The need to stay at home and minimize person-to-person contact during the COVID-19 pandemic has pushed mobile banking use into overdrive. Customers are unable or unwilling to visit bank branches, instead using apps to conduct their financial activities and generating an 85 percent rise in mobile...
Registrations on mobile banking apps rose 200 percent in April as the COVID-19 pandemic prompted consumers to turn to remote banking services. But simply enabling consumers to open accounts via mobile devices isn’t enough, says Stephen Welling, director of retail banking for Atlanta-based Cadence Bank....
The new coronavirus led many financial institutions (FIs) to close or limit the hours of operation of their brick-and-mortar branches amid stay-at-home orders, in effect making digital platforms the only option for many consumers to interact with their banks. FIs thus received an influx of customers...
Remote onboarding — be it new customers or new products — is cresting like a giant post-pandemic wave, and businesses are scrambling to make sure it doesn’t swamp them. In a period marked by confusion, hackers see a playground of attack vectors in the onboarding...
The coronavirus pandemic’s impact on retail is proving irresistible for fraudsters, many of whom are taking advantage of consumers’ shifts to online purchasing amid social distancing protocols. Complaints sent to the Federal Trade Commission (FTC) indicate that Americans have so far lost approximately $13.4 million...
Online sales have increased by an impressive 25 percent since March began — an opportunity for individual and third-party sellers to list and quickly sell their products. Unfortunately, eCommerce marketplace onboarding can often take as long as a month. In the latest Digital Consumer Onboarding...
eCommerce ordering shot up since the pandemic was declared on March 12 and brick-and-mortar businesses closed its doors, leading to a boom in both businesses and consumer transacting through digital marketplaces. This increase in online purchases comes with its unique challenges, however. Digital retailers still...
Onboarding has always been important, but amid COVID-19-induced chaos its criticality has become absolute, as hundreds of millions of people and businesses request trillions of dollars in financial assistance from federal and state sources. Meanwhile, the fraud opportunities created by current conditions are potentially staggering....
Onboarding is typically the first interaction customers have with financial institutions (FIs), which leaves a lot riding on the process. Banks are jostling for space in the market because an expanding number of FinTechs and large-scale technology companies are competing for the same set of...