The banking landscape is shifting and has done so for quite some time. We see how markets are adopting not only new technologies but also the providers behind: You do your banking with your retailer; you do your shopping in an OEM app; you pay with your “search engine”…aka Google Pay.
At G+D we see that this industry shift offers potential for identifying new differentiators in order to create value to your customers. Still, these opportunities also come with demands, from infrastructural, regulatory and technical perspectives, as well as from customers and their expectations.
For Fintechs this can be challenging, as innovations within banking and payments also are connected with changing the value chain. In order to succeed, it is important to understand the underlying payments landscape – not only the techy nitty gritty, security and legal aspects, but also for identifying future revenue streams and creating customer stickiness.
For instance, digital banking customers want stronger security online, with users expecting systems that safeguard their credentials; offering tailored solutions across all touchpoints to ensure the customer journey is not only convenient but secure, is therefore essential.
And the statistics speak for themselves: 71% of digital banking customers request more stringent verification methods, with 58% wanting greater fraud protection measures.
So far, financial institutions have been the main target for serious security attacks, with confirmed data loss of 24%, compared to healthcare organizations and the retail / accommodation sector both at 15%, and the public sector at 12%. Leaving Fintechs to ask: How secure is your payment app?
Indeed, mastering security is at the heart of all future business, with 66% of digital banking customers concerned about malicious software, 68% about identity theft, and 63% about banking fraud.
Several Fintechs across the world are making big progress when it comes to security. Also dipping into various parts of the open banking ecosystem. The next major milestone will require safe and secure access to product information from this ecosystem, which will enable consumers to easily compare financial services - and change providers with ease. This will create a far more competitive landscape and create a heightened need for innovation in order to provide the best value and service to customers. The best offer will win!
And due to these advancements in banking technology globally, what we are seeing now is a new age where the customer is king. At a minimum, customers are now expecting to:
The key to unlocking future success is managing and securing customer credentials throughout the whole customer journey, to authentication with channel-agnostic verification, and authorizing transactions in a safe and convenient way.
As a leading global provider of physical and digital authentication and payment solutions, we are well placed to support any Fintech business, whether it’s early stage inception, design and launch, or scaling, growth and customer retention. We have delivered projects and solutions for over 700 financial institutions worldwide, and this experience has led us to develop our approach to working with Fintech providers as partners – an approach that we feel will enable our partners to deliver results, fast.
We offer a complete range of solutions and services to support our Fintech partners in building innovative solutions for their customers.
With this said, the industry shift itself isn’t a value add. So just offering innovative services is not enough, they need to be seamless, secure and easy to use. And G+D is your partner to make it happen, and for your business to reap the benefits. Are you ready to scale up and offer next generation banking and payment solutions? Then get in touch!
Jennie Johansson Carnhamre
G+D has been at the forefront of advances in payment for over 160 years. From printing the first banknotes for the central bank of Germany to inventing the Euro-cheque card, the company has developed industry-leading technology that is trusted by over 700 financial institutions around the world. By partnering with experts that are embedded in the fast-moving technology space, Fintechs can concentrate on their core mission, safe in the knowledge that they won’t have to play catch up with technology behind it.
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