Digital banking must stop transforming, and start performing

ICAR participates in CLAB Peru 2016, the 16th Latin American Congress of Technological Innovation

For some time, digital banking has been immersed in digital transformation, or has attempted to be. But data from the recent CLAB held in Peru this September, which focused on innovation technology and digital security in the financial sector, shows that the time for transformation has passed. Now is the time to perform and react proactively to technological changes.

According to the various experts participating in this congress, the cell phone is the place to see these changes. Use of mobile devices for financial transactions is ever more frequent, especially among millennials. This segment will make up 70% of the workforce by 2025, which explains the banking industry’s interest in adapting to satisfy the requirements of this sector of the population.

The keys to reaching this segment are immediacy (i.e., the possibility of completing any operation instantly and from any location, with a quick response); better user experience on digital channels, especially mobile; and personalization of communication and product and service offerings.

This year security was also emphasized, given that as mobile device usage increases, mobile fraud also increases. It increased 170% since last year, representing 62% of total online fraud.

However, there is also good news. Security-related technology advances fast, with biometric facial recognition as a key component. We must keep in mind that 95% of cyberattacks are caused by identity theft.

As a leader in fully automatic solutions for online identity verification, ICAR insists on the need to implement security systems that not only respond to the increase in mobile fraud, but that also serve to improve user experience with functions that are better automated, faster, and more reliable.