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  • user 3:35 am on September 23, 2018 Permalink | Reply
    Tags: , , , , Convenience, frontiers, , , ,   

    New private banking frontiers: mobile apps, convenience & personalization 

    In the first blog in this series, we discussed how seeking to expand their presence in and wealth management should employ digital solutions to provide customers with the and they have come to expect from other companies with which they do business.

    are an essential part of such an integrated private banking strategy. Rather than an “add-on” feature, they should be a central element in providing exclusive services to people with premium needs. These services can range from personalized financial advice (delivered at the frequency the customer desires) to digital feeds of financial media tailored to customer needs.

    A first-class mobile app should be:

    Secure & private

    The app should have two-step authentication and may incorporate a biometric login such as voice, facial or thumbprint recognition, as well as data encryption and fraud protection.

    Innovative

    The app may connect the customer with the private bank via a chatbot or may enable voice-controlled, hands-free interaction. It may aggregate all the customer’s accounts with that institution or with other institutions.

    Robust

    It should provide the customer with a portfolio overview and interactive tools for portfolio analysis and personalization, using both human and -advisory capabilities. The app should support trading, brokerage and foreign exchange transactions as well.

    Interactive

    Through the app, the customer should be able to interact with client services via live chat, through call-backs or through other apps such as WeChat or Whatsapp. The app should also enable direct contact with the financial advisor via direct messaging, direct dial or video conferencing.

    Personalized

    The app should notify the customer of product and service offerings, provide tailored market and economic research and offer educational content using interactive tools and gamification.

    Of course, the question now is not whether private banks should have a mobile app—but how to develop an attractive, value-added offering. Human interaction is still essential to private banking, but wealth managers using mobile apps in concert with other digital technologies will have more time and better insights with which to cultivate their customers.

     

    The post New private banking frontiers: mobile apps, convenience &038; personalization appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:35 pm on July 20, 2018 Permalink | Reply
    Tags: balance, , , Convenience, , , , ,   

    How will biometrics balance payment security & convenience under PSD2? 

    The European Union’s new regulations, the General Data Protection Regulation (GDPR) and Second Services Directive (), require secure transactions and data handling as well as good customer experience. PSD2, in particular, requires strong customer authentication (SCA) methods, which dictate “two-factor authentication” to ensure all payment approvals are in place. Two-factor authentication means that authentication of a customer’s identity must be based on two or more of these elements: knowledge (something the user knows), possession (something only the user has) and inherence (something the user is).

    The strict PSD2 RTS requirements may lead to friction in the payments process in online and POS (point-of-sales) checkout. Existing SCA methods such as SMS-TAN and iTAN will be considered non-compliant and not user-friendly. However, PSD2 aims to improve user experience and keep —namely inherence. Inherence is the element that allows leveraging of biometric data and mechanisms for SCA.

    Technological advancements are augmenting e-commerce payments and payments innovation methods, which further enhance the consumer appetite for seamless, frictionless and secure payments experiences. is one of the latest and most cutting-edge technologies being adopted. It’s usually integrated into applications to strengthen security and curb identity fraud. Fingerprint payment is the most common biometric payment method; however, experts predict that other systems—including face, eye and voice recognition—will become more widespread over time. The question is, are these mechanisms compliant with the new regulations and what do need to consider about biometrics in a highly regulated business?

    The RTS indicates the following high-level criteria must be applied while assessing whether an authentication method qualifies as SCA:

    • Dynamic linking: All information about the amount paid and payment recipient must be passed on across all phases of the authentication. For biometrics, the numerical representation generated from the data points collected at the customer’s device needs to be dynamically linked.
    • Independence of channels: The channel used for the initiation of a payment or account information transaction must be separate from the channel used for the receipt of the authentication code.
    • Creation and validation within the bank’s environment: For biometrics, the creation of the templates needs to be performed in the bank’s environment. The software that collects data points from the device must also be provided by the bank.
    • Underivable authentication codes: The biometric data points collected from the device must be changed in such a way that every data point package can be considered a new “authentication code”, which is unique for every request and, at the same time, is capable of being verified by the bank in the matching process.
    • Non-disclosure: Biometric data points or raw data and matching templates must not be stored in the device or the bank to prevent reverse engineering of the raw biometric data.

    Customers and banks are keen to use biometrics

    Consumers are inclined toward using biometric solutions to protect their transactions because of their and speedy authentication process—and more and more banks are adopting biometric as part of their identity verification process to improve user experience. The future of biometrics in the online payment process is promising.

    Innovation in biometric technology

    New technologies are now enabling rapid innovation in two areas of biometrics: visual biometrics (face recognition, fingerprints, finger-vein, hand/finger geometry and iris/retina recognition) and behavioral biometrics (dynamic signature verification, keystroke dynamics and voice recognition). Alongside the emergence of these new modalities, other innovations are also in development:

    • Biometrics as a Service (BaaS), which is based on sharing data with a remote server holding a centralized biometric database and offering biometric-based authentication as a service over the internet.
    • Biometrics and the Internet of Things (IoT), which enhances security for the millions of new devices joining an IoT network by combining passwords with an additional layer to achieve two-factor authentication.

    As biometric solutions gain momentum and uptake, they face challenges associated with their implementation, such as the need to comply with the PSD2 RTS requirements, technology to ensure the solution’s functionality and security, and the need to develop an ecosystem in which biometric methods are used in a consistent and standardized way, across multiple markets benefitting from network effects.

    Though not without its obstacles, adopting biometric payments provides a future roadmap for a seamless, safe and frictionless payments experience. It will be interesting to see how biometrics develops in the coming years, adapting to customer expectations and overcoming the hurdles of implementation.

    The post How will biometrics balance payment security &038; convenience under PSD2? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:52 pm on April 9, 2018 Permalink | Reply
    Tags: , , , , , Convenience, , , , ,   

    Citi Wins Open Banking Award For Bringing Consumer Convenience To Corporate Treasury 

    has brought the of single sign-on to .
    Financial Technology

     
  • user 2:52 am on October 3, 2017 Permalink | Reply
    Tags: , , Convenience, , , ,   

    Capital One Brings The Convenience Of Voice To Corporate Treasury 

    finance execs are typically juggling several responsibilities, so One makes checking balances easy with interaction.
    Financial Technology

     
  • user 1:52 pm on May 17, 2017 Permalink | Reply
    Tags: , , Convenience, , , ,   

    Capital One Brings The Convenience Of Voice To Corporate Treasury 

    finance execs are typically juggling several responsibilities, so One makes checking balances easy with interaction.
    Tom Groenfeldt – Financial Technology

     
  • user 11:52 pm on April 7, 2017 Permalink | Reply
    Tags: , , , , , Convenience, , , , ,   

    Citi Wins Open Banking Award For Bringing Consumer Convenience To Corporate Treasury 

    has brought the of single sign-on to .
    Tom Groenfeldt – Financial Technology

     
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