As the digital landscape of the financial services industry continues to expand globally, financial institutions aren’t slowing down efforts to scale their digital services and products in order to reach more customers.
Maybank, Asia's leading banking group, recently joined CredoLab and TransUnion in a webinar in which they discussed the current state of the global economy in light of the COVID-19 pandemic, as well as the kinds of expected changes that could have an impact on the financial services industry.
It’s well understood now that city lockdowns, work-from-home arrangements and social distancing policies seen around the world have caused people to spend more time on their mobile devices than before, thereby generating a much larger digital footprint. CredoLab shared that users in China have increased their daily mobile use by +30% compared to the average for all of 20191, while TransUnion has found that mobile fraud like account takeover (ATO) has doubled every year for the past 4 years. 2
CredoLab and TransUnion have seen an increase not only in online transactions but also global fraud, citing a 20% increase in the average weekly hours spent in finance apps across markets 1 and an 11% increase in financial services risky transactions since March 2020.3
With more people transitioning to the digital space it is important for financial services providers to ensure that their services and products are offered in a seamless manner, while preventing fraud throughout key integration points of the customer journey. By utilizing device intelligence, these businesses can assess users behind the device in order stay ahead of fraudsters, speed up and increase approvals for good customers, and reduce risk-associated costs.
CredoLab and TransUnion have therefore partnered together to help banks and non-bank lenders around the globe reduce fraudulent loan and credit card applications while optimizing digital customer onboarding. With intelligent anti-fraud checks integrated into their platforms, these businesses can achieve an equal balance of a positive user experience while becoming more financially empowered.
CredoLab, TransUnion, and Maybank all believe that providing financial services to all strata of society helps businesses make trust possible while improving the bottom line. To learn more about what our panel of experts had to say about democratizing lending, watch the webinar today.
The Impact of Coronavirus on the Mobile Economy, AppAnnie, March 2020
2019 Javelin Identity Fraud Report
TransUnion IDVision with iovation traffic analysis, March 11- April 28, 2020