A Banking Transformation

18th June 2018

A Banking Transformation

There is no turning back for the world of banking as digitalization pushes banks to dramatically rethink the way they conduct their businesses. G+D Mobile Security provides a host of possibilities to make the transition easier, while maintaining customer brand awareness.

The digitalization of banking is one of the most radical alterations to hit the sector in decades. With such momentous changes, banks need to rely on trusted partners to enable them to follow a multi‐channel strategy with flexible, secure technology‐backed financial solutions. Fintechs and over‐the‐top digital giants are disrupting the old bank‐customer intimacy. Paypal is a well‐established payment competitor, while Amazon is using its customer knowledge base to combine financial services with non‐financial offerings.

A McKinsey report describes the new competitive landscape, and it is littered with a range of diverse trends, such as in‐app payments replacing in‐store payments. The report stresses data capture in order to “provide real‐time insights into needs and preferences of retail consumers, SMEs or large corporations”. Cloud‐based solutions are encouraged, says the report. And banks should engage with the demands of increasingly tech‐savvy customers, who want applications beyond banking, such as integrated e‐commerce and payment possibilities.

Digital Banking Services by G+D Mobile Security

  • Digital Payment Services

Great user experience for convenient card provisioning in 10 seconds; fast “tap and pay” payments with highly scalable end‐to‐end solution.

  • Consumer‐Centric Services

Customized solution with ID card scanners and paper printers to issue credit cards on the spot and enroll consumers.

  • Mobile Application Platform

AppWorld Client and Server for dynamic management and SDK for fast development of mobile services.

  • Digital Identity Services

With authentication and e‐signature.

Amongst the estimated 180 billion contactless transactions (see graph) in 2022, we see the major growth coming from consumers using mobiles and wearables for payments. Clearly, therefore, banks should see digitalization as an opportunity. Banks need to benefit from their competitive advantages, such as customer data knowledge and, of course, their direct access to the customer. Today’s customers demand personalized, convenient 247 access to their bank accounts; they want real‐time fulfillments and fast‐response times, always with high security.

G+D Mobile Security is at the forefront of digital banking, with services in digital payment, mobile application platforms and digital identity services, and always consumer‐centric. Convego Hub, for example, provides highly secure, fast and convenient payments on any device. As part of Convego Hub, Convego CloudPay enables cloud‐based payments according to the global payment schemes. Similarly, Convego Hub provides sub‐solutions for any other technology and enables all payment options and schemes securely. The system provides extremely fast virtual payment card enrollment, enables secure contactless payments and integrates online interfaces for banks’ card issuance and lifecycle management.

As well as partnering with the likes of Swatch in the wearables market, G+D Mobile Security is also collaborating with international payment schemes to provide tokenization services for issuer wallets via CloudPay, which is certified by all major payment organizations. G+D Mobile Security’s Convego Hub ensures that a bank’s digital transition is an opportunity to be grabbed. Banks retain control, reduce their IT costs and can monetize data by directly offering extra services. Customers get a quick, convenient and appealing app, with their trusted bank brand a reassuring presence, all underpinned by the highest level of security.

The challenges to banks come from several directions, and they are forcing more traditional banks to update their services:

  • Fintechs and over‐the‐top digital giants

Fintechs and over‐the‐top digital giants are disrupting the old bank‐customer intimacy and are trying to reinvent payment methods.

  • Online and mobile payment players

With the aim of providing easy, secure and standardized payment services, PayPal and Square are enticing customers.

  • Banks with new value propositions

Companies such as mBank or Fidor Bank provide alternatives to traditional bank services and offer a more engaged customer experience.

  • Entrants from other industries

Walmart, Amazon, Facebook and others are about leveraging their current customer knowledge in order to combine financial services with non‐financial offerings.

A Banking Transformation

Find out more here.

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