AUGUST 20179Consumers have grown accustomed to the speedy, "one-click" pace of social media and retail apps, and they now expect it from their mobile banking appsAs retail banks compete for business in today's fast-moving market, much of the focus has shifted to mobile banking channels and for good reason. It's an increasingly preferred banking option--especially among the rising, "on-demand" Millennial generation--that offers real-time account visibility and access to financial services. Yet, in terms of offering a premium customer experience that helps drive increased revenue through mobile channels, there remains plenty of room to grow.The challenge for banks is relatively simple. Consumers have grown accustomed to the speedy, "one-click" pace of social media and retail apps, and they now expect it from their mobile banking apps. However, before they engage via mobile channels, they also want to know their personal and financial information is secure and protected. But, strengthening security and requirements for things like Anti-Money Laundering and Know Your Customer can quickly add more questions to the transaction process. This can increase customer friction and degrade the customer experience instead of streamlining it. You know what might happen next--frustrated customers who abandon transactions. So, how can banks resolve this conflict in order to offer consumers a better mobile experience that helps drive increased revenue through mobile channels? Here, I'll answer that question by sharing key mobile banking trends we're seeing at Equifax that retail banks can use to help create a more engaging customer experience that helps minimize friction, while throughout the discussion offering a peek at the latest technology innovations to consider in 2017. Better Understand Consumers We're seeing immense effort dedicated toward better understanding the person behind the device. Is the customer who they who they say they are? Does their physical location make sense? What about the device they're using, does it belong to them? Has that device been associated with prior fraudulent activity? Somehow banks must answer these questions and others in order to fully address evolving security, fraud and risk management issues without adding friction that slows down the mobile transaction. In response, we're seeing banks push harder to fully address risk and fraud while also asking the fewest number of questions possible. As long as the customer presents a few key personal identifiers, for example name, date of birth and Social Security number, you can often dramatically reduce the number of required questions from multiple screens down to a few fields. In fact, today's mobile technology tools can automatically prefill many remaining fields by augmenting that baseline of personal data with information gathered across a wealth of traditional, alternative and third-party data sources ranging from credit data to account payment data for everyday bills like cell phones and cable. This helps empower banks to create a more comprehensive view of the consumer while also helping minimize friction and improving the customer experience. What's more, other critical questions around device authentication such as ownership of the device and its "reputation" for fraud, can also be seamlessly addressed in seconds using today's advanced mobile technologies through opt-in consumer consent. Generally, device ownership can often be authenticated using third-party carrier account payment data that's integrated into the account opening process. The beauty is that the data sourcing, retrieval How Technology Can Help You Offer a More Frictionless Customer ExperienceBy Isio Nelson, SVP-Emerging & Differentiated Services, Equifax CXO INSIGHTSIsio Nelson
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