Absolute peace of mind and convenience for banking customers
KPMG estimate the number of mobile banking users will double to 1.8 billion by 20191 (‘Mobile Banking 2015’), with South East Asia being a main driver for this growth.
An almost perfect storm of mobile security threats exists now, brought on by:
- cybercriminals tracking (and possibly countering) evolving cybersecurity developments
- rising consumer demand for safe and secure mobile banking and transaction signing
- the fundamental lack of security in mobile devices
In addition, banks are fighting to secure organic and inorganic growth in both existing and new markets, whilst grappling with the rising costs of managing expensive physical and legacy technology infrastructure.
Against this backdrop, banks are increasingly moving towards a digital-first strategy. At its heart is the imperative to assure customers of their bank’s continued ability to secure every transaction. Fully digital omni-channel banking also has the added benefit of an enhanced customer experience and seamless security.
In executing their digital strategy, Heads of Digital Banking and Retail Banking must ensure that digital identity, mobile authentication and authorization standards are constantly raised. They must continually provide the highest levels of security to their end users, while maximizing user experience and minimizing cost.
However, this vision requires an evolution from the existing hardware-based security paradigm which is clunky and costly in equal measure.