Jumio has released a new e-book that is intended to help traditional banks keep pace with the latest technological innovations. The company warns that banks that fail to adapt will lose business and eventually succumb to Challenger Banks that offer more modern services.
On that front, Jumio noted that COVID-19 has created much more urgency, insofar as banks have been forced to offer remote services to accommodate pandemic lockdowns. Jumio frames that as an opportunity, arguing that traditional banks can take advantage of that window to retain their existing customers while attracting new ones.
The company is hoping that the new e-book will allow banks to rise to that challenge. Dubbed Banking on Innovation: 6 Ways to Fight Off Challenger Banks and Future-Proof Your Business, the book details six strategies that banks can use to stay ahead of the competition.
Those guidelines place a particular emphasis on security, noting that banks will need to find a way to prevent fraud without adding to much friction to the customer experience. Jumio also advises banks to watch the tech giants for technological bellwethers, to glean insights from third-party services, and to make sure they are compliant with industry regulations. To that end, banks need to be able to figure out when something needs to be developed in-house, and when it can be purchased from another provider.
The new e-book arrives in the wake of Jumio’s identity predictions for 2021, which highlighted the threat of bias and credential stuffing attacks. The company has previously suggested that identity verification has taken on greater importance during the pandemic, and that businesses will need to build trust with their customers to survive in the digital economy.
For its part, Jumio reported that new account fraud was down for its clients during the busy holiday season. The company has also launched a new Video Verification solution geared toward the financial industry.
January 6, 2021 – by Eric Weiss