While more and more customers want the convenience of online and mobile banking, concerns over cybersecurity are an increasing challenge for the financial services industry. Consumers fear their financial safety may be more at risk of being hacked as fraudsters reach new levels of sophistication. But will it drive them into the branch instead of banking online?
More likely, many customers will seek out a financial services provider that offers the most secure technologies for digital banking. Translation: Security innovations for digital channels will be a powerful driver for retaining customers and attracting new business.
Secure customer satisfaction using the latest technologies
Secure banking starts with the login, and exciting technologies are emerging to make the process more personalized than ever. Finovate Fall 2014 introduced the latest trends in online security, featuring facial recognition and retina scanning designed to reduce the risk of fraudulent access to personal and financial information. A few innovative technologies include:
To enhance customer confidence in using digital channels, Hoyos Labs uses facial recognition and retina scanning instead of usernames and passwords. Implementing this highly individualized mobile app may help businesses increase customer satisfaction — especially in financial services.
With technology that scans over 240 unique points on the human eye, EyeLock has one of the most compelling security technologies on the market. Customers can simply look at a device to confirm their identity for secure access to their accounts. EyeLock can verify customer identity at store locations, as well as via a personal device customers can use to make logging into online accounts fast, easy, and secure.
Leverage technology to keep customers (and keep them engaged)
As online and mobile commerce is rapidly becoming a standard way of life, having advanced security technologies is a necessity. Online hacking concerns and security fears can make a direct difference when it comes to customer perceptions about how much a company has their best interest in mind. For financial institutions, offering highly personalized secure access to digital banking may make a measurable difference in customer retention and acquisition. Banks that make consumer confidence a key part of their business strategy may gain the competitive edge to differentiate their brand in a crowded marketplace.