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To meet the growing demand for the functionality of open banking, financial institutions are having to balance security with customer experience. Simon Armstrong, VP of products at Entersekt, says a consistent authentication experience will create consumer trust and drive the adoption of open banking.
In this episode, Mzukisi Rusi, VP Customer Success at Entersek, speaks on The Evolving Concept of “Trust” in Banking and Payments.
When accessing their digital financial accounts, customers want to have a choice of channels and devices to use. They also want to have a great user experience (UX), whether via a desktop website, app or mobile browser. “That flexibility is really important, allowing choice for the consumers, what works for them — and it may be different on any given day,” Lindsay Dutton, Chief of Staff at Entersekt, told PYMNTS.
Having watched FinTechs successfully launch BNPL products and services, i2C’s Ava Kelly said that banks are getting ready to enter the BNPL space in a big way. They may not be first, she said, but they will leverage key strategic advantages, like scale, deep pockets, trust and data analytics.
Andries Maritz, product manager at Entersekt, told PYMNTS in a recent podcast that traditional authentication methods must give way to risk-based authentication that learns legitimate consumer behaviors as eCommerce continues to gain ground.
With no end to the pandemic insight, companies are seeking new ways to inspire employees. Richard Bailey, executive VP of engineering at Entersekt, says it’s important to lead with empathy and create substitutes for watercooler conversations for remote workforces.
The competitive landscape is heating up for credit unions, but Tiffany Doty, senior VP of client relationships at CO-OP Financial Services, tells PYMNTS that leveraging members’ trust and data analytics are key to crafting competitive digital road maps that will serve members through the pandemic and beyond.
Streamlining and simplifying the checkout experience online and off is an industrywide obsession. From its unique vantage, PayPal has the data and the scale to know which levers and dials to adjust to ensure more completed purchases, as Senior VP and General Manager of Venmo and Head of Checkout at PayPal Darrell Esch discussed with PYMNTS’ Karen Webster.
The real world needs policing, and so will the metaverse as it starts to take shape. The opportunity for money laundering and cybertheft will be as limitless as the virtual worlds within it. And as the metaverse takes shape, protecting customers and businesses will require rigorous security and enforcement protocols, Trulioo Chief Technology Officer Hal Lonas told PYMNTS’ Karen Webster.
In October 2022 the payments industry sunsets the 3D Secure (3DS) protocol from the early 2000s, bidding farewell to passwords forever and ushering in a new authentication flow tailor-made for transacting in the connected economy, as Entersekt Product Manager, Payments Jonathan Van der Merwe explained in a recent conversation with PYMNTS.
