2020 was a dark year for the world and a watershed period for financial institutions, but even the most challenging periods have a bright side.  For banks, the bright side was the opportunity to build a strong relationship with their customers digitally. Although the pandemic limited person-to-person interaction at branches, consumers have shifted to digital and mobile banking as a means to transact and continue their financial affairs.

In 2022 digital and mobile banking already are the primary means of consumer banking.  Here are some numbers to substantiate that:

  • 97% of millennials use mobile banking today.
  • 65% of mobile banking said they are using mobile banking more post-pandemic.
  • During the past 12 months, 76% of Americans turned to mobile banking
  • The percentage of consumers who say they use mobile banking on a weekly basis has grown from 32% (2018) to 50% (2020)
  • There were 26% (2020) more mobile banking app sessions globally than in 2019.
  • 39% of consumers now report using mobile apps as the primary source for banking.

Another interesting statistic that outlines the impact of the ongoing digital transformation that was intensified in 2020 is that 60% of banks closed or shortened opening hours of branches to accommodate the new digital banking reality.

Clearly, 2020 fast-tracked the banking digital revolution, and with all transformations come challenges.  There is no doubt that the digital revolution adds a security risk. For financial institutions, the new digital revolution brings with it new challenges. As the financial sector adapts to the global changes, so do fraudsters.  Fraudsters have shifted their focus from web-based fraud to digital and mobile fraud. Mobile fraud has increased exponentially during the pandemic – the numbers substantiate the new phenomena.  Financial institutions must take steps to ensure that their customers are secured from sophisticated fraudsters.

And that’s where Paygilant comes in.

The Paygilant solution was designed for mobile payments.  Unlike others in the field who are spread across multiple channels, Paygilant specializes in tackling fraud threats on mobile devices. Its solution is 100% designed around mobile platforms and behaviors, making it ideally suited for the digital revolution.

The Paygilant solution ensures that consumers are secured during each stage in his/her users-journey. Paygilant’s multi-layered Six-Intelligence-Sets deliver unparalleled detection accuracy.

Together with fraud deterrence, digital banking customers demand fast and easy transactions. Frictionless customer experience has become the name of the game. This makes transaction review and the need for fast risk assessment vital. Organizations will require an automated solution like Paygilant that can move at the speed of fraud to keep financial institutions and customers safe.

Paygilant provides digital-focused banks top-of-the-line customer experience. What makes Paygilant unique is that it runs in the background of the banks’ app to trigger a “safe/risky” alert. Utilizing its proprietary machine learning algorithms, Paygilant seamlessly authenticates users to ensure that transactions are approved only for legitimate customers.

In contrast to a rigid legacy system, the Paygilant solution scales to meet the needs of a rapidly growing and expanding bank. As new digital banks grow both in size and in geographic coverage, Paygilant works alongside them to properly tweak and tune the model to maintain accuracy, customer experience, requiring zero effort from them.

2020 was a watershed period for the financial world. The advent of the new financial digital revolution will change banking forever and bring with it substantial challenges and opportunities for “one-step-ahead” organizations.