Mobile solutions are at the forefront of the needs of digital-first consumers, who have become increasingly demanding with the pandemic. As a result, there has been a real explosion in the number of companies specializing in fintech, which provide solutions for banking activities on a daily basis and must consequently constantly improve their customer experience.
Global company Infobip highlights the business and security challenges facing fintech companies to deliver the best possible customer experience. The speed and volume of transactions are the main indicators of the success of these companies which, while under strict regulation, must continually implement authentication procedures to increase conversion rates and reduce their expenses. For fintech companies, the challenge is to ensure high levels of security without weakening the customer experience.
According to a Business Insider report, 63% of European consumers abandoned the onboarding process on digital banking apps in 2020. A figure up 25% on 2019, which highlights the fact that consumers have increasingly turned to digital solutions, but also that banking technology has not always met their expectations. With Silent Mobile Verification, for example, companies can guarantee users a seamless login experience. Instead of an email or text message containing a 5-digit code, this technology verifies users in less than 5 seconds, requiring no further action. Reducing the number of steps decreases the time available for app users to abandon onboarding, and consequently increases retention.
Fintech: Infobip’s suggestions to improve the customer experience
Infobip Sales Director Italy Vittorio D’Alessio summarized the concept as follows:
Implementing the right digital-first technology is the only way for fintech companies to overcome these challenges. Offering customer-friendly authentication thanks to Silent Mobile Verification makes it possible to simplify access procedures, while maintaining relatively low costs and high levels of protection against possible fraud. Fintechs entered the market by promising customers to be able to perform regular banking transactions quickly and easily right from the palm of their hand, without having to go to a branch or call a contact center. However, the more layers of security you add to the customer journey, the more you risk compromising the customer experience. Customers prefer not to have to log out of the app to check the confirmation code sent via SMS and then have to log in again to type it in.
Silent Mobile Verification collaborates with SIM Swap checks, checking transactions on a new account, transaction amounts and detection of new devices. In the event that the presence of a different SIM is detected, the transaction will be rejected. When a user logs into their account, Silent Mobile Verification cross-checks the information with the mobile network operator (MNO). If the MNO confirms this is correct, the user can log into their account. The entire process takes less than five seconds to complete and no other verification method is required