Non-technology driver to fuel online banking growth
The total value of the global online banking market is expected to grow more than fourfold to nearly $30 billion by 2023, according to a new report by Allied Market Research. Besides growth in the use of smart phones, mobile banking and e-commerce, another key driver – largely unrelated to technology – is also scheduled to play a pivotal role in this huge expansion. Read more about it here.
Automated biometrics: visiting a branch is silly?
In-person identity verification in a branch or veryfing customer identity through videconferencing still pose the threat of human errors, which could offer opportunities for fraudsters. The solution can be implementing automatic biometric face recognition within videoconferencing and using a “face matching score” as a risk indicator during a videconference, writes Romana Sachová, a technical fraud prevention manager at CaixaBank.
Why retail banks should watch their tone
“Don’t look or sound like a traditional bank” – suggests a new list of handy tips to banks trying to better align with younger, tech-savvy customers looking for financial guidance. It says sharing specific, auctionable advice and showing empathy with clients based on their stage of life also helps build long-term relationships. For other new ways banks can rebuild and rebrand, read the full list.
Banks redraw growth map for investors
The odds of success for investments in banking no longer look stronger in places where banking penetration is low and portfolio strategists need to look beyond economic development when eyeing new investments. Penetration in China, for example, has reached the same levels as in the US and some Eastern European nations are more “banked” than Western Europe. So what other factors should be taken into account when discussing future growth markets? Find out in McKinsey’s post.
