Businesses need to build digital trust with consumers across financial services using the right technologies.
The pandemic has changed the way we think about what it means to be digital-first. Businesses across the retail sector and banks are pushed to drive customer loyalty through alternative means, as customer reliance on their physical locations decreases, and the focus on online services and factors such as app ratings increases. This is positive in one way as online transactions are certainly more COVID-secure than face-to-face interactions, however are they safe from a trust and security perspective? And how easy are they in terms of the log-in and verification experience? We must work to provide answers to these questions so we can make sure we’re giving consumers the solutions they need to make their lives easier. A lot of this comes down to financial organizations, who need to consider how digital-first their products and services are, and how they can build consumer confidence when it comes to interacting online. The pressure is on for businesses to find digital solutions that provide a great customer experience, while also differentiating themselves from competitors. All while balancing a need to increase digital trust and manage the security of online interactions – because if not, businesses could risk losing their customers altogether. We know that the financial services sector has had to evolve its offering numerous times to make sure it’s keeping up with changes across technology and society. However, this is not a simple task if you consider how much sensitive data and information they hold. With that in mind, legacy systems can be a financial organization’s downfall and leave them open to hackers. It can be cumbersome to change solutions, but they need to acknowledge that a lack of robust authentication methods is a potential vulnerability – and one that fraudsters will most certainly take advantage of if given the option.
