The world is experiencing a rise in fraud and security incidents, where financial institutions were not spared. This led to enormous financial and reputational damage which financial institutions still feel. Another big challenge is the ever-increasing regulatory pressure on financial institutions (e.g. PSD2, GDPR, eIDAS) which is a difficult challenge to navigate. On top of this, customers demand better friction-free customer journeys. They want to interact with their financial institution anytime and anywhere. Security, customer experience, and compliance are also interconnected. It is not sufficient to focus on only one or two. Financial institutions need to balance all three.  

In order to balance security, compliance, and customer experience financial institutions should focus on implementing secure and frictionless journeys for customers. Start with the mobile environment, which is already secure, and focus on providing the best customer experience whilst only performing essential checks that affect their journey in a minimal way. By having a range of authentication means, the minimum level of assurance can always be requested at the appropriate time whilst maintaining compliance. A good example of this is to implement passwordless solutions such as biometrics, or multi-factor authentication.