By Robert A. Irwin, On Deck Capital Inc. and Kurt L. Kicklighter, McKenna Long & Aldridge | March 08, 2013
Regulations are murky in defining how banks should verify customer identity when a new customer opens an account or credit line through digital channels, but best practices are emerging to help banks with customer identity verification in those instances.
Bank IT spending is expected to grow modestly this year so banks will have to be thoughtful about investing in technologies that provide a better customer experience and reduce costs and inefficiencies.
Financial institutions have reached a tipping point in which they need to leverage technological advances, while maintaining focus on the individual customer, to ultimately move to the top of the consumer’s wallet.
Mobile payments adoption can gain a significant boost if customers are sure that it is secure, but increased adoption will also create new opportunities for fraudsters, which banks - and customers - must be prepared for.