As online financial services are increasingly affected by fraud, evolving digital strategy beyond the fraudsters’ advancing capabilities to attack verification systems is the modern challenge whilst striking a good customer experience. Union Bank’s mobile banking platform was reviewed for ways to improve its functionality for a wide range of banking services that customers have come to expect from online consumerism, from instant transactions and account opening to fast QR payments and bill payments.
Online is now the preferred and normal interaction we have with our bank, but fraud can quickly take financial services offline. Several new app features include video KYC processes to open accounts with less effort. Communication with the bank offline does not have to be fragmented as call-back requests for assistance are readily available.
Manisha Fernando, Vice President, Digital Banking, said the significant app upgrade enables the bank to penetrate target markets of “affluent customer segments” and particularly GenZ customers to set up and manage their first bank accounts digitally, as they are used to doing. However, digital transformation matters to all their customers as well as to onboarding new customers.
The app offers a secure user experience with biometrics and controls and will continue being adaptable to their customers’ needs and to the market conditions.
“The bank continues to transform the lives of our customers through digital innovations and service excellence and providing the best digital banking experience is a top priority”.
Union Bank is the first bank to be recognised with the ISO 27001:2022 certification and Payment Card Industry Data Security Standard (PCI DSS) v4.0 for maintaining the highest standards of data security.
