Today In Data

Building Better Banks

The transition of the banking world to digital has been good for customers, who, on average, check in with their mobile banking providers at least once a week. Capturing consumer interest is a good thing, but it often comes at a cost. Fraudsters flock to places where consumers gather — particularly when money is on the table. As a result, three-fourths of banks have fallen victim to fraud in the last year. That’s the bad news. The good news is that artificial intelligence and data can be used to thwart many of those attacks. The good and bad news is that the journey is only beginning. Digitization still has a long way to go in some segments, and banks have a lot of innovating left to do to make sure the transition is smooth and safe for all.

75 percent: The share of U.S. financial institutions that fell victim to fraud last year.

1 billion: The number of bot-based attacks recorded in the first quarter of 2018.

$9.5 million: NatWest bank’s approximate savings since using AI analysis to combat B2B invoice fraud.

21 percent: The share of underbanked/unbanked consumers who have used payday loans, check cashers or pawn shops in the last 12 months.

1.7 percent: The amount commercial check usage has declined over the last year.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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