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Are UK Banks Caught in the Dark Ages?

Are UK Banks Caught in the DARK AGES? Why Advanced Authentication Systems Must Be Implemented Now Technology has played a key role in all aspects of banking activities which include storage, processing, and collection of information. And while many countries have already embraced new technologies affecting banking processes, analysts claimed that UK banks and financial institutions are left stuck in the dark ages. In this article, you will be able to gain a better insight of UK banking technology and at the same gain knowledge on what can be done to rearrange and improve processes for customer protection and better security. IT UNDERINVESTMENT IN UK RETAIL BANKING Failure to allocate proper funds into IT systems can lead to a range of failures. In the UK, there are scenarios that have caused huge customer inconveniences as they failed to successfully access their funds. 深 RBS In one case, the Royal Bank of Scotland experienced high profile IT failures and have led to their customers being unable to access their money. RBS' failure to invest in its IT systems have caused serious inconveniences among its customers. In many instances during the recent years, RBS has hit the headlines due to software issues that resulted from IT underinvestment. The Royal Bank of Scotland WHY BANKS ARE LEFT BEHIND? WHAT THIS MEANS FOR UK BANKING INDUSTRY UK banks are stuck in an era where innovation is disregarded. To help you understand its impact and what it means for the UK banking industry, listed below are some of the effects of underinvestment on banking technology that you must know: Over-reliance on market research is considered as one of the major obstacles that contribute on the failure of banks to come up with the right decisions. It appears that surveys often reveal the skepticism of customers in using the Internet to their bank accounts and Slow client service Inefficient transfer of data PAY SCAM ALERT financial transactions. As executives rely more on what their customers are interested in, they fail to look into the fact that the general public or their clients are not the experts in global banking technology and may not be aware of the recent trends Failure to control fraud Poor payment options on financial services. Unsecure transfer of money DO OR DIE: WHY BANKING INNOVATION IS IMPERATIVE Technological innovations in banking offer benefits, but despite these, most UK banks are still caught up in the dinosaur age of banking technology. Opportunities continue to be missed and innovations are preempted. Technology is supposed to bring transformations in the accounting and management systems of all financial institutions, but this is not the case in most UK banks. 1 2 PROCESSING 24 MORE EFFICIENT DELIVERY OF SERVICES SELF-HELP FEATURES FRAUD REDUCTION Banking innovation enables a With advanced banking technology, customers can take advantage of self-help features that spare customers from unnecessary Technology is a key player when it comes to the reduction person to save time and effort when of fraud in banks. engaging in financial transactions, including checking of Data security remains to be a major costs of customer concern among customers and through inventive banking innovations, errors and incidents of forgery services. This means being able to do what customers account balance or getting bank statements. Remote banking has enabled need to do without shouldering extra charges. customers to transact are reduced. without the usual hassles of going to banks and spending time lining up along with other customers. WHY BANKS SHOULD MOVE OUT FROM THE DARK AGES HOW MAJOR UK BANKS RESPOND TO CHANGING DEMANDS ON BANKING In an increasingly competitive industry, like the banking sector, product development, delivery of services, and consumer engagement should be established. While most banks in the UK are still lagging in terms of banking technology, the major UK banks have already responded to the changing demands of banking. 1 2 3 LLOYDS BANKING GROUP HSBC Santander first direct SANTANDER LLOYDS BANKING GROUP HSBC & FIRST DIRECT Santander has recently Lloyds now uses banking technology that enables people to conduct mortgage interviews through videos. This technology allows Lloyds Bank and Halifax customers HSBC and First Direct rolled out a SmartBank have included use of app that allows people to make enquiries abou "Voice Biometrics" into their password authentication processes. Over 15 million banking customers were given the their accounts and financial statements. This app is different from voice biometrics, which only chance to access their accounts using biometrics authentication to have a "face to face" uses the voice of customers as a password to access accounts. interaction with a or voice and fingerprint mortgage adviser right at the comfort of their own homes. verification. HOW MAJOR UK BANKS RESPOND TO CHANGING DEMANDS ON BANKING 个个 TOUCH ID BIOMETRIC EYEPRINT RECOGNITION VOICE AUTHENTICATION The impressive technology used on the latest smartphones are also used in Eyeprint recognition is like taking an eyeball selfie in which the map Smartphone users are familiar about voice assistance which has long been available for mobile users. However, of the blood vessels in consumer banking. Fingerprint authentication biometric became a the eyes of user will be scanned using the voice authentication is no longer limited to smart devices as financial camera of a basic popular option in the past year and as it gave a new face to mobile smartphone. While there are already big companies who rely on this technology, there are firms that have institutions are already looking into the possibility of using the technology to improve their security. security, banking and financial services already expressed their plans to incorporate biometrics technology like eyeprint recognition into their banking security platforms. companies were smart enough to follow suit. 95% 35 million are able to login succesatully people who are using this for secure login processes. 1 2 Money matters are often considered as crucial and attention-worthy, which is why issues pertaining to banking and finances are never considered as laughing matters. The fact that UK banks are lagging behind the financial giants in terms of banking innovation and security should be a wake up call for consumers and experts to know what is yet to be accomplished in terms of banking technology. Are UK banks still waiting for a major financial mishap to occur before taking the much needed steps? Isn't it time to break free from the dark ages of banking? Solus

Are UK Banks Caught in the Dark Ages?

shared by micah3 on Apr 28
Technological innovations brought tremendous changes in banking. But while there are already lots of Europe and US banks that are using innovative systems when it comes to storage, processing,and coll...


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