Thursday, 15 October 2020 10:17

Mobile financial transactions in high demand during pandemic Featured

By

Mobile financial services to help customers transact instantly are seeing greater demand and rollout amongst Australian financial institutions during the pandemic, although the institutions are slow to adopt next-gen digital offerings such as fraud alerts (21%) and voice-activated fund transfers (15%), according to a new report.

The rise in demand for mobile financial services includes peer-to-peer (P2P) payments and transfers via mobile number, and e-wallet and mobile wallet services, according to the report by fraud technology specialist firm GBG.

“The ongoing shift to online and mobile banking and transactions, particularly among superannuation, financial planning and education enterprises, has been accelerated by the pandemic,” says Carol Chris, Regional General Manager Australia at GBG.

“The unpredictability of the current market and how it is evolving is driving a need among Australian FIs to increase readiness to be agile in how they future-proof themselves with fraud technology.

“The groundswell in online service delivery and use, combined with the ability to make instant payments over the NPP and the rise in fintechs, makes the opportunities for fraudsters and financial criminals more abundant and hazardous than ever, pushing FIs to ensure they have truly pre-emptive and end to end fraud management technology platforms in place for 2020 and onwards.”

The report also found that Australian financial institutions are prioritising spending on compliance technology as a means of strengthening customer trust and appeasing increasingly vigilant regulators, with the report showing that $104 million on average will be spent on purchasing new fraud prevention technology in 2020-2021.

According to the report, the “fraud technology readiness” of Australian financial institutions is lower compared to APAC, with significantly lower penetration of fraud management and endpoint threat systems.

The Australian spending on compliance technology contrasts with the average across APAC of A114.1 million, with the highest average estimated fraud budgets being in Thailand at A130.7 million, China at A125.2 million and Indonesia at A121.8 million.

According to the report more than a third (36%) of Australian financial institutions see compliance management as a key challenge - and 42% say managing the increasing costs of compliance is the biggest challenge inhibiting the introduction of new digital offerings.

Other findings by the report include:

  • Millennials and GenZ will be key target segment for unique digital offerings for 33% of FIs in 2020-21
  • End to end fraud management platform readiness is a key differentiation to driving digital product preference for 70% of Australian FIs. While only 20% have an existing implementation of an integrated end to end fraud and compliance platform solution, this is relatively higher than the 6% average of APAC FIs
  • While the unification of data across cyber, fraud, and compliance functions can help negate repeat fraud attacks, 58% of respondents indicated their cyber security, fraud control and compliance functions are completely independent functions with no sharing of insights. This lack of alignment is much higher than APAC, where only 43% of respondents indicated the three functions are still operating in silos
  • Social engineering attacks led by scams (44%) and stolen-IDs (40%) will dominate fraud prevention priorities of Australian FIs in 2020-21

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinatrs and campaigns and assassistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Staff Writers

Our Staff Writers and Guest Writers contribute content to iTWire each day and they are available asset to the team. If you want to be a staff writer please contacts us.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments