Security Challenges and Opportunities in Retail Banking

Retail banking includes traditional players such as brick-and-mortar banks that operate at community, national, or even international levels. It also includes many new players, such as challenger banks that only operate online, financial technology companies (FinTechs), and nonfinancial companies seeking to disrupt the status quo and compete for market share, such as Amazon, Apple, and Facebook. Unlike traditional banks, these new players are often digital natives that bring some strategic “big-tech” advantages to serving customers in an increasingly online world.

Prior to 2020, the financial services industry had already seen drastic technologyled changes over the past few years. Thanks to their experiences in other industries adopting digital innovation, customers now expect better digital service options, seamless experiences regardless of channel, and more value for their money. The global COVID-19 pandemic has sharply accelerated these trends, as more people choose digital-only transactions not only out of convenience but also safety. Mobile banking use has surged by 50% over the first half of 2020.1 Over half (57%) of consumers now say they prefer internet banking (up from 49% pre-COVID-19), and 55% now prefer banking mobile apps (compared with 47% previously).

Download this whitepaper now to find out more.