With fraud on the rise, it is imperative for banks to get up to speed with frictionless, seamless processes.

From a bank’s perspective, they want to be absolutely sure that it is you that is authorising a particular payment. With the increasing fraud, this makes perfect sense. However, there comes a point when you as a customer simply throw up your hands since the process is so complex and cumbersome, it might be easier to simply go and do the payment in cash.

Most customers today are multi banked and use various channels in interacting with their banks. This includes call centre, app, mobile, internet, POS and ATM. Each of these channels has a different way of authenticating you even though it is the same bank!. If you happen to use three different institutions – that is 15 different passwords and PINS that you have to remember and good luck if you happen to get it wrong – as has happened to us all. It took me more than three hours to do a very simple online payment because the particular bank just does not have the right balance between my need for convenience and simplicity and the bank’s extremely complicated processes around security. What happens next – simple – the customer will use the bank that has the most convenient and seamless processes.

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