3 Benefits of a Frictionless and Secure Digital Banking Experience
The banking and finance industry has undergone a seismic shift over the past decade—bringing both significant challenges and transformative opportunities. Today, one truth is clear: banks that fail to adapt to the digital landscape will struggle to remain competitive.
“It is not necessary to change. Your survival is not mandatory.”
Consumers now expect more than just financial stability—they demand intuitive, seamless, and secure digital experiences. To compete, banks must innovate, collaborate across teams, and deliver exceptional customer journeys grounded in both usability and trust.
“In this new environment, understanding the Digital Experience that your Customers expect is critical. Not just to your success, but to your survival.”
Why Frictionless Banking Matters
Despite major improvements in mobile banking, many customers still face obstacles. Logging into a bank account often requires remembering a password, entering a PIN, or navigating complex multi-factor authentication (MFA) procedures. While MFA boosts security, it often increases friction—and customer frustration.
Enter [object Object]. As the term suggests, it focuses on delivering a seamless, secure login experience by eliminating traditional passwords. Modern technologies now allow customers to use biometrics (fingerprint or facial recognition) and passwordless login options, creating faster, safer, and more user-friendly experiences.
Top 3 Benefits of a Frictionless and Secure Digital Banking Experience
1. Retaining and Attracting Customers
Frictionless banking redefines how customers engage with their bank. When users can securely log in and transact with ease, satisfaction increases—and so does loyalty. This leads to:
- Higher customer retention
- Increased referrals
- A growing user base and revenue
2. Reducing Fraud
According to a [object Object], financial institutions face cyberattacks [object Object] than companies in other industries. Secure login methods, such as biometric and passwordless authentication, mitigate risks by preventing:
- Phishing attacks
- Credential stuffing
- Unauthorized account access
3. Lowering Operational Costs
Password resets are costly. Gartner estimates [object Object] are password-related. Forrester reports the [object Object].
By eliminating passwords, banks can:
- Reduce helpdesk volume
- Minimize infrastructure overhead
- Improve IT team productivity
The Path to Frictionless Banking
BlokSec’s Verifiable Identity™ platform enables banks to implement passwordless login in hours—not months. This standards-based solution offers:
- Seamless customer login experiences
- Biometric or device-based authentication
- Tamper-proof consent for high-risk transactions
- Easy integration into existing systems via APIs
Customers can log in as effortlessly as unlocking their mobile device. High-value actions—like wire transfers or profile changes—can be secured through consent-based approvals.
