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Why Banks Must Change HOW THEY USE DATA to FIGHT FRAUD

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Why Banks Must Change HOW THEY USE DATA to FIGHT FRAUD Why Banks Must Change HOW THEY USE DATA TO FIGHT FRAUD FEATURE STORY NEWS & TRENDS DEEP DIVE BBVA on how data can help U.K. digital bank Monzo takes first How AI is innovating Indian banks fight06 increasingly tech- steps into09 the U.S. market consumers’ 13digital banking forward bad actors experiences J U LY 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 A look at how digital banking is evolving as financial institutions confront fraud and struggle to win over younger generations Feature Story Brian Fricke, BBVA’s chief information security officer, explains how banks can draw 06 from a global pool of customer data to keep out fraudsters News and Trends The latest digital banking news, including ride-hailing company Grab’s push for 09 banking licenses and JPMorgan Chase’s decision to shutter its digital-only brand, Finn Deep Dive A closer look at how artificial intelligence and other learning technologies are affecting 13 digital banking use in emerging markets like India Top 10 Rankings 17 The highest-ranking B2B and B2C digital banking providers Scorecard 18 See this month’s top scorers and a directory featuring more than 250 digital banking players About 156 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 Fraud continues to plague digital banking, and it recently announced its decision to shutter its Gen is getting harder to predict. Millions of customer Z-focused bank brand, Finn, for example. The FI ter- fraud complaints were filed in 2018, most of which minated the app and its services just a year after its stemming from complex impostor scams that cost launch, as it had amassed only a few hundred thou- United States consumers $488 million. As fraud- sand users. The financial services giant is currently sters become more adept at mimicking legitimate planning to migrate Finn’s customers onto its preex- customers, banks are turning to technologies like ar- isting banking platform, and has not yet announced tificial intelligence (AI) to thwart them. whether it will unveil a new Gen Z-specific service. In addition to using technologies to protect consum- Though some digital banking players are facing chal- ers from back-end fraud, financial institutions (FIs) lenges, the space has not gotten less crowded. Many are simplifying and securing their customer experi- FIs are expanding their customer bases by bringing ences by integrating them with AI and biometric tools. their digital platforms to new regions. This includes Many are also updating their digital banking plat- United Kingdom challenger bank Monzo, which re- forms to handle consumers’ financial needs through cently announced it will roll out its mobile-connected single apps or interfaces, giving bad actors fewer av- checking account and debit card products in select enues through which to launch their attacks. U.S. locations. The FI plans to eventually expand its offering nationwide, but has not established a time- The battle for customer loyalty is growing more line for doing so. intense, too, even as FIs are staying focused on se- curity and innovation. Some banks are rolling out Digital-only banks are also growing quickly in other features and services to better appeal to younger, markets as consumers leave cash payments behind. more tech-savvy generations, but such approach- South Africa’s TymeBank, for one, is competing with es do not guarantee positive results. Many FIs are legacy FIs to add new customers to its platform. The thus rethinking their strategies to better appeal to bank already has about 400,000 fully digital custom- consumers who have a wealth digital and mobile ers after just four months in operation. banking options from which to choose. For more on these stories and other digital banking headlines, read the Tracker’s News and Trends sec- Around the digital banking world tion (p. 9). Some banks are struggling to appeal to millennial and Generation Z customers in a world where mo- bile banking apps are table stakes. JPMorgan Chase 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 3 WHAT'S INSIDE BBVA on why data is a top tool for banks battling fraudsters EXECUTIVE INSIGHT Banks and fraudsters alike are racing to find new ways to leverage AI, machine learning (ML) and oth- What are some of the challenges FIs er technologies, meaning FIs must stay one step face when fighting account opening ahead to keep customers safe and satisfied. Doing fraud, and how can advanced learning so requires banks to rethink their authentication pro- tools help? cedures and collect and analyze more personally identifiable information (PII), Brian Fricke, chief in- formation security officer at BBVA, said in a recent interview with PYMNTS. To learn more about how FIs “The inherent conflict in account opening is that banks should approach data and technology innovations, are dealing with a customer base that wants instant ev- erything, while the need for advanced security is greater read the Tracker’s Feature Story (p. 6). than ever. Offering instant account opening and instant access to cash — all done instantly on a mobile phone Deep Dive: How AI and automation are — is a challenge when a huge amount of data breaches changing digital banking in India has left those customers exposed to synthetic iden- Digital banking is fast becoming the norm for mil- tity fraud. lions of consumers in India, where reliance on cash is The good news is that this is a technical challenge, and waning as smartphone use grows. Even so, consum- one with a solution. ML makes it possible to offer cus- ers are asking for increasingly personalized services tomers … real-time account opening experiences while dealing with the risk of fraudsters opening accounts un- and assurances that their data will be safe and se- der someone else’s name. Real time is key. Typically, cure. The nation’s FIs are experimenting with AI to fraudulent applications are detected weeks or months boost customer engagement, bolster fraud protec- after the accounts have been opened. That’s too late. tion and distinguish themselves from competitors, At Feedzai, we’ve built a real-time ML platform that is all while offering users the services they crave. This adaptive to any data, at scale, that can pull data from month’s Deep Dive (p. 13) offers an in-depth look at multiple sources across an organization and enrich that how Indian banks are leveraging AI to improve digi- data to detect fraud in 3 milliseconds. It’s remarkable, tal banking. intelligent technology and it provides a path for banks to compete and succeed in a digital world.” July Digital Banking Tracker updates This month’s Digital Banking Tracker includes pro- files of more than 250 financial players, including two additions: Next and Virtual Wallet. SAURABH BAJAJ chief product officer at Feedzai © 2019 PYMNTS.com All Rights Reserved 4 WHAT'S INSIDE 5Five Fast Facts 21% 84% 69% Portion of Share of British Segment of surveyed U.S. customers customers who adults who have who use digital use mobile moved funds banking at least banking apps to to online banks 61% once per month 90% purchase airtime offering at least 2 percent interest Portion of Portion of consumers who Canadian visited bank customers who branches within digitally interact a three-month with their banks survey period © 2019 PYMNTS.com All Rights Reserved 5 WHY BANKS MUST CHANGE HOW THEY USE DATA TO FIGHT FRAUD © 2019 PYMNTS.com All Rights Reserved 6 Nearly three-quarters of U.S. FIs report growing loss- “As technology becomes more prolific and accept- es attributed to online and mobile fraud, meaning it able to all corners of the earth, [it’s also] becoming is imperative for them to invest in new solutions to [a] facilitator of fraud because it’s much easier to thwart bad actors. Solving such issues, though, re- try to commit fraud,” he explained. “So, we see now quires FIs to not only improve their fraud defenses, the introduction of AI and ML and all of these oth- but also maintain the fast and efficient services cus- er very unique and interesting approaches to data, ... tomers have come to expect. that proliferation of technology increasing the rate at which these [attacks] are attempted.” An increasing share of FIs are countering fraud by upping their investments in advanced learning tech- In a recent interview with PYMNTS, Fricke discussed nologies like AI and ML. FIs are not the only ones how banks can better approach technology in the taking advantage of these tools, however. Fraudsters battle against fraudsters when it comes to custom- are just a step behind with their own applications. er security. According to Brian Fricke, chief information securi- The key to fraud protection and customer ty officer at BBVA, the rapid pace of technological experience innovation is both an invaluable advantage and a sig- nificant issue for banks that need to provide fast and Banks’ access to a global pool of customer data is engaging customer experiences. one of the main tools they can leverage to protect consumers from fraud. Like many in banking, Fricke views data as “the new oil.” © 2019 PYMNTS.com All Rights Reserved 7 FEATURE STORY “Data is [the banking industry’s] biggest asset in the Balancing security with consumers’ needs for speed fight against fraud,” he said.
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