Challenges Facing Financial Institutions


There are many challenges facing financial institutions these days. Some banks want to change how they interact with their customers. They may be focused on retaining customers or need to create a seamless banking experience for millennials who want “anytime, anywhere” transactions. Others want to implement new methods of banking between digital and branch banking. And all banks are ever cognizant of current security and fraud risks.

The Omni-Channel experience is an interconnecting digital (online & mobile) channel that allows branch locations the ability to create a seamless consumer experience. Elliott offers authentication solutions designed to optimize these evolving omni-channel strategies.

The Omni-Channel experience include:

  • Omni-Channel for Mobile Banking: allows customers to sign in using a PIN or biometric-no usernames and passwords.
  • Omni-Channel for Online Banking Access: a push notification is sent to a customers’s phone to authenticate their identity which then allows them to simply login.
  • Full Omni-Channel Experience: FI’s must create a single powerful credential that gives customers simple access to all banking avenues (smartphones, tablets, pc’s, ATM, branches etc.) and allow them to access info, verify transactions and sign contracts. More traditional credentials are easily hacked, require the customer to remember secret questions or UN/PW and make it challenging to switch between PC’s, tablets and smartphones.

Financial institutions are transforming the customer experience with mobile identities.

If mobile transactions are the growing core of the consumer omni-channel experience, then the mobile device needs to be the core of the identity solution.

Banks can embed trusted identities into their mobile application using a SDK. All authentication work is done behind the scenes from the customer.

  • The customer downloads the app to their phone and the app should be protected by TouchID or PIN so that no one can access the app except the customer
  • Once the app is opened , the sign on begins automatically

Online banking and transactions are kept secure by authorizing push notifications to the secure mobile device to verify details. A customer can also use a mobile QR reader to verify transactions if there is no data connection.

On-The Go Transaction Signing is made possible by a built in biometric process that scans a fingerprint that can act as a digital signature.

  • A notification alerts the customer when a signature is required and the customer can immediately “sign” the document

Greater Mobile Security with the Omni-Channel

Online shopping is also more secure because customers can receive push notifications to confirm the purchase, decreasing the risk of fraudulent activity. ATM or POS transactions without network access are also more secure because they can be verified in real time.

Financial institutions are beginning to realize that they must be willing to adapt to the multi-layered secure mobile centered banking to win customer loyalty and trust. FI’s will be able to sustain customer relationships and provide customers with a seamless banking experience among all banking avenues. To read the full document, click here.

Please contact Elliott Data Systems at 1-888-345-8511 to discuss how we can your financial institution retain and acquire banking customers. You can also learn more about our financial products on our website.