In Case You Missed It: Digital Banking in a Post-Pandemic World Summit
By Leor Melamedov
We’re so grateful for all the fascinating and insightful speakers who helped make this year’s Digital Banking Summit a huge success. We’d like to particularly thank our partners Mitek, Voca.ai, and the Consumers Bankers Association who co-hosted the “Digital Banking in a Post-Pandemic World” summit.
The virtual conference, which took place online on September 15th, 2020, focused on pressing issues for the banking world including effective digitization, fraud-busting, synthetic identity theft, and predictions for the future of consumer banking. It saw over 100 attendees, with eight interactive sessions, 19 expert speakers, and over 4.5 hours of non-stop insights.
If you’d like to watch the event but missed it live, don’t worry—it’s viewable here.
The event kicked off with Lightico’s VP Marketing and Communications, Jake Levant who presented brand new consumer banking data from a survey of over 1,000 Americans as well as digital banking trends from the past eight months since the pandemic began.
“Even though we've taken great strides, the digital approach is not yet complete and we still have work to do,” said Levant. “When we see these numbers, that a whopping 57% of transactions that are started online are broken and are not completed and are bounced on to offline, we know we’re not there yet.”
In a fireside chat “Combating Fraud in Banking: An FBI Special Agent's Game Plan” Cassi Chandler, Vigeo Alliance CEO and Former FBI Special Agent, shared how the tools used to combat fraud can unfortunately also be used to perpetrate fraud:
“If we recognize how artificial intelligence can be a tool for being successful in our business, we should also recognize that it can be a great tool for fraudsters to get into your bank, find information, and use that identity. Was the fraudster able to get through the KYC and the onboarding the first time? No? Let's just change and twist it a little more. They’ll use some of the self-learning capabilities that were acquired from Google’s tech and continue to move forward until it works.”
In addition, Cassi noted that fraudsters can also use the natural language aspect of AI to craft realistic-sounding responses to banks.
One of the highlights of the event was an expert panel, “AI, ML & Innovation to Improve Customer Experience” which brought perspectives on how deep tech is helping create a better customer experience. In the session, Bill McNulty, Operating Partner, Capital One Ventures talked about how Capital One has used those capabilities to create more frictionless customer journeys and interactions.
"Some of the best uses of AI and ML are so good, the customer doesn't even notice." - Bill McNulty, Capital One Ventures
"Some of the best uses of AI and ML are so good, the customer doesn't even notice. These are things that are improving our fraud detection models so that credit cards are declined less often, customers can open accounts more easily, and authentication can be completed digitally.”
The “Live Q&A: Banking in 2021 - The Future of Consumer Banking” asked five panelists to elaborate on what they expect consumer banking to look like on the heels of the pandemic. They emphasized the need for banks to be agile, develop more sophisticated and automated ways of preventing fraud, and staying compliant with KYC measures without negatively impacting the customer experience.
To be cost-effective and customer-centric in the coming year, banks are going to need to focus on streamlining and speeding up customer interactions. Empowering frontline employees to make decisions and quickly resolve customer issues needs to be prioritized. Cassi said that at banks with this mindset, the attitude is, “The customer is first, go ahead and decide in their favor, and then we’ll deal with it later on.”
On the heels of the event’s success, Lightico will be hosting the ‘Auto Finance Innovators Forum’ next month. Be sure to register if your bank provides car financing!
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The virtual conference, which took place online on September 15th, 2020, focused on pressing issues for the banking world including effective digitization, fraud-busting, synthetic identity theft, and predictions for the future of consumer banking. It saw over 100 attendees, with eight interactive sessions, 19 expert speakers, and over 4.5 hours of non-stop insights.
If you’d like to watch the event but missed it live, don’t worry—it’s viewable here.
The event kicked off with Lightico’s VP Marketing and Communications, Jake Levant who presented brand new consumer banking data from a survey of over 1,000 Americans as well as digital banking trends from the past eight months since the pandemic began.
“Even though we've taken great strides, the digital approach is not yet complete and we still have work to do,” said Levant. “When we see these numbers, that a whopping 57% of transactions that are started online are broken and are not completed and are bounced on to offline, we know we’re not there yet.”
In a fireside chat “Combating Fraud in Banking: An FBI Special Agent's Game Plan” Cassi Chandler, Vigeo Alliance CEO and Former FBI Special Agent, shared how the tools used to combat fraud can unfortunately also be used to perpetrate fraud:
“If we recognize how artificial intelligence can be a tool for being successful in our business, we should also recognize that it can be a great tool for fraudsters to get into your bank, find information, and use that identity. Was the fraudster able to get through the KYC and the onboarding the first time? No? Let's just change and twist it a little more. They’ll use some of the self-learning capabilities that were acquired from Google’s tech and continue to move forward until it works.”
In addition, Cassi noted that fraudsters can also use the natural language aspect of AI to craft realistic-sounding responses to banks.
One of the highlights of the event was an expert panel, “AI, ML & Innovation to Improve Customer Experience” which brought perspectives on how deep tech is helping create a better customer experience. In the session, Bill McNulty, Operating Partner, Capital One Ventures talked about how Capital One has used those capabilities to create more frictionless customer journeys and interactions.
