November 24, 2020

Pursuit for Frictionless BFSI App Experience At The Cost Of Security

1 min.

During these unprecedented times, legacy banks and financial services institutions (FSIs) face unique operational challenges. Many of them have to rapidly expand their digital service offerings in order to navigate economic disruptions. In fact, banks in Asia Pacific (APAC) are rethinking processes and digitalizing processes, with 70 percent are adopting real-time payments by 2022 according to IDC’s latest Financial Insights InfoBrief.

The consumers’ rising expectations for remote, convenient and 24/7 financial services, are focal to this accelerated adoption of digital banking services. According to YouGov’s ‘Customer Experience in Banking’ report commissioned by Avaya, 26 percent of Indian customers prefer to access services via their bank’s website, and the same number would prefer to use a mobile application rather than speak with a human agent, a much greater number compared to the 19 percent in Australia, 21 percent in the UK, and 24 percent in the UAE.

For banks, providing strong and secure digital platforms for consumers’ data and financial assets will be paramount for building and maintaining brand trust particularly at a time when cyberattacks such as online fraud are increasing. However, the strict access controls for many banking applications are often at odds with ease of use, frustrating consumers, and the business alike.

Read the full article published October 5, 2020 here: by CXOtoday.

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