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Creating a Friction Free Banking Experience

Entrust® IdentityGuard 11.0 is unlocking the power of mobile business transformation with trusted identities. This blog series will explore how trusted identities are transforming the customer experience and revolutionizing the way financial, enterprise and government ecosystems secure their business. Do financial institutions really know their customers? Traditionally, banks focused their attention on developing the end product; high-return deposit accounts or low-rate loans. Times have changed and so have the customer’s needs. The modern banking customer is looking for simplicity, convenience and empowerment of their banking experience. A 2015 survey of millennial financial consumers found that two out of three feel that bank's digital services are somewhat or not at all seamless. Unfortunately, banks are not rising to that new challenge. Focusing on optimizing the customer experience  as they move between the mobile, online and in-branch worlds is key for developing a friction-less banking experience for the customer of the digital age. Here are few steps financial institutions can take to meet the needs of the modern banking customer. Make the Move to Mobile Smartphone are your customer’s best friend. Securely placing most of their bank activities are their fingertips changes the tide towards a friction-less banking experience. Embedding a trusted identity within this already popular device puts an identity authentication solution conveniently at consumers' fingertips, eliminating the need to tote additional credentials or tokens along with them. Simplify the Process to Access Online Banking Traditionally, accessing online banking is a tedious process. Remembering complex usernames and passwords to access web banking is an avoidable hassle. Implementing a push notification feature eliminates that hassle. The customer can securely authenticate their identity by simply confirming with a click - no password required. Peace of Mind for Online Transactions The modern bank customer is constantly paying bills and making purchases online. Protecting them against fraudulent transactions and immediately notifying them when such occurs puts customers at ease. With a mobile security solution, a push notification can be sent directly to the secure mobile device, enabling the customer to verify the transaction details. Customers receive instant confirmation if a transaction is successful - and can immediately flag fraudulent transactions. It also enables customers to customize guidelines as to which type of transactions they want to receive direct, real-time notifications for - from transactions over a specific dollar amount, to transactions from specific vendors (eBay, Amazon, etc.) or even transactions originating from a foreign location. Banks must rethink how they interact to meet the needs of the modern customer. Entrust Datacard can help financial institutions revolutionize their business to make a friction free experience for customers, keeping them happy and secure. Read our full eGuide, Transforming the Banking Experience with Trusted Identities, to learn what other steps banks can take to move forward in the digital age. Then watch our video that explores the enhanced features Entrust® IdentityGuard offers. r11

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