Page 10 - EngineerIT February 2022 UPDATED

ICT

2022, the year tech dreams

become reality

By Gerhard Oosthuizen, Chief Technology Officer, Entersekt,*

rawing on decades of global and local security insight, Gerhard Oosthuizen, chief banking leaders don’t neglect security.
technology officer at device identity and authentication specialist Entersekt, outlines New channels mean new opportunities
Dseven trends he considers most likely to impact the banking and fintech space. for fraudsters. To counteract this, banks
must change the way they authenticate
1. Mediocrity won’t be tolerated or rewarded in 2022 customers on their chat channels. For
Just two years ago, offering an amazing digital experience was enough to differentiate banks instance, customers can’t type their
from their competitors. After 24 months of Covid, a great digital experience is the minimum passwords into a WhatsApp chat message.
requirement. As a result, there has been a marked uptick in investment when it comes This is yet another case for having a
to digital customer experience. In fact, 75% of banks have indicated that they are making co-ordinated authentication strategy in
investments in customer-centric business models. place that can help banks serve customers
across all their channels in the best
2. Chat banking hits its stride possible way. When a new channel is
New transactional channels have made serious inroads in most countries. Chat banking is introduced, it creates an ideal opportunity
probably the most recognised of these, with many banks experimenting with the technology. to lay down the first blocks of that
As an important channel for servicing clients that may not have an app or need more strategy.
specialised assistance, chat banking cannot be ignored. It also enables banks to serve WebAuthn has reached a tipping point
customers at a much lower cost base compared to channels like call centres. While the jury on end user devices, and we believe it’s
is still out on how successful this channel will be, and whether it will challenge channels like ideally situated to offer the answer to low
the browser and app, it cannot be ignored by financial institutions. friction yet secure authentication for these
However it remains critical that, in the rush to add more channels and more features, channels.

EngineerIT | February 2022 | 8