By Brad Grimes
The finance and banking industry was one of the first to adopt digital display technology, when digital stock tickers began replacing mechanical devices in the 1960s. Today, bank branches are finding that audiovisual (AV) technologies provide benefits far beyond displaying information and can directly benefit customer engagement and loyalty.
Complex and sophisticated fraud types remain at elevated levels, despite widespread adoption of anti-fraud measures. The recent shift to EMV cards is helping to contain existing card fraud, which showed the steepest decline of any fraud type in 2018. Yet, while existing card fraud losses dropped from $8.1 billion in 2017 to $6.4 billion and the incidence fell from 5.47 percent to 4.40 percent, high-impact fraud types like account takeover and new-account remain alarmingly common, found Javelin Strategy & Research’s 2019 Identity Fraud Study — statistics the firm maintains demonstrate that fraudsters continue to find and compromise new targets.
OneSpan, a global providers of identification authentication software, e-signatures and secure transactions, recently released its The Future of Adaptive Authentication in the Financial Industry report. Based on a broad survey of financial institutions, the report reveals the sector’s challenges in authentication practices and strategies, and highlights the growing tension between improving security, reducing fraud and enhancing the digital customer experience.
Can regional banks compete … and win?
By Ashwin Gurnani
Eastern Front: Rising Rate Environment
In December 2018, besides raising the federal funds target rate, the Federal Reserve’s Federal Open Market Committee modified its guidance on rate increases in 2019, reducing the guidance from three to four rate increases down to two. The minutes of the meeting also included language on how the committee would be patient with future rate increases.
By Laura Crozier
Since the 2008 financial crisis, banks have spent a lot of time and energy on regulatory compliance and cost cutting. Until just recently, as a result of growing regulatory demands, investment in new technology took a back seat, as did innovation.