Adopt dynamic authentication of customers for each interaction they perform, and do it as seamless and frictionless as possible: use the mobile devices we all carry. Too much is at stake to rely on shared secrets’ as safeguards.
Financial institutions constantly make trade-offs between simplifying their customers’ experience, improving cyber-security and complying with ever-changing regulations. Letting any one of the above slip could accelerate an organisation’s’ extinction. Today organisations no longer have to choose between customer experience, cyber-security or regulatory compliance.
As the clock ticks towards the start of a regulatory shakeup for the EU financial services industry, these institutions have a chance to put this right and get their customers back. Customers that have been driven away in droves by a barrage of bulky security guard technologies foisted at long-time customers in the name of improving security and fighting cyber-crime. They never stood a chance when it came to getting the attention of millennials.
Complete the article on SC Magazine and discover the 5 waypoints to killing passwords . . .
