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How Banks Can Reduce Account Opening Abandonment with Digital ID Verification

Conor Hickey, Solution Architect at OneSpan, speaks about why consumers are abandoning online bank account application processes, how banks can reduce applicant abandonment with digital identity verification, and what the future holds for biometric verification.
Recorded Feb 11 2021 6 mins
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Presented by
Conor Hickey, Head of Solution Architecture, OneSpan
Presentation preview: How Banks Can Reduce Account Opening Abandonment with Digital ID Verification

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  • Reducing Friction in Online Account Opening with Digital Identity Verification Mar 12 2021 10:00 am UTC 48 mins
    John Meyer, Cornerstone Advisors & Bryn Saunders, OneSpan
    COVID-19 has caused an accelerated shift from branch account opening to digital account opening. But the challenge for many financial institutions is that there is friction in the online account origination process, especially when it comes to identity and authentication. This friction often causes consumers to abandon the account opening process at a traditional financial institution for a digital-first institution with a more seamless experience.

    Watch this OneSpan webinar, and hear experts from OneSpan and Cornerstone Advisors discuss how retail banks can eliminate friction in order to drop abandonment rates and increase account funding.

    Topics include:
    - How financial institutions are experiencing the shift from branch-based to digital account opening
    - The impact of current identity verification methods on abandonment and funding rates
    - Best practices for reducing friction in the digital account opening process

    Speakers
    - John Meyer, Senior Director, Cornerstone Advisors
    John Meyer joined Cornerstone Advisors as Senior Director, BI/Data Analytics Practice Leader. Previously the Chief Strategy Officer and Chief Product Officer at Abrigo, John has developed product strategy for anti-money laundering and fraud detection for over 1,000 US financial institutions. He frequently presents on the latest financial crime activities to NACHA, the US State Department, and the IRS.
    - Bryn Saunders, Senior Product Marketing Manager
    Bryn is a passionate product marketer with nearly 10 years of experience in the IT space. As Senior Product Marketing Manager at OneSpan, he is responsible for the go-to-market strategy for OneSpan Identity Verification. Driven by a great customer experience, he works to evangelize identity verification as a means to mitigate fraud while helping financial institutions stay competitive in market.
  • How To Address Fraud Through Machine Learning Based On Risk Analytics Mar 11 2021 10:00 am UTC 68 mins
    Greg Hancell & Ben Balthazar, OneSpan
    Account Takeover is one of the biggest threats that banks are facing today.

    Adversaries have a variety of weapons at their disposal, which makes effective protection a challenge. To make matters worse, legacy anti-fraud solutions are falling short of accurately evaluating the risk.

    To stay ahead of their opponents, financial institutions need to reconsider their authentication process and move to contextual authentication.

    With the right multi-layered security approach, financial organisations can help prevent account takeover fraud and secure customers at every stage of their digital journeys.

    You will learn:
    - Current landscape of digital attacks and threats that leave banks vulnerable
    - Best practice approaches to protecting against account takeover fraud with machine learning-based risk analytics
    - Why real-time, cross-channel data analysis can save your customers from becoming the next victim

    Attendees will hear from:
    - Greg Hancell – Senior Manager, Fraud Consulting, OneSpan
    - Ben Balthazar - Senior Fraud Consultant, OneSpan
  • The Red Flag: What the Emulator Farm Attack Signals for Mobile Fraud Mar 4 2021 10:00 am UTC 65 mins
    Sam Bakken, Greg Hancell & Will LaSala, OneSpan
    In December 2020, an “evil emulator farm” cyber attack demonstrated how cybercriminals now have the ability to bypass static multi-factor authentication using automated processes to harvest mobile device identifiers, spoof GPS locations and intercept SMS messages.

    But, financial institutions can fight back by modernizing their authentication with techniques such as secure provisioning and channel communication, client- and server-side risk analysis, and continuous session monitoring with RASP and machine learning.

    In this webinar, find out from mobile fraud industry experts:
    - What the emulator farm attack reveals about the state of US mobile fraud
    - How increasingly frequent and sophisticated security threats can be eliminated
    - Which security strategies are being utilized to protect mobile device users

    Presenters:
    - Sam Bakken, Senior Product Marketing Manager, Mobile Security
    - Greg Hancell, Senior Manager of Fraud Consultancy
    - Will LaSala, Sr. Director Global Solutions
  • Podcast: Delivering the Secure Mobile Experience Customers Need Recorded: Feb 24 2021 16 mins
    Sam Bakken, Senior Product Marketing Manager, OneSpan
    40% of consumers age 18 – 34 prefer to do their banking online over visiting a branch. What’s more, a 2018 Gallup poll shows that Millenials are more likely to switch banks than older generations due to bad mobile experiences. These two dynamics underpin the competitive landscape for financial institutions as they develop their digital channels.

    Whichever financial institution can deliver the best customer experience while ensuring security can capture this market share.

    In this 16-minute podcast from American Banker, Sam Bakken, Senior Product Marketing Manager, discusses the challenges banks face as they try to create that exceptional, secure mobile experience.

    In this podcast, you will learn:
    - Why mobile has become a key battleground in the competition for digital customers
    - The key factors customers say they want from a mobile banking app
    - How developers can incorporate in-app protection into their regular updates
  • Podcast: Biometric Authentication: Five Myths Busted Recorded: Feb 23 2021 13 mins
    Sam Bakken, Senior Product Marketing Manager, OneSpan
    Biometric authentication could revolutionize online security. It promises the higher level of defense that users will demand before they fully embrace digital banking while also offering a convenient user experience. Yet, numerous misconceptions over security, accuracy, and privacy stand in the way of widespread adoption. These concerns are often unfounded and speak to a misunderstanding of the technology.

    In this 14-minute podcast from American Banker, Sam Bakken, Senior Product Marketing Manager, sets the record straight by dispelling five of the most pervasive myths around biometric authentication.

    In this podcast, you will learn:
    - Whether facial recognition can be fooled by a static photo
    - How biometrics can protect users privacy
    - How the natural aging process affects biometric authentication
  • Our Path to Digital Innovation in Business Banking: Navy Federal Credit Union Recorded: Feb 17 2021 56 mins
    Larry Perino, Navy Federal Credit Union & Mary-Ellen Power,OneSpan
    Relationship-based institutions are capitalizing on digitally-assisted channels as the primary method for engagement in today’s environment. Navy Federal Credit Union (NFCU) is one such institution, having recognized technology’s vital role in driving member engagement and efficiency.

    By accelerating their digital strategy early in the pandemic, NFCU can now onboard new business members in as little as 24 hours. They were able to process PPP loans and forgiveness applications entirely remotely using their existing system. Enhanced business member experience, reduced cycle times, and a faster lending process are just some of the benefits of their e-signature roll-out.

    In this webinar, Larry Perino, Manager, Business Program Development at NFCU, shares lessons learned after the credit union launched a full end-to-end PPP loan product in six weeks. Hear how it has empowered NFCU to continue servicing members through the challenges of the pandemic.

    Topics include:
    - The role of integrations in self-serve digital engagement
    - Navy Federal Credit Union’s challenges, ROI and best practices
    - How to prepare for the future and fast-track your e-signature program
  • Why Account Takeover Fraud Attacks are Banks’ Biggest Threat Recorded: Feb 16 2021 9 mins
    Greg Hancell, Manager of Global Consulting, OneSpan
    Greg Hancell, Manager of Global Consulting at OneSpan, talks to Finextra TV about why account takeover attacks are one of the greatest challenges facing financial institutions and how they can get better at detecting and mitigating these types of attacks.
  • How Banks Can Reduce Account Opening Abandonment with Digital ID Verification Recorded: Feb 11 2021 6 mins
    Conor Hickey, Head of Solution Architecture, OneSpan
    Conor Hickey, Solution Architect at OneSpan, speaks about why consumers are abandoning online bank account application processes, how banks can reduce applicant abandonment with digital identity verification, and what the future holds for biometric verification.
  • How Banks Can Reduce Account Opening Abandonment with Digital ID Verification Recorded: Feb 11 2021 6 mins
    Conor Hickey, Head of Solution Architecture, OneSpan
    Conor Hickey, Solution Architect at OneSpan, speaks about why consumers are abandoning online bank account application processes, how banks can reduce applicant abandonment with digital identity verification, and what the future holds for biometric verification.
  • How Banks Can Reduce Account Opening Abandonment with Digital ID Verification Recorded: Feb 11 2021 6 mins
    Conor Hickey, Head of Solution Architecture, OneSpan
    Conor Hickey, Solution Architect at OneSpan, speaks about why consumers are abandoning online bank account application processes, how banks can reduce applicant abandonment with digital identity verification, and what the future holds for biometric verification.
  • How to Prepare for the “Next Normal”: Customer Onboarding Recorded: Feb 10 2021 19 mins
    Rahim Kaba, VP Product Marketing, OneSpan
    Our relationship with technology and remote interactions is continuously evolving as we move toward the “next normal.” Many insurance firms have already taken steps to address the immediate impacts of COVID-19 on business continuity. Now, insurers are focused on the next set of challenges, including how to reimagine customer onboarding in a more remote world. In this session, we'll explore novel approaches in identity verification and the electronic delivery and acceptance of insurance agreements and policies to support the rise of the digital-first insurer.
  • How to Prepare for the “Next Normal”: Customer Onboarding Recorded: Feb 10 2021 19 mins
    Rahim Kaba, VP Product Marketing, OneSpan
    Our relationship with technology and remote interactions is continuously evolving as we move toward the “next normal.” Many insurance firms have already taken steps to address the immediate impacts of COVID-19 on business continuity. Now, insurers are focused on the next set of challenges, including how to reimagine customer onboarding in a more remote world. In this session, we'll explore novel approaches in identity verification and the electronic delivery and acceptance of insurance agreements and policies to support the rise of the digital-first insurer.
  • How to Prepare for the “Next Normal”: Customer Onboarding Recorded: Feb 10 2021 19 mins
    Rahim Kaba, VP Product Marketing, OneSpan
    Our relationship with technology and remote interactions is continuously evolving as we move toward the “next normal.” Many insurance firms have already taken steps to address the immediate impacts of COVID-19 on business continuity. Now, insurers are focused on the next set of challenges, including how to reimagine customer onboarding in a more remote world. In this session, we'll explore novel approaches in identity verification and the electronic delivery and acceptance of insurance agreements and policies to support the rise of the digital-first insurer.
  • Breaking Barriers in Digital Account Opening Recorded: Feb 9 2021 54 mins
    Ranya Tzortzatos, TD Bank - Jorge Oliveira, BDC - Michael Lakhal, OneSpan - Mary Ellen Power, OneSpan
    A poor customer experience and insufficient security in the account opening process has been shown to directly negatively impact long-term customer loyalty, retention and profitability. To accelerate new customer acquisition and reduce abandonment rates, financial institutions need to transform the new account opening process into a seamless and secure digital customer experience for applicants. This means stripping out areas of frustration, such as manual ID checks and mandatory branch visits, while replacing these legacy processes with modern solutions, such as digital identity verification and e-signatures.

    In this webinar, we review the findings from a new survey of over 100 financial institutions on the current state of digital account opening transformation. Then, we get direct feedback from a panel of digital customer experience leaders from TD Bank and the Business Development Bank of Canada and the digital strategies being used by their institutions for removing major points of friction in the account opening and onboarding process.

    Topics included:
    - A first look at the findings from The State of Digital Account Opening survey + analysis of what the findings truly mean
    - Strategies on how to remove major points of friction in the account opening and onboarding experience
    - What new and emerging technologies TD and BDC recommend for helping FIs transform the account opening and onboarding experience

    Presenters:
    - Ranya Tzortzatos, Senior Manager, Customer Strategy, TD Bank
    - Jorge Oliveira, Director, IT Solutions Delivery, BDC
    - Michael Lakhal, Director Product Management Agreement Automation, OneSpan
    - Mary Ellen Power, VP Marketing, OneSpan, Moderator
  • Breaking Barriers in Digital Account Opening Recorded: Feb 9 2021 54 mins
    Ranya Tzortzatos, TD Bank - Jorge Oliveira, BDC - Michael Lakhal, OneSpan - Mary Ellen Power, OneSpan
    A poor customer experience and insufficient security in the account opening process has been shown to directly negatively impact long-term customer loyalty, retention and profitability. To accelerate new customer acquisition and reduce abandonment rates, financial institutions need to transform the new account opening process into a seamless and secure digital customer experience for applicants. This means stripping out areas of frustration, such as manual ID checks and mandatory branch visits, while replacing these legacy processes with modern solutions, such as digital identity verification and e-signatures.

    In this webinar, we review the findings from a new survey of over 100 financial institutions on the current state of digital account opening transformation. Then, we get direct feedback from a panel of digital customer experience leaders from TD Bank and the Business Development Bank of Canada and the digital strategies being used by their institutions for removing major points of friction in the account opening and onboarding process.

    Topics included:
    - A first look at the findings from The State of Digital Account Opening survey + analysis of what the findings truly mean
    - Strategies on how to remove major points of friction in the account opening and onboarding experience
    - What new and emerging technologies TD and BDC recommend for helping FIs transform the account opening and onboarding experience

    Presenters:
    - Ranya Tzortzatos, Senior Manager, Customer Strategy, TD Bank
    - Jorge Oliveira, Director, IT Solutions Delivery, BDC
    - Michael Lakhal, Director Product Management Agreement Automation, OneSpan
    - Mary Ellen Power, VP Marketing, OneSpan, Moderator
  • Breaking Barriers in Digital Account Opening Recorded: Feb 9 2021 54 mins
    Ranya Tzortzatos, TD Bank - Jorge Oliveira, BDC - Michael Lakhal, OneSpan - Mary Ellen Power, OneSpan
    A poor customer experience and insufficient security in the account opening process has been shown to directly negatively impact long-term customer loyalty, retention and profitability. To accelerate new customer acquisition and reduce abandonment rates, financial institutions need to transform the new account opening process into a seamless and secure digital customer experience for applicants. This means stripping out areas of frustration, such as manual ID checks and mandatory branch visits, while replacing these legacy processes with modern solutions, such as digital identity verification and e-signatures.

    In this webinar, we review the findings from a new survey of over 100 financial institutions on the current state of digital account opening transformation. Then, we get direct feedback from a panel of digital customer experience leaders from TD Bank and the Business Development Bank of Canada and the digital strategies being used by their institutions for removing major points of friction in the account opening and onboarding process.

    Topics included:
    - A first look at the findings from The State of Digital Account Opening survey + analysis of what the findings truly mean
    - Strategies on how to remove major points of friction in the account opening and onboarding experience
    - What new and emerging technologies TD and BDC recommend for helping FIs transform the account opening and onboarding experience

    Presenters:
    - Ranya Tzortzatos, Senior Manager, Customer Strategy, TD Bank
    - Jorge Oliveira, Director, IT Solutions Delivery, BDC
    - Michael Lakhal, Director Product Management Agreement Automation, OneSpan
    - Mary Ellen Power, VP Marketing, OneSpan, Moderator
  • Podcast: 2021 Technology Trends & Predictions Recorded: Feb 8 2021 22 mins
    Benoit Grangé, Conor Hickey, Daniel Mcloughlin & Sarah Dixon
    After rapid digitization to establish remote processes and ensure business continuity, the financial technology landscape looks remarkably different than it did only a year ago.

    In OneSpan's 2021 Prediction Podcast, three technology experts discuss their top innovation, cybersecurity and digital transformation predictions for banks and other financial institutions in 2021.

    In this podcast, you will learn:
    - The top technologies to look out for in 2021 - including biometrics, machine learning, and ID scanning.
    - How banks will continue to accelerate digitization programs in 2021.
    - Why banks are moving to platform-based cloud technologies for better integration, scalability, and speed.

    Speakers:
    - Benoit Grangé - Chief Technology Evangelist, OneSpan
    - Conor Hickey - Director of Solution Engineering, OneSpan
    - Daniel Mcloughlin - Principal Technical Account Manager, OneSpan
    -Sarah Dixon (Host) - Content Strategy Senior Manager, OneSpan
  • Podcast: 2021 Technology Trends & Predictions Recorded: Feb 8 2021 22 mins
    Benoit Grangé, Conor Hickey, Daniel Mcloughlin & Sarah Dixon
    After rapid digitization to establish remote processes and ensure business continuity, the financial technology landscape looks remarkably different than it did only a year ago.

    In OneSpan's 2021 Prediction Podcast, three technology experts discuss their top innovation, cybersecurity and digital transformation predictions for banks and other financial institutions in 2021.

    In this podcast, you will learn:
    - The top technologies to look out for in 2021 - including biometrics, machine learning, and ID scanning.
    - How banks will continue to accelerate digitization programs in 2021.
    - Why banks are moving to platform-based cloud technologies for better integration, scalability, and speed.

    Speakers:
    - Benoit Grangé - Chief Technology Evangelist, OneSpan
    - Conor Hickey - Director of Solution Engineering, OneSpan
    - Daniel Mcloughlin - Principal Technical Account Manager, OneSpan
    -Sarah Dixon (Host) - Content Strategy Senior Manager, OneSpan
  • Podcast: 2021 Technology Trends & Predictions Recorded: Feb 8 2021 22 mins
    Benoit Grangé, Conor Hickey, Daniel Mcloughlin & Sarah Dixon
    After rapid digitization to establish remote processes and ensure business continuity, the financial technology landscape looks remarkably different than it did only a year ago.

    In OneSpan's 2021 Prediction Podcast, three technology experts discuss their top innovation, cybersecurity and digital transformation predictions for banks and other financial institutions in 2021.

    In this podcast, you will learn:
    - The top technologies to look out for in 2021 - including biometrics, machine learning, and ID scanning.
    - How banks will continue to accelerate digitization programs in 2021.
    - Why banks are moving to platform-based cloud technologies for better integration, scalability, and speed.

    Speakers:
    - Benoit Grangé - Chief Technology Evangelist, OneSpan
    - Conor Hickey - Director of Solution Engineering, OneSpan
    - Daniel Mcloughlin - Principal Technical Account Manager, OneSpan
    -Sarah Dixon (Host) - Content Strategy Senior Manager, OneSpan
  • Risks with Security Code AutoFill in iOS and macOS Recorded: Feb 2 2021 65 mins
    Andreas Gutmann, Researcher at the OneSpan Cambridge Innovation Centre
    In December, 2020, Andreas Gutmann, Researcher at the OneSpan Cambridge Innovation Centre, gave a guest lecture at Northumbria University about his research on Security Code AutoFill and insecurities in the UI of iOS and macOS. This lecture was integrated in Northumbra University's module on Human Factors in Cyber Security for second-year students of the Computer Networks and Cyber Security BSc (Hons) degree.
One Platform to Secure Your Digital Customer Journeys
At OneSpan, we specialize in digital identity and anti-fraud solutions that create exceptional and secure experiences.

From risk-based adaptive authentication to digital identity verification, our next generation solutions are delivered on a cloud-based platform. The OneSpan Trusted Identity Platform makes it easy to integrate new and existing tools and technologies, to better detect fraud and improve the user experience. https://www.onespan.com

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  • Live at: Feb 11 2021 5:00 pm
  • Presented by: Conor Hickey, Head of Solution Architecture, OneSpan
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