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Four Generations' Innovation Needs

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Four Generations' Innovation Needs HOW EASTERN LABS MEETS Four Generations’ Innovation Needs FEATURE STORY NEWS & TRENDS DEEP DIVE Why FIs should frame NatWest introducing biometric How FIs are using biometrics technological06 innovation as mobile payments09 for business and AI to enhance14 security a ‘precision tool, not a blunt customers without introducing frictions instrument’ J U N E 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 How financial institutions are innovating digital security tools to better engage customers who expect faster banking experiences Feature Story An interview with Ashley Nagle Eknaian, chief digital strategist and head of Eastern 06 Bank innovation unit Eastern Labs, on how the FI is approaching innovation and technologies like AI to satisfy different generations’ needs News and Trends The latest headlines on how banks are experimenting with digital cards, mobile apps 09 and online tools to better secure digital banking experiences Deep Dive A look at how biometrics, artificial intelligence and other tools can prevent fraud and 14 better identify customers without adding frictions Top 10 Rankings 18 The highest-ranking B2B and B2C digital banking providers Scorecard 19 See this month’s top scorers and a directory featuring more than 250 digital banking players About 157 Information on PYMNTS.com and Feedzai ACKNOWLEDGMENT The Digital Banking Tracker was done in collaboration with Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2019 PYMNTS.com All Rights Reserved 2 What's Inside Speedy transactions and services are hallmarks of Around the digital banking world the digital banking industry, with consumers expect- Banks around the globe are using a variety of tech- ing to accomplish increasingly complex tasks faster nologies that merge speed and security to create than ever. Stringent identity verification and securi- smooth digital banking experiences without alien- ty methods are becoming increasingly important for ating their customers. United Kingdom-based FI banks looking to provide such services, especially NatWest is integrating biometrics into its business as identity theft and impostor scams are on the rise. client services with the launch of a new payments Consumers reportedly lost $1.48 billion to fraud last feature that utilizes Apple's Touch ID or Face ID to year, but they are unwilling to forgo the speed they authenticate transactions without card readers. have come to expect from their digital banking expe- Clients can take advantage of this offering through riences for security. the bank’s mobile app. Financial institutions (FIs) that want to stay competi- FinTechs and banks in the United States are also tive must offer both fast and secure services that can trying out new solutions for more secure custom- protect against even the most sophisticated types of er experiences. California-based Binji just launched fraud. Many banks are turning away from traditional with the goal of combining multiple payment cards online security measures, like passwords and PINs, into one. Users will be able to store the creden- as a result. They are instead looking to biometric au- tials of up to 24 cards and switch between them as thentication tools such as facial recognition, finger they wish. scans and voice prints to more accurately identify users. Artificial intelligence (AI) and advanced ana- Digital banking fraud may be on the rise, but it is lytics are also being implemented to further protect not hampering growth in the space. The Monetary banking customers. Authority of Singapore (MAS) is currently in talks to allow online banks to operate in the city-state. The Creating an intricate security protocol that seam- nation has allowed digital businesses to operate lessly operates within the span of a few seconds within its borders since 2005, leading some to see isn’t easy, however — even with these new technol- digital banks as an inevitability. ogies on hand. Banks will need to make security a frictionless part of their user experiences if they want For more on these stories and other digital banking to retain customers. headlines, read the Tracker’s News and Trends sec- tion (p. 9). © 2019 PYMNTS.com All Rights Reserved 3 WHAT'S INSIDE How Eastern Labs works to personalize technology for customers EXECUTIVE INSIGHT Banks face the daunting challenge of catering to different generations, but they must also meet the customers' expectations at physical branches and How can FIs better use biometrics and online channels, all while delivering faster and more unsupervised learning technologies secure banking experiences. These tasks are becom- like AI to secure their services? ing harder for legacy banks to achieve, said Ashley Nagle Eknaian, chief digital strategist and head of Eastern Bank innovation group Eastern Labs. For this month's Feature Story (p. 6), Eknaian explained how “There is some amazing tech being developed that’s Eastern Bank is innovating its customer experiences. helping banks and FIs fight fraud. At the recent Financial Crime and Technology Summit that we host- Deep Dive: How banks can make biometrics the ed in Amsterdam, we heard about everything from best part of their customer experiences blockchain for [anti-money laundering] to behavioral Banks are striving to improve their online defenses, biometrics. However, one of the concerns we hear from but fraudsters are also getting more creative. This banks and FIs is that they don’t have the ability to wire means FIs must continuously innovate their secu- on these ... new tools because they fear they’ll have to rity approaches — especially as consumers expect put a new team on each of these siloed solutions to the fewer frictions in their digital banking experiences. same problem. That’s where we come in, offering a plat- Many banks are now pivoting and approaching se- form that can take in a lot of third-party data enrichers curity in new ways to engage users who want their and tools, test out different combinations to get the transactions to take as little time as possible. FIs are [necessary] profiling information, and then put those using biometric authentication and AI for quick and together with the company’s own data. From there, our seamless authentication, helping them streamline on- advanced AI can make sense of all of that data in real line banking security to prevent it from becoming a time to get a single risk score that’s actionable. This is time-consuming barrier. Visit the Tracker’s Deep Dive what the future of fighting financial crime looks like, us- (p. 14) to learn more about how these technologies ing leading tools and doing it at scale.” can provide new methods of engagement for banking customers. June Digital Banking Tracker updates This edition of the Digital Banking Tracker includes PEDRO BARATA profiles of more than 250 financial players, including three additions: Oxygen, Payzello and YouTrip. vice president for professional services and delivery at Feedzai © 2019 PYMNTS.com All Rights Reserved 4 WHAT'S INSIDE 5Five Fast Facts 31% 70% 16% Share of Share of consumers Europeans Expected CAGR of who use mobile who use smart the global digital banking apps devices to banking market more often than transfer money, 72% 3% through 2024 other apps pay bills and check their account balances Portion of Bridge Portion of Millennials who millennials with think mobile apps primary checking are important for accounts at fully accessing bank digital banks like accounts Simple or Chime © 2019 PYMNTS.com All Rights Reserved 5 HOW EASTERN LABS MEETS FOUR GENERATIONS’ INNOVATION NEEDS © 2019 PYMNTS.com All Rights Reserved 6 Approximately 46 percent of Americans have boost- “Technology plays a major role in how banks oper- ed their mobile banking usage in the past year, with ate today,” she said. “At Eastern Labs, we're focused related apps being among those consumers use on the future of banking and anticipating what needs most. The technology’s rise has pushed many to ex- consumers may have, what challenges technology pect more from their banks, but such institutions can help us solve and how we respond.” have struggled to roll out innovations and bypass legacy infrastructures. This begs the question, how Approaching technology in the digital age can centuries-old banks leverage technology to bet- FIs used to years-long innovation processes are ter serve consumers? now being met with technological advancements FIs can start by framing technological innovation that present a dizzying array of possibilities. Eastern as a precision tool rather than a blunt instrument, Bank directs those possibilities toward what its cus- said Ashley Nagle Eknaian, chief digital strategist tomers are really seeking. and head of Eastern Labs for Eastern Bank. The “It’s sometimes like being a kid in a candy store — Boston-based FI, which celebrated its 200th anniver- there are many solutions out there, but you do have to sary last year, is the oldest and largest mutual bank prioritize,” she said. “What I think about is identifying in the United States. Its Eastern Labs innovation unit friction points for customers. In the small business was launched in 2014. space, for example, how can [artificial] intelligence In a recent interview with PYMNTS, Eknaian ex- tools and services help us innovate or solve challeng- plained that FIs must avoid treating technology as a es to deliver a fast, simple and convenient banking catch-all fix and instead tailor solutions to specific experience? Are there ways we can give the custom- customer pain points. er a next-generation product?” © 2019 PYMNTS.com All Rights Reserved 7 FEATURE STORY Small business developments are an important focus products and have very powerful experiences. Banks for Eastern Labs, which released an express loan ser- should think about their channels in the same way.” vice for small and medium-sized businesses (SMBs) These updated branches offer improved personaliza- before Eknaian headed up the lab.
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