The COVID-19 pandemic resulted in countries implementing quarantine protocols to keep the infection rate down as much as possible. The protocols prompted many consumers to shift from in-person visits and transactions to digital ones. Online and mobile banking solutions have already been in use in the past, but the pandemic increased their usage as consumers stayed at home.
According to Visa, the number of contactless payments increased by 150% from March 2019 to March 2020, while FIS Global’s 2020 survey showed that 45% of Americans changed how they interacted with banks. Many financial technology companies then had many first-time digital payment users as more people started using remote and online platforms.
Because of the increasing shift in the consumers’ behavior, fintech companies must improve their services to ensure they have a customer-centric approach. Companies must consider the consumers’ demands for a convenient and secure onboarding experience while ensuring that they comply with health regulations during the pandemic. An excellent user experience and streamlined onboarding and login are essential as they are considered a primary deciding factor when choosing a bank.
If a bank cannot improve its online services and meet the demand for secure onboarding, its customers will likely look for a better service provider. One way to accomplish this is by investing in FIDO authentication solutions to achieve passwordless login. Financial technology companies must be able to verify that the people registering with them are legitimate.
Fintech companies can meet their clients’ demands by using identity verification solutions that leverage mobile biometrics and identity document authentication. Such solutions can help banks determine if a customer’s identity is valid. Using phones, tablets, and computers is possible to expedite a company’s digital processes and let consumers pick which channel they prefer to bank with while ensuring that they have a secure experience.
To know more about meeting the customers’ demands regarding remote onboarding, see this infographic by Ipsidy.
