Omnichannel: The new consumer security tool

The future of banking looks bright evolving rapidly alongside the shift in customer expectations. Banks that do not adapt to themselves to the changing sector risks falling behind and finding the right balance between great customer experience and security is now a new challenge. Firstly, the generation that born between 1995 to 2002 are now in the working populace and they are looking at a future that is socially, globally and technologically connected. Secondly, they expect the data that is shared by them on these platforms remain secured.

Tech giants Google, Twitter, Amazon and Facebook have elevated machine learning and algorithms to such a degree that they can now tailor experiences and services to the needs and preferences of everyone. Millennials have grown accustomed to personalized experiences and frictionless exchanges; they are the digital natives.

The current pandemic situation has made the Millennials choose contactless payment methods over cash and coins. But with increased online transactions comes increased threat to one’s financial security. For banks, providing a delightful customer experience hinges on providing that choice. If customers want to begin a transaction online and finish it on the app or speak to the call center about opening a new account and complete the process in the branch, they should be able to—and without having to repeat information or start the process again.

As we all know, communication is key in any relationship, so how can banks open up trusted dialogues with their customers that allow each party to trust that the other is who they say they are? Apps provide a familiar and secure platform from which financial institutions can engage in two-way communication through digitally signed, end-to-end-encrypted direct messages. Formulated into yes or no questions, customers can confirm the legitimacy of any interaction with a single touch. No passwords. No challenge questions. No hardware tokens. It’s that simple.

This low level of “friendly friction” is something research shows consumers appreciate. They feel empowered because they can see the security in action when it really matters. Providing multiple, familiar-looking channels, where the step-up authentication process is the same and expected, creates a trusted environment in which banks and their customers can develop more meaningful interactions. All parties feel more secure, which is, after all, what everyone wants.