Securing Digital Banking- Strategies for Ensuring Positive Customer Experience

Did you know that digital banking became the norm amid the pandemic and is here to stay? Well, the switch is normal, considering customers love the sheer convenience of processing transactions with a few clicks. 

According to a report by Statista, the surge will continue, with the number of digital banking users worldwide projected to reach a whopping 3.6 billion by 2024. That's a massive number, right? But it's definitely a concern for banks and financial companies. After all, loads of customer information and money are at stake.

More people using online banking magnifies the risk of cyber-attacks. Banks need to get serious about stepping up their game by securing digital banking.  Well, it's one of the keys to ensuring a positive customer experience. Let's explore some strategies to help banks achieve this goal. Here we go!

Get a Head Start with Two-Factor Authentication

Two-factor authentication is an ideal start when it comes to delivering secure banking experiences to your clients. Simply get two forms of identification from users before letting them access their accounts! It's a great way to add an extra layer of security to your systems. 

For example, when users log into their online banking accounts, ask them to enter their password and provide a code sent to their phone via SMS. There's hardly a way cybercriminals can break in and access user account through the double-check scenario. That sounds good, right?

Implement Biometric Authentication

Biometric Authentication

This one's another form of reliable protection for your customers. In fact, it is even better because no one can replicate biometrics. All you need is the right tech to verify a user's identity. The system uses unique physical characteristics, such as fingerprints or facial recognition. 

Biometric authentication is common as many smartphones now come with the feature built-in. That's great as it gives customers a quick and easy way to access their accounts. And they can still keep their information secure. That makes your CX hack-proof!

Prioritize Fraud Detection with KYC

Fraud detection should be next on your security checklist. You'll definitely want to know your client to secure digital banking, right? So what is kyc verification and how can it help with fraud detection? Banks can use the process to verify customer identity and monitor financial behavior.  It's a way to check whether the user is a real customer and not an impersonator. 

You can combine kyc checks with machine learning algorithms to analyze customers' transactions and pinpoint any suspicious activity. Be ready to respond to potential threats. What a way to keep your customers' money safe!

Use Encrypted Communication

Customer communication

Great banking services and customer experiences depend on good communication. But did you know that it also translates into security? You can ensure the security of customers' information by using encrypted communication. 

Encryption is about converting information into code so that no one can read it unless they have the key to decrypt it. By using encrypted communication, you can protect customers' information as it travels between their devices and the bank's servers. Encryption is essential because people use public Wi-Fi networks to access their accounts. 

Ensure Regular Security Updates

Security updates

You cannot overlook the significance of security updates when it comes to digital banking, right? It's your responsibility toward your customers! Ensuring regular updates for your safety measures is the key to protecting customers' information. It includes updating software, patching vulnerabilities, and testing your systems for weaknesses. 

By implementing these measures, you can stay ahead of potential threats and keep your customer's information secure. That's a small price for achieving top-notch CX and protecting your reputation. 

Provide Customer Education

Don't assume that all your customers are tech-savvy because all of them aren't. Can you imagine users exposing their information to hackers and criminals unknowingly? Well, educating them can make a difference. 

You can provide tips on creating strong passwords, ditching phishing scams, and keeping their devices up to date. By educating your customers, you can empower them to do their bit to secure their accounts. It surely makes you a reliable banking partner!

Win with Customer Support

Do you know the significance of providing excellent customer support? It goes beyond ensuring a positive experience. You can also help them to stay safe from hackers and cybercriminals. Offer multiple channels for them to reach out for help, such as phone, email, and chat. 

Also, be there to give quick and effective solutions to the issues that customers may encounter. Great customer support translates into trust and creates a positive experience that keeps them coming back.

Wrapping Up

Digital banking is awesome, but it entails risks for banks and customers. With great convenience comes great responsibility - and that's the reason banks need to take serious steps to safeguard customers' information safe. You can rely on these measures to cover all fronts! Additionally, it is also a good idea to hire a professional who has completed a cyber security course to ensure that you and your customers' data are safeguarded from online threats and attacks.

About the Author


Sahreen Qayoom, Author