Tech Time: How to enhance fraud mitigation while ensuring a seamless member experience
Employing detection and prevention tools behind the scenes reduces friction while bolstering security.
Credit unions have long been known for prioritizing a member–first approach—friendliness, accessibility and the well-being of their members. This model, which places a premium on relationships, means that in many ways credit unions lead the financial services sector in embodying the customer experience ideal.
The reality is that other business imperatives can sometimes create challenges for this ideal, particularly with the rise in identity fraud that has accompanied the increase in digital interactions. Given how central the member experience is to their organizations, credit unions often struggle to implement fraud mitigation efforts that don’t unnecessarily add friction to member interactions.
A 2022 survey of financial services leaders, conducted by Arizent and American Banker, found that the COVID-19 pandemic accelerated financial services institutions’ efforts to overhaul the digital banking experience, but pain points remain as organizations work to minimize digital identity risk. The top priorities for at least half of these organizations included improving digital product origination and onboarding (58%), process automation to simplify or enhance the customer experience (53%), delivering a seamless user experience (53%), and improving fraud prevention and mitigation (50%).
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