New times - new challenges
The banking industry is facing a paradigm shift. New players in the form of fintech companies are continuously raising the bar by attracting customers with innovation and flexibility. To be able to compete, the traditional banking industry needs to find new services that are meaningful and offer more than attractive interest rates.
Main challenges for the industry
Blind customer loyalty is becoming a thing of the past
In the past people generally stayed with the same bank throughout their whole life and it was not uncommon that you selected the same bank as your parents. Depending on the commitment level, what products and services that are used and general engagement - the loyalty can today be reduced to a couple of years. For many banks, this fairly short time span will barely cover the acquisition costs, funding costs and overhead.
Higher customer demands
The young adults of today grew up with the internet and therefore have a different mindset. No less than 6 out of 10 millennials prefer to handle their interactions with financial companies through social media. On top of that many of the younger customers expect add-ons such as crypto currency, easy trading of stocks and other more innovative services. But, we also have those who value face-to-face interaction and the banks need to satisfy both.
Fierce competition
To stay competitive, the industry needs to undergo the transition from having an analogue to a much more digital mindset and execution of services. If this is not implemented correctly (or not carried out at all) they may see themselves losing much ground to new and more innovative competitors.
Finding new revenue streams is paramount
Low-interest rates and decreased proprietary trading are just a few examples of the strains that are put on the financial sector. The shareholders are however still expecting to make a profit on their investment. So, finding new alternative service offerings to maintain profits is crucial.
Banking and financial institutions are some of the most important services we have. They need to work and we need to be able to trust them. As these services become more and more digitalized the need for protection is more important than ever. By offering our services you can make a difference and continue to maintain that trust.
Listen to your customers
67%
Consider banks and financial institutions as a relevant provider of ID-monitoring.
25%
Claimed that they suffered financial damage after having been exposed to fraud.
42%
Of all identity fraud cases are commited online with the sole intent of aquiring a credit card.
Sources: Europ Assistance, EU, Finanso
What about the credit cards?
The coronavirus pandemic put a halt to the travel industry at large. This also meant that the credit card issuers saw a halt to one of their most prized sources of income: the forex exchange and spend on leisure. Thankfully for some, increased online shopping filled that void. However, this also means that the consumers are more exposed to cybercrime and that the travel insurance included in many cards is basically useless for an unforeseeable future. This is a void that someone needs to fill.
ID-monitoring, filling the gap in changing times
Our ID-monitoring service has great potential in tackling many of the challenges that the banking industry is facing. These are a few examples:
An incentive to remain loyal
Being the customer´s provider of ID-monitoring means that you will add even more advantages and thereby more reasons to stay. By offering this service you will subsequently increase your ways to reduce churn.
Offer even more safety
Traditionally, banks have offered extra safety for customers who travel and pay with a card connected to the bank. With ID-monitoring you will be able to offer safety in a new relevant field: the internet and online shopping.
A possibility to enhance dialogue
The more opportunities you have to start a dialogue with your customers, the more chances you have to up-sell other products. People are worried that ID fraud will affect their finances and this opens a natural opportunity for dialogue between you and the customers.
Gives you a competitive edge
New and innovative services are presented to the market in a rapid pace. Everyone is a bank or creditor now, even some travel and insurance companies etc. If you want a chance to differentiate yourself and create trust within the digital sphere, ID-monitoring could be the solution for you.
Make it your own
How you and your customers can access the service
Our services can be accessed and delivered to you as a web portal or through a RESTful API. It is of course your needs and pre-conditions that in the end will govern what solution you choose.
However, to really bridge the challenges and take advantage of the benefits we have described we strongly recommend the API. This will give you much more flexibility to customize, it creates better conditions for you to keep your customers within your own interfaces and it will make it easier to bundle this specific service with other relevant products.
EyeonID API
Allows you to fully control and customize the solution
Tailored customer journey and customer experience
Greater flexibility and seamless bundling
Cloud-based
EyeonID Portal
Consists of fixed as well as flexible and optional features
Fast and easy integration and customer onboarding
White label support - logo, colours and fonts
Cloud-based
Since 2015 we have been working relentlessly towards making digital aspects of life simpler and more secure for people, corporations and organizations.
We are specialists and pioneers in the field of proactive ID protection solutions. We use our own proprietary technology and we meet the highest security and compliance standards.
© 2024 Eyeon Group AB
