2023 Financial Security Challenges: Deploying Digital Tools While Staying Secure.
In years past, banking customers haven’t thought much about anti-fraud processes and procedures from their banks. It was more or less assumed that their money was being protected. However, that has changed in recent years, especially with the move towards cryptocurrencies and in a world almost entirely centered around electronic banking. With banking customers becoming more tech-savvy, security is becoming a bigger issue by the day. How does that impact the digital services financial institutions can offer?
Security Challenges in 2023 Could Continue into 2024
According to a recent study, nearly half of all customers are concerned about the safeguards their financial institution takes to protect their money. And for customers at larger banks, this is justified, with 62% of larger banks reporting increases in financial crime compared to the year before.
How does security affect digital banking features?
The challenge of any digital banking solution is data security. The days of documents being stored physically, behind lock and key, are long gone. Another report finds that over 30% of banking customers have recently dealt with data breaches at their financial institutions. Digital banking is so pervasive, though, that the use of these features isn’t going away soon and despite security concerns, customers don’t want them to go away. However, the scourge on data puts the onus on financial institutions to offer digital banking features that are as secure as traditional banking.
A better way forward
The solution is simple and difficult, all at the same time. Financial institutions need to deploy digital banking solutions that are convenient and easy for customers, without compromising their data. One present solution comes by combining the best elements of traditional and digital banking in the form of digital, live interaction.
According to Great River Federal Credit Union Chief Technology Officer Derek Rudolph, deploying Invo digital banking tools has been a fraud deterrent. Highly secure document capture and electronic signature technology contributed to this, but the live agent interactions meshed into Great River’s digital banking features helped stop fraud attempts before they began.
Learn more about how Invo provides digital banking tools that are both secure and convenient, but that also helped Great River’s lobby wait times drop by over 130%.