Digitalization in banking provides speed and convenience, but security must be a concern for all parties, particularly protecting customer personal data. In addition, as financial service providers, banks must constantly evaluate technology, change behavior, and improve the quality of their products and services. Therefore, banks must have a sophisticated system to improve customer experience.

Digital Journey Simplify Customer Account Opening and Onboarding Services.

Banking customers can now open a deposit account digitally (online) rather than visiting a branch office. The digital account opening service will streamline the verification process for potential customers on the mobile app. Customers expect digital verification to be faster and easier because they will only need to verify data without having to go to a branch office and sign on the verified tool provided by the company. The account creation process becomes more convenient because it takes little time and can be completed anywhere without the need to visit a branch office. Then, with digital development accelerating, how does the banking industry ensure the security of its customer data?

The Importance of Customer Data Protection in Banking

Mobile App Shielding, Multifactor Authentication, and Electronic Signature systems are an effort made by the banking industry to maintain the security of customer data. The encryption system ensures the implementation of security using digital signatures or e-signatures. Security already has specially designed standardization, the most stringent cloud security, and is audited by third parties. Banks must ensure their customers that their data cannot be retrieved or falsified by third parties. For this reason, banks must protect customer data to prevent various crimes such as hacking and social engineering.

Make the Best Digital Journey a Reality with Phintraco Technology

Banks must collaborate with various parties, including technology developers, to ensure that end-to-end digital processes run smoothly, efficiently, and quickly. Customers will no longer need to visit branch offices to sign documents or show physical IDs. As an IT infrastructure provider, Phintraco Technology has previously worked with various industrial sectors, including banking. The solutions provided by Phintraco Group’s subsidiaries include mobile app shielding, multifactor authentication, and electronic signature. This technological solution will provide convenience and data security to both banks and customers.

Contact us at marketing@phintraco.com for more information on banking technology requirements and other financial sectors.

Reference:

https://www.onespan.com/blog/digital-customer-onboarding-and-account-opening-top-2019-priority

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