The banking sector has accelerated its digitization in the context of the COVID-19 pandemic. This has been reflected not only in the increase in the number of digital transactions but also in the rapid evolution that banking has had during the last year and in which there is an improvement in the customer-centric experience.
According to Pablo Elek, Deputy General Director of Consumer Banking at HSBC México, digitization contributed to increases in transactionality and a significant growth in the number of users who use financial services digitally.
The manager explained that “digital transactions have grown 140% from one year to another, digital users have grown between 57% and 60% in the last year.” In addition to the fact that “between 30% and 50% of all interactions that cover customer needs, such as a card, insurance, an investment, are already being done (in) digital or with the assistance of an executive on platforms digital ”.
This has required new ideas, so innovation has played a central role in digital transformation. In this regard, Juan Carlos Espinosa, Digital and Innovation Director of HSBC Mexico, stated that “a large part of innovation is in recognizing that everything we do is customer-centric”.
Both Pablo Elek and Juan Carlos Espinosa were part of the Webinar Laboratorio de Soluciones de El Economista: “Digital transformation of banking and the role of new means of payment”, in which Sidney Massunaga, Channel Director of HSBC México and Miguel Díaz, General Director of Payment Systems at Banco de México.
One of the most important issues related to security is protecting the identity of users. Miguel Díaz explained that the main challenge on the subject is to generate a simple infrastructure that allows users to share their identification with the institutions in a secure way.
Among the recommendations that HSBC specialists share to keep us protected from fraud, the following stand out:
- Do not provide sensitive data if they contact you from “a bank.” It could be a fraud, the bank does not request this information by any means.
- If you receive an SMS with a link, do not open it or reply to the message. Delete it and verify in your banking app that no unusual movement has been made.
- If you receive an email, check that the spelling and the address it came from are correct. Do not open or enter passwords or CVV numbers for your cards.
- If they call you offering prizes, offers or promotions and ask for confidential information such as account number, balance, access code or PIN to give them to you, hang up immediately and call your bank.
- Check your accounts in your banking app frequently.
The future of banking
The panelists also mentioned some of the trends that could occur as part of the digital transformation and the evolution of payment methods.
According to Pablo Elek, both the branches and the telephone service will continue to exist, what will change will be the services they offer, since “Mexico continues to be a cash-based economy” and customers continue to seek a certain proximity.
Another trend in the financial system is biometrics, which allows generating a first relationship with the client, explained Juan Carlos Espinosa. He added that this technology benefits both financial institutions and users of financial services, which is why it is currently seeking to evolve to a second generation of biometric validation, based on facial validation.
One more novelty is the democratization of banking through “open banking”, that is, that user information is shared between fintechs and the financial sector and this translates into offering better products and benefits to customers.
For his part, Sidney Massunaga considered that, “in addition to having the offer of products and transactions, we are also going to see more and more services and offers to clients on how to better manage their finances through savings and investment, for example ”.
Finally, for Miguel Díaz the next step is represented by open finance, where any financial service provider can enter the ecosystem, and make a transfer as easy as sending a message through a messaging application.
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Reference-www.eleconomista.com.mx