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When customer priorities change, Financial Institutions need to alter their own priorities too. They need to become less risk averse by capitalising on multiple digital forces available today. Security & fraud management continue to remain moving targets. Thanks to technological possibilities today, these aspects are advancing at a rapid pace; for every new way of authentication, there are ‘n’ ways of countering it. The Financial Services industry continues to administer newer and superior modes of authentication for guarding against that ‘one’ crook out of a few thousands of honest customers. The irony is that the genuine honest customer continues to face the agony of multiple factored/ layered authentication even for a transaction that can be potentially declared as ‘low / no risk”. By altering the sequence of the multi-factor authentication package mentioned below and judiciously using both natural and artificial intelligence, Financial Institutions can definitely bring in significant customer experience enrichment. The 3 factors that matter: (1) what can be made extremely incidental to the transaction in the form “What I am” factor (e.g. bio metrics like face, voice recognition, etc) (2) what makes most people compromise in the form of “What I know” factor (e.g. Passwords, PIN, answers to pre-agreed questions etc) and (3) what irritates the customer most and almost makes him / her even form a poor opinion about the institution itself is in the form of “what I have” factor (e.g. multiple OTPs, challenge & response questions etc) With both the intelligence available (natural & artificial) today, financial institutions today need to constantly review / introspect the processes and always endeavour to maintain a prudent delicate balance across risk, customer experience, security and customer confidentiality & privacy. When a transaction becomes more and more incidental and even invisible, the overall customer experience enrichment is bound to reach newer heights of glory. We are definitely at the threshold of the ‘wow’ factor in customer experience becoming a ‘business-as usual’ reflection!
Written By
Prof (RKrish) Krishnan
