Data Security Key to Consumer Trust
Digital banking tools increasingly rely on advanced security techniques to earn consumers’ trust, a PYMNTS’ research report recently revealed. Biometrics and password-less logins lead the list of consumer preferences.
DCA Insight:
The pandemic has spurred reliance on digital making tools. Fewer customers are using branches, and more count on mobile apps. Most consumers now connect with their accounts digitally. Consumers increasingly are looking for and value information about how their transaction are secured, as this research confirms.
Open Questions for Leaders:
- How can digital-only FI’s raise awareness of digital security and thus, have consumer trust in digital banking?
- What are some ways that AI Fraud Detection can improve in the mobile wallet space?
- What are some aspects of banking that currently require a branch or in-person experience, and should / can those go digital-only?
Related DCA Resource:
Commerce Code Episode 114: Considering the Future of Financial Data: In this episode of Commerce Code, Dan Currell, CEO Digital Commerce Alliance, reflects on key points from DCA’s Financial Data Forum where industry executives discussed best practices in financial data and the future of data security.