How Behavioral Analytics Drives E-Banking Security

Banking CIO Outlook | Friday, June 21, 2019

Customers are the key business drivers and bankers are realizing that user behaviors can create a powerful impact on the security aspect. Financiers are embracing modern customer preference tools to ensure customer privacy and transaction protection. 

FREMONT, CA: Banks are welcoming new, digital touchpoints to satisfy evolving consumer demands. According to a report, half of all U.S. customers prefer an omnichannel experience when banking. Consumer touchpoints have started expanding as the advent of mobile peer-to-peer services. Customer service representatives can eliminate the need for a trip to the nearest branch. Maintaining high-security standards, along with the requirements of modern consumers, is a more significant challenge, and ensuring that the new touchpoints do not harm the security is a bigger one.

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Customers expect fast, seamless, and instant access to multiple channels, including ATMs and mobile banking after the invention of mobile. To help customers authenticate all these new touchpoints a simple push or swipe of a button, banks can introduce modern mobile authentication. Using analysis to assess behavioral and contextual data is the best way to create seamless and secure access, enabling banks to analyze unusual login session features without any customer involvement. It will be easier to meet customer demands and requirements if proper precautions are taken.

Contextual inputs are designed to adjust the level of authentication that is required depending on the customer's risk profile during login. Adaptive authentication assesses contextual data in real-time, ranging from geolocation and time of day to device analytics, including unique fingerprints and reputation scores. Simple indicators help in guaranteeing the number of authentication requests a user receives. Instead of spending valuable time in an attempt to prove identity, low-risk users can enjoy a more convenient banking experience.

Monitoring a user's behavior like transaction monitoring, navigation patterns can be used as another form of adaptive authentication. It is tiring for the users to verify their identity by re-entering a password or answering a security question, continuous authentication. When valuable consumer information is compromised, fraud is detected. Implementing more advanced authentication measures helps in ensuring that proper action is taken before any damage is done. If customers are provided, with the omnichannel experience, they will leverage contextual inputs and user behavior in the bank's authentication. The approaches promise to improve security while also delivering greater convenience for consumers.

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