Migration from traditional ‘one size fits all’ 2-factor authentication methods to a dynamic risk based approach, which uses all available customer, account, payment and device data to manage fraud and risk across the enterprise can be an intelligent move to make as banks would want to monitor transactions and prevent fraud and at the same time do not want to affect the banking experience of its customers. In order to enhance the customer experience banks might need intelligence about account/customer behavior patterns and assess the risk associated with a transaction and advise the right action (challenge/decline/allow) at the right time. Read on…
Many a times the fraudsters are sophisticated and the fraud patterns are emerging. Are you going to handle all such exceptions case by case? How are you going to plan your IT investments with lot of uncertainties around? How about having a solution that provides you tools to replicate any kind of fraud scenario that you can think of on the fly, construct barriers to the fraud immediately, deploy them and integrate them as a part of core banking system without much effort, extra IT investment and any significant trade off with performance. If only a bank can achieve this level of agility, it can not only be a technology pioneer but also save itself from the potential reputational loss. This blog post is an attempt to outline an illustrative scenario to highlight the necessity of agile fraud management systems for banks. Read on..
For large retail banks, choosing where and how to compete is a complex challenge. They need to deliver the level of personalisation and flexibility customers want, and develop differentiated products and services — all while lowering costs and generating sustainable profits. Though there is no simple solution, E&Y researchers and analysts could come up with some practical suggestions. To know more, do check the Ernst & Young’s latest survey of retail banking customers around the world. The study examines the views of more than 28,500 banking customers in 35 countries, gathered in March 2012. This blog post is a snapshot of the observations made. Read on..
Customer experience is the extraction of value from what the touch points mean to the customer i.e., some touch points weigh heavier in the experience than others. It is important to take the time to look at the bank’s own business practices comprehensively through the lens of their customers to understand how they measure up to their customers’ needs and expectations. Does each customer interaction live up to the brand experience that your bank is trying to create? Are you providing a more consistent and relevant customer experience than your competitors are? Which interactions are the most powerful for creating customer loyalty?