Innovate Identity have produced a detailed whitepaper which provides some advice for financial institutions who are aiming to increase their revenue from connected devices, but at the same time ensure they are compliant to regulations and also have a risk based approach in place.
The growth of mobile is no surprise and the number of people who are accessing bank accounts through smartphones and other mobile devices was expected to have reached 1 billion by the end of 2015 according to Juniper Research.
This has led to a customer expectation for instant gratification, as they want things quicker, cheaper and at a click of a button. There is a real opportunity for banks and financial services to learn from the retail industry to use technology to enhance the customer experience and reduce overheads.
Adhering to necessary regulation can be time consuming and costly when done on a manual basis. However by moving to an electronic process, businesses can see a substantial cost saving through increased operational efficiency. It also has the added bonus of providing a more streamlined experience for the customer.
With competition increasing in the financial services sector, customer experience is set to become a source of competitive advantage. Banks need to ensure their pace for transformative customer experiences keeps up with the consumer desire for personalisation, engagement and digital services.
Good news! Technology is advancing at such a rate that a marriage of regulatory compliance, fraud risk management and customer experience is a real possibility. As customer understanding of technology increases, there will be more methods available to create a compelling customer journey.
You can read the full whitepaper here
Or listen to a recording of Emma Lindley, Managing Director Innovate Identity, speaking on a webinar about the topic.