With the number of data records breached in 2019 surpassing four billion, fraud prevention and regulatory compliance are, inevitably, top priorities for financial institutions (FIs).
A recent report from Javelin, for example, found that FIs are significantly more focused on investing in digital fraud mitigation than companies in other industries. According to the report, 52% of consumer banks plan on implementing additional security solutions to keep customers’ accounts secure, and 46% want to invest in better identity verification measures.
But with attention – and budget – devoted almost exclusively to security and compliance, it’s easy for areas like innovation, customer engagement, and user experience to fall by the wayside. In the report cited above, only 28% of banks indicated an interest in adding support for new channels.
The situation is more complex than simply devoting a larger share of the b ..
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