There has been a cultural shift in the world due to the advent of tech giants like Amazon, Twitter, Google, and Facebook. These companies are well-known for their personalized engagement. Our society has been conditioned to expect the same level of interaction everywhere, including financial institutions. The fact is that fast, frictionless exchanges through digital means are increasingly becoming the norm.
Ever since the coronavirus broke out, even those previously resistant to change are switching to digital alternatives. Social distancing measures are still in place, meaning that individuals cannot walk into retail outlets and partake in in-store shopping. As more and more people switch to card-not-resent (CNP) transactions, cybercriminals use sophisticated means to hijack peer-to-peer payments and create bogus accounts. It is due to this reason that many people remain distrustful of the digital sphere. This is where omnichannel banking communications come into place.
Omnichannel Does Not Equate to Omnichannel Fraud
As the years have gone by, banks are slowly evolving and offering paperless banking solutions. Individuals tend to overlook communication from their respective banks. Many neglect the need to verify the authenticity of a text or email and end up suffering at the hands of cybercriminals. To ensure frictionless communication and build synergy, banks need to establish consistent, familiar branding.
Brand awareness is needed for customers to recognize when they receive an email from the bank instantly. Then, the focus should be on ensuring strong authentication and its implementation throughout the communication cycle. For example, if customers want to update their details or change their password, banks need to impose robust methods like token authentication, biometric, or two-factor authentication. The methods used have to be fine-tuned based on the nature of the request.
The progression of sensitive actions has to be limited by banks during the authentication process. This is where banking applications will prove useful. Financial institutions can utilize sensor data for substantiating customer claims. For instance, if the customer is in Europe and wants to process a huge transaction in the United States, the bank would need to intensify authentication to ensure that the request is genuine. Thus, a more personal experience would be offered.
In addition to the above, apps can help facilitate trusted dialogue between customers and the financial institution. This will play a role in building trust. Banks can send notifications to ensure customers are updated about everything. It could be something as simple as letting customers know if there is an option to upgrade their bank account or alerting them of suspicious activity. Customers should have a chance to take the desired action with just a touch on their smartphone. It will ensure an effortless communication process. Besides, the security aspect would be integrated into the app to prevent unauthorized access.
Omnichannel banking communications are the future. They will help transfer the friction onto cybercriminals. This means that there will be less cybercrime, and customers will feel more secure.