On October 13, SME Banking Club, together with Wultra, held a webinar on the topic: Time to rethink mobile onboarding.
During the last several years we see a significant increase in the adoption of mobile banking and the usage of mobile phones in general. At the moment banks were focused mainly on the development of online channels for business customers. Mobile banking was an add-on or rather marketing tool, and very often to activate it a customer should have either online banking and activate it there, or go to the branch, or call a Call Centre. But this started to change, we see some banks announce that the development of functional mobile banking apps for business customers is becoming a priority, and they are moving towards a real mobile-first strategy (at least for some particular customer segments).
It requires new approaches and solutions to the customer journey and security, of course. The fraudsters use phishing to gain full access to mobile banking using the activation process in internet banking.
At the beginning of the webinar, Petr Dvořák (Wultra) showed the Data of the Czech Banking Association (CBA) from this year that 50% of fraudulent calls are successful, and avg. vishing damage equals EUR 10,000. And the number of attacks is increasing year by year.
What should the right mobile onboarding look like now?
It’s mobile-only, secure, and passwordless. It is phishing resistant, has strong KYC/AML assurances, is PSD2 compliant, and has no prerequisites.
Then Petr Dvořák highlighted the critical building blocks in mobile onboarding. There are ID document scans, facial biometrics, and SMS OTP.
In the next part of the webinar, Petr Dvořák paid attention to some requirements related to mobile onboarding.
What are the ID document scan requirements?
- The fast and reliable recognition.
- The high-quality image extraction.
- The document authenticity checks.
- The support for MRZ reading.
- The support for NFC-ready documents.
What are the facial biometrics requirements?
- The compliant (eIDAS, PSD2).
- The reliable statistics (FAR, FRR).
- The liveness Check.
- The deepfake Detection.
- The secure camera data stream.
In the last part of the webinar, Olena Gryniuk (SME Banking Club) and Petr Dvořák (Wultra) had a productive discussion about the main challenges and stoppers in the development and usage of mobile onboarding. During the Q&A session our speakers touched on the topic of secure authorization, which should function in a customer-friendly way, and the monetization of mobile customer onboarding applications by the banks.
To learn more details, watch the full webinar below: