortable telling that customer who won’t keep a mask on, may not be the best fit.

DON’T: Make it difficult for customers to do business with you.

Social distancing introduces a number of disruptions to the way you’ve traditionally done business. So limiting options to customers – providing no ability to bank online or via phone, not having a live customer service voice or chat option – is not going to help. In addition to making sure the services are available, it is imperative to communicate all options to customers.

DON’T: Assume someone else will do it.

Bank staff need to show that the branch is being tended to, cleaned between visitors, and before opening each day. It is important that staff jump in to help move customers safely through the branch, ensure their questions are answered and overall, take a proactive approach to service without assuming that a sign or another staff member will take care of it.  Customers will come to the branch, but gaining their confidence is everything. Don’t lose it by not being prepared. It will be very hard to win it back.

With the constant threat new restrictions in response to COVID-19 outbreaks, banks will need to take a long view on how they enable the operational flexibility that will be needed to adapt to fast-changing conditions.  As people prepare to live more risk-averse lives, banks will need to go the extra mile to ensure customers feel less wary about visiting in person whilst also offering a seamless experience for those customers who prefer to remain in the safety of their homes.  Those that manage to do so will emerge from the crisis with a sustainable advantage over their competitors.

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Banking

Will COVID-19 accelerate the transition to banking alternatives 

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Will COVID-19 accelerate the transition to banking alternatives  2

By Gael Itier – CEO & Founder at akt.io

The COVID-19 crisis has led us to witness what will be remembered as a historic migration to digital. While we’ve seen an intense period of experimentation and improvement across financial services in the last five years, we’ve yet to see a truly unprecedented period of innovation to reimagine and rewrite the functionality of capital markets, until now. In less than a few years’ time, the wealth management and trading landscape will become unrecognisable to its current form.

The environment we currently operate in has influenced new consumer behavioural trends and increased expectations for a seamless digital experience. Banks who want to survive the storm must move faster than ever to introduce value-adding services that enhance the customer’s experience of modern banking. In the road ahead, banks and fintechs who want to stimulate long-term growth will see the crisis as a chance to create entirely new ways of thinking about how assets can be innovated to deliver more value to the consumers. While many companies will have to preserve funding, others will increase their investments in emerging technologies, such as AI, automation and blockchain, to make this vision a reality.

Alternatives to the traditional banking system will continue to pick up momentum as COVID-19 becomes a consistent presence in our society and economy. Though what will really set fintechs apart will be the ways in which they solve the challenges of tapping into new, secondary capital market structures and unlock real value by inviting mainstream consumers to participate. What is certain is that COVID-19 has highlighted the vulnerabilities of those who live paycheck to paycheck and made even more clear the need to access new services that help customers take better control of their money to stay afloat during the crisis or better yet thrive financially.

A watershed moment for digital banking consumers

Banks across the world will have to accelerate their digital transformation and future banking strategies to meet the rapid shifts in consumer demand for digital banking services and cashless payments. One recent study found that three quarters of European banks ‘weren’t prepared’ for the scale of change that COVID-19 had triggered in customer behavioral trends, with a further 88 per cent stating that they were overwhelmed by the demand for online and mobile banking during and post-lockdown. It is precisely this pattern that will lend to the rise in demand for fintech’s services given that they have operated for some time without a physical presence and as such are perfectly suited to adapt accordingly to this shift.

In a few short years, customer attitudes towards and interaction with banking products and services have evolved dramatically. Consumers today are more attracted to brands that offer more personalised and convenient experiences. This has led to greater preferences to seek out more intuitive modern banking software, which seamlessly responds to consumer needs. The emerging technologies deployed by fintech providers have shown consumers more sophisticated and intelligent user experiences are available, which has meant there has already been a rising permanent switch to digital pre-COVID.

Unfortunately for many heritage banks, the move to digital during COVID-19 has drawn harsher attention to this distinction. For customers who have traditionally managed their finances solely in brick and mortar locations, the inefficiencies are rife. Many scenarios have seen customers unable to shift quickly enough to mobile apps, struggle to get past hold to customer services for what feels like hours, and feel as though they don’t have enough financial control or stability.

Against this backdrop and the impact of COVID-19, other core traits of fintech providers and neo-banks in contrast to heritage banks make it well poised to come out on top when winning consumer trust and loyalty. The fintech industry’s business model has had yet to fully demonstrate its strength to combat economic uncertainty, until now. From adaptability to self-sufficiency, and speed to market and agility, fintech players are in a good position to ensure customers’ experience with banking runs smoothly during this challenging period.

Making money go further

The COVID-19 crisis has in many ways validated the foundational principles of many current and emerging fintech players: consumer control, rich personalisation, accessibility and transparency. Now more than ever, the average consumer will be searching for new and creative ways to sure up their finances. The pandemic continues to threaten job stability, demonstrating the need for fintechs to present greater opportunities for consumers to have more robust financial backup plans, including alternative sources of income, such as owning income producing assets.

The pandemic has proved itself as a wake-up call to everyone and has undoubtedly sparked a rise in motivation to take full control of finances. We are likely to see a steady rise in investment and trading options to seek out better returns than traditional savings accounts. Yet while investment apps will grow in popularity, for those starting out as investors, the barrier to entry is still very high. When it comes to accessing and effectively managing investments, there is a real need for a platform accessible enough for market participants who do not have the same level of capital and knowledge as high-profile investors to get involved.

A new period of innovation is upon us and this time over-hyped products, offering very little in terms of new functionality and customer benefit, won’t cut the mustard if they don’t provide an effective way to truly help people to manage and improve their finances. To truly be set apart from traditional banking infrastructures and even some of the most impressive fintechs when increasing wealth capital, customer expectations will be high. All-in-one digital platforms leveraging AI and other cutting edge technologies when providing customers with the opportunity to grow their wealth will redefine a promising and much needed era for consumers.

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Banking

How banks can take on Google in the race for AI talent

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By Nicola Sullivan, solutions director at candidate engagement tech firm Meet & Engage

The events of 2020 have made the battle for AI talent more ferocious than ever. In a volatile landscape where innovation is key, multinational firms are rolling up their sleeves for the inevitable scrum ahead.

For incumbent banks, the stakes are intimidatingly high. In one corner stand the fintech startups: the likes of Revolut and Monzo, who are snapping up AI-literate graduates while laying down pressure for capacity in exactly that area.

In the other corner, we find the Silicon Valley contenders of Amazon, Facebook and Google, who have phenomenal pay packages – not to mention glamour and visibility – on their side. And technologists with a finance background loom firmly in their crosshairs (Facebook employs hundreds of ex-banking recruits).

This unsettling picture is intensified by a chronic tech shortage: in a recent study by AI firm Peltarion, 83 percent of AI decision-makers agreed that a deficit of deep learning skills was seriously hampering their competitiveness. But, with the global impact of AI on financial services companies set to hit $140 billion in productivity gains and cost savings by 2025, banks need to find a way to break ahead and secure the AI talent they need. Here’s how:

Fish from a wider talent pool

We tend to think of AI in relation to a very niche set of qualifications. Yet in reality, it’s a fast-moving sphere that also requires a host of soft transferable skills such as problem-solving, agility, great communication and a sound analytical mind. In short, it’s less about what a candidate knows/does, and more to do with what they could know or do.

It’s worth thinking about whether you are being open-minded enough in your interpretation of tech talent. Do the AI roles you’re looking to fill need specific skills and criteria, or are they better suited to people who are inherently curious, intelligent and quick to learn?

Depending on the answer, you may want to expand your search from the bright young things of MIT or Berkeley to other related careers or older candidates with transferable skills. You may even want to look internally for the next generation of tech talent.

For example, if a bank’s customer-facing roles are declining but AI supply is not keeping up with demand, maybe this is a problem that could fix itself. The bank in question could run a two-week internal virtual AI internship to test interest, with the aim of rechanneling internal talent and avoiding redundancies. If AI is as critical as all forecasts suggest to the future of finance, investing in a more comprehensive approach like this may make a lot of sense.

Then there’s also the question of underrepresented groups. The proportion of black or latino people at major tech companies remains depressingly low, while women make up only a quarter of computing roles.

As well as driving equality, this issue of diversity is also a market gap that could be used for competitive advantage by banks. But doing so requires a deep-seated strategy that addresses the root reasons why candidates from these groups are turning away from tech. Issues such as lack of career development and accessible education need to be solved at ground level from the inside-out; an effort that begins before, or in tandem with, recruitment.

Make your recruitment process personal and transparent

When you’re fighting for top AI candidates who have the world at their fingertips, it’s not enough to bundle them through a generic Applicant Tracking System. You have to actively woo them, and get them on-side with your vision and community. This is especially important for millennials and Gen Z recruits, who are more purpose-driven than their predecessors.

Live online chat sessions hosted by high-profile speakers across the business is one tactic our banking clients have seen great success with here. For example, a shortlisted group of technologists get to meet with a bank’s CTO or Chief Human Resources Officer via a group chat (which they can join anonymously if they want to), to ask questions and find out more about a company’s technology roadmap and cultural ethos.

This is a rare opportunity to give candidates real takeaway value; even if they’re not thinking about leaving their current job, few will turn down the chance of time with the person who runs cybersecurity at a major bank. And this person will invariably be able to communicate a much better sense of culture than a third-party recruiter can.

Visibility is also important here: if you want to attract more BAME or female candidates, you need to have lead BAME or female technicians as a vocal part of the recruitment process, showing what success in your company looks like. If you don’t have people to fulfil these roles, you need to go back and address that rather than making empty statements.

Opening the doors to your company in this way is a winning strategy for tech candidates: it’s a “wrapper” to put around them and make them feel wanted, welcome and motivated – even when a recruitment process lasts a little longer than you’d like.

Talk like yourself but walk like a tech expert

Part of the openness needed to recruit key tech talent is about being authentic, too. There’s a tendency among some finance incumbents to “get down with the kids” and appear more like their disruptive competitors than they truly are. If you are a long-established brand in the banking world, with a good track record of developing careers, that alone is enough to attract AI technologists – you have a lot to offer, and you don’t need to put on a guise.

Equally, if you do have work to do in being more accessible to potential candidates, focus on real progression rather than image. This may mean putting through measures to build awareness and role modelling around recruitment diversity, or enhancing employee wellbeing.

With mental health issues on the rise in the workplace, a co-managed wellness programme of fitness and community events can make the difference between which way a candidate sways in a roomful of enticing options. This is especially true since banks – for all their boardrooms traditions – have a reputation amid technologists for a better, less brutal work-life balance than Silicon Valley.

Lastly, banks need to walk the walk when it comes to tech-enabled recruitment. However hard you try to make it personal, most candidate enrollments will involve a degree of automation at some stage – and it’s important to make that process as quick and slick as possible. For a candidate with consumer-grade tech experience, first impressions count: they want to know that this is a place that will recognise and nurture their skill set. So instead of a long, clunky application process, maybe consider a virtual assessment centre or a sophisticated chat bot, which can capture essential information in a fast, engaging way.

Recruiting the world’s top tech talent isn’t a question of magic or even necessarily a huge pay cheque. Instead you need to weave together these “micro-moments” that signal your bank’s character, integrity and technical ambition. Do this, and you stand a good chance of persuading leading AI candidates to skip the queue and come directly to you.

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