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Our digital banking solution enables a leading bank to securely process over 3Mn unique transactions a day. Our BFSI solutions has helped many institutions decrease their time to market by up to 30% and increased efficiencies by over 22%.
We helped create flexible and secure human-centric solutions that increased engagement by over 40% for our clients. With our extended ecosystem of Fintech partners we create exponential value.
The ultimate prize for cybercriminals is to obtain access to other people’s money - so it’s no wonder that account takeover attacks are on the rise. In this article, originally published by Fraud Intelligence, Greg Hancell, Manager of Global Fraud Consulting at OneSpan, explains how banks can apply continuous monitoring and machine learning to defend against account takeover attacks.
COVID-19 remains an unresolved health challenge that has resulted in tragic loss of life. The economic contraction emerging in its wake will likely be the deepest since World War II and the road to recovery will be long and challenging. Over the past few months, banking leaders have displayed resolve and resilience, moving swiftly to protect the health of employees and customers, ensure the continuity of basic banking services, and build up capital, liquidity, and cost buffers to strengthen their institutions. In the coming months, banks will start to return to something resembling normal service, reopening offices and branches. But so much has changed over the past few weeks: customers’ financial needs, the way they engage, how employees work, and even society’s expectations of banks.
When I opened my first bank account over 2 decades back, I had to be introduced into the bank by a good Samaritan. It took me over 10 days to get the procedural work done and have the passbook and cheque book posted to me. My experience with a leading UK bank when I first opened a bank account in UK 5 years back was not much different. While they had digitised the process of capturing KYC via a tablet in the branch I still had to wait for over 2 weeks to have my debit card sent by Royal Mail to me.
The environment for transaction banking in Europe is extremely challenging, with continued margin pressure and low interest rates making revenue growth difficult. Drawing on recent market research and conversations with transaction banking executives, McKinsey sees four key developments with the potential for system-level impact for the business: advanced analytics and machine learning (AAML); distributed ledger (eg, blockchain) technology; FinTech challengers; and the Payments Services Directive 2 (PSD2).