The Point

2018 Trends in Risk and Fraud Mitigation: Customer Experience and Security Strike a Balance

Jan  25 
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Andrew Davies  VP, Global Market Strategy, Financial Crime Risk Management, Fiserv 

Consumers' expectations for speed, ease and convenience are permeating every aspect of their lives, including how they manage their finances. At the same time, financial criminals are rapidly evolving their methods of attack.

Striking the right balance between providing a positive experience and keeping financial institution customers safe from criminal threat will take on even greater importance in 2018. A new landscape created by regulatory requirements, faster payment and settlement cycles, digital developments, open banking, and advancements in artificial intelligence and machine learning will set the stage for establishing this balance. Here are risk and fraud mitigation trends to watch in 2018.

In 2018, look for the regulatory and technology environment to come together in a way that positions financial institutions to stay one step ahead of financial criminals, while continuing to provide a positive customer experience. This will set the stage for financial institutions to eliminate the historic trade-off between security and experience – and establish security as a differentiator in a competitive, rapidly changing market.