If only.
On top of that, everyone is justifiably alarmed by the increase in digital identity thefts and data breaches across multiple industries. These events directly expose sensitive personal consumer information to hackers.
It’s a problem as old as the internet
Digital identity has been an annoyance since the dawn of the internet. Even after more than 30 years, we still can’t prove we are who we say we are with digital credentials the same way we can with a physical ID like a driver’s license.
In the physical world, members can use a government-issued ID for all transactions that require photo identification. However, there is nothing like a driver’s license or passport that members can use for transactions online. Proving one’s identity online has primarily been restricted to biometric methods, such as passwords and challenge questions, which are both susceptible to fraud.
Dubai: Is it possible now to open a bank account in just four minutes flat? And that, too, without leaving your home? Quick answer: Yes. This greatly simplified process will be the “new normal”.
Picture this in your mind: a bank you never have to visit, queues you never have to wait in, and paperwork that’s no longer necessary. The world has changed, and people know it. This trend is accelerating.
Given the speed and convenience of social media, people now expect that same experience with their banks to transact in ways akin to a WhatsApp chat.
“The movement to, and now emphasis on, digital banking was already happening prior to the pandemic,” said Abdul Rahman Jaroudi, a UAE banker, told Gulf News.
Banking technology 2021: What's hot and what's not cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.
Top brand experts identify 5 critical issues facing bank marketers
Tech-enabled niche competitors are putting pressure on traditional financial institutions to adapt their products, messaging and culture to a very different mix of consumer views and expectations and do it without abandoning core ethical and trust values. Customer loyalty is at stake, but in the view of these experts, the opportunities are as big as the risks.
Brand is one of the most misunderstood concepts in business, but also the single most important thing to grasp. And yet, even now, many in banking miss the full significance of brand.
There’s a tendency to lean toward messaging, logo and taglines when talking about brand, or to focus on products, advertising or pricing.
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Dave Birch appointed fintech ambassador for Jersey 04 February 2021
Source: Digital Jersey The internationally renowned thought leader in Fintech, Dave Birch, has been appointed Fintech Ambassador for Jersey, which validates the strength of Jersey’s offering in this area, and will help ensure Jersey’s success as an internationally recognised Fintech hub. Dave Birch is a successful author, advisor and and commentator. Ranked as one of the top 100 Fintech influencers for 2021, one of the top ten most influential voices in banking by Financial Brand, previously named one of the global top 15 favourite sources of business information by Wired magazine and as well as a frequent Forbes contributor. He is a long time supporter of Digital Jersey and has spoken at several events and conferenc