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Current state of cyberthreats

In the era of the customer, it’s more important than ever to not impact the online customer experience. Financial institutions are on a continual quest to improve online customer experience and to increase customer engagement, customer retention and, ultimately, profitability. Providing exceptional service to the highly valued online banking segment is critical.

Growth of Online and Mobile Banking

Online banking has continued its rapid growth. According to Pew Research Center, 51 percent of U.S. adults, or 61 percent of Internet users, use online banking channels. Additionally, 64 percent of American adults own a smartphone, a stark increase from early 2011, when it was just 35 percent, according to a separate poll from Pew. And of those mobile phone users, 57 percent used online banking on their device. With the growth of online banking and the rise of mobile usage, it’s important to ensure a superior customer experience across all digital channels.

Unfortunately, legacy fraud controls used by many financial institutions degrade the online customer experience. Banks struggle with balancing requirements for fraud mitigation and compliance with improving customers’ online experience and the bank’s profitability.

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Source: Security Intelligence

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