December 5, 2016 — Transforming interactions in automated banking
Robert Capps, VP at NuData, guides us through the challenges for banking automation and the advance of behavioral biometrics in this Sand Hill article.
Automated banking will be the next big disruptor for the banking sector as traditional interactions with customers transform so that the in-branch banking experience will become much like the online experience. With a wide variety of alternative payment systems and cryptocurrencies emerging such as Bitcoin, there will be less need for customers to actually access a bank branch. One of the major impacts from this disrupter is that 30 percent of bank jobs could be lost before 2025 due to banking automation according to a study by Citigroup.
On the flip side, alternative payment systems, virtual currencies and crowdfunding are pushing financial institutions to innovate or risk losing market share. Banks are already integrating more tools and solutions to make this a reality, and it will become easier and easier to bank and pay online with favorite apps. Customer experiences will continue to improve with the aim to become faster and friction-free, while improvements in authentication become better at solving online user verification.
Authentication: The big challenge for banking automation
As technologies evolve for financial institutions, so will authentication, due to the pressing need to accurately identify customers and prevent fraud. Traditionally, only a driver’s license and other photo ID would be all that was needed to verify the identity of the customer. Now, however, the process of authentication has become much more complex with the advent of cybercrime and identity theft.
For the complete article, go here.