Webinar

Cybersecurity and Digital Onboarding

A Game Changer for Community Banks

Even before the pandemic sent a record 63% of consumers banking online, the number of bank branches had already declined by 20%*. With digital transformation now a necessity for banks, institutions are taking steps to ensure digital KYC and onboarding simultaneously win over consumers and bolster security. ICBA’s recent webinar featuring experts from banking, law enforcement and identification technology showcased how digital is now affordable and in reach of community banks. Read on to learn the critical steps to compete alongside major banks and fintech upstarts, or view the full webinar below.

“With the cost of technology coming down, smaller banks that embrace technology…are going to be the ones that continue to thrive.”

RYAN GORNEY, CIO & CDO, PROFESSIONAL BANK

Embracing digital KYC and onboarding solutions

Seek digital solutions that align incentives between the technology provider and the bank with low-cost, pay-as-yougo models that emphasize immediate revenue growth

Look for systems that address multiple use cases, such as, account creation, call center customer support, account takeover management, on-premise validation, etc.

Because speed of implementation is key, test adaptive systems with web-portal options that can be used immediately, or with rapid integration ready in only a few weeks

“KYC is so important in the onboarding process, and there are too many legacy systems that are inadequate. When they are reviewed by regulators, they’re the ones that find themselves getting large fines.”

GARRY CLEMENT, NATIONAL DIRECTOR, PROCEEDS OF CRIME, RCMP (RET.) PRESIDENT & CEO, CLEMENT ADVISORY GROUP

Reducing fraud risk and improving identity verification

One of the most effective ways to prevent fraud is by conducting a thorough examination of the customer during onboarding, a step where many banks cut corners

Supplement manual KYC processes with digital systems designed to analyze factors and risk signals employees can’t detect

Biometrics cross-examined with government IDs replicate the in-person identity check, increasing security vs. legacy processes like the old bureau questions that are beaten by information readily found online

Automated, risk-based security step-ups, like text alerts, data callbacks, and ongoing facial recognition, continually confirm account-holder authenticity to for safe, ongoing account management

New systems verify the sender and the recipient before a payment is sent, protecting the banking customer and the bank

“The recent FFIEC guidance… emphasizes the importance of taking a risk-based approach. When more risky activity is coming along… you need to make sure you up your level of validation of the account holder.”

STEVE LEDFORD, SVP PRODUCTS & STRATEGY, THE CLEARING HOUSE

Balancing compliance vs. true security

It’s a common misconception that compliance provides security; security requires vigilance which can be left to employees or it can be automated, but it must be thorough and ongoing

Organized crime often targets small institutions because they are unprepared for sophisticated fraud

Partnership between banks and law enforcement keeps both parties apprised of risk and evolving forms of fraud before it becomes a problem

Consortiums of community banks and technology providers can leverage information to stay ahead of fraud in ways that were not traditionally possible

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