What can financial institutions do to make their account opening solutions “easier to use”?
They need to know the secret. The same secret that fintechs have used to power their own success in winning the hearts, minds and wallets of SMBs and other organizations who are just looking for a little help managing the financial aspects of their business.
Despite being well into the 21st century, many small business account openings still occur in the branch.
Now that digital account opening is taking hold with consumers, financial institutions are trying to offer a fast and convenient experience, but that starts with understanding the regulations that first need to be taken into consideration.
Monitoring user behavior is the most important first step you can take to protect your organization against insider fraud losses.
Monitoring activity alone however isn’t enough. To more accurately identify fraud attempts it’s important to have context – and that’s where analytics come in.
Malware is hardly a new threat in the security landscape. Banking Trojans that specialize in stealing user credentials, hijacking authenticated sessions and manipulating transactions in order to steal funds have been around since the inception of online banking. The threat that malware poses to banks, however, is more serious than ever.
The time has come for banks to break through the barriers and implement a powerful online account opening solution that drives customer growth, cuts acquisition costs, cross-sells products and services and increases revenue. It all starts with overcoming the most common myths about online account opening that have been holding banks back.