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UNITED BULGARIAN BANK SELECTS ONESPAN TO HELP FIGHT SOCIAL ENGINEERING AND MOBILE MALWARE ATTACKS

Leading bank implements OneSpan’s Cronto and Mobile Security Suite to protect online and mobile banking applications while meeting PSD2 Requirements

 

OneSpan™, a global leader in software for trusted identities, e-signatures and secure transactions, today announced that United Bulgarian Bank (UBB) has deployed OneSpan’s Mobile Security Suite and Cronto technology to securely sign transactions and to protect the bank’s mobile banking application. This integration will help UBB meet PSD2 requirements related to strong customer authentication that come into effect September 2019.

 

As part of UBB’s innovations strategy, the bank launched its mobile banking app UBB Mobile. To protect this mobile application from malware, the bank integrated OneSpan’s Mobile Security Suite, a one-stop mobile software development kit for integrating application security, biometric authentication and Cronto technology. In the six months since its launch, more than 60,000 of the bank’s customers have begun using the app.

 

The bank implemented Cronto to meet the PSD2 dynamic linking requirements and help mitigate human risk in banking transactions. Cronto uses a graphical cryptogram made of colored dots to encrypt transaction details, which can then only be read by a trusted device. This patented visual transaction signing solution helps banks counter social engineering attacks as well as banking Trojans such as man-in-the-browser by establishing a secure connection between the device and the bank.

 

“Innovation is key for United Bulgarian Bank. We want to improve and expand the use of our digital channels, especially mobile,” said UBB Head of Digital Channels Development and Support, Iliyana Voynova. “A reliable partner that brings the knowledge and expertise in both security and regulations is fundamental. Thanks to OneSpan, our users can benefit from easy-to-use security, while the bank meets regulatory compliance requirements.”

 

“As the banking environment continues to evolve, so too do the ways customers interact with their banks,” said OneSpan Senior Vice President of Global Sales, Dan Dica. “As a result, banks are prioritizing the mobile channel, which requires a different approach to security. Using OneSpan’s Mobile Security Suite, banks can address these requirements, including meeting compliance, preventing fraud and securing the application, through a single vendor.”

 

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DATA-DRIVEN BUSINESS OPERATIONS ARE A MULTI-YEAR PLAN FOR TWO-THIRDS OF FINANCE PROFESSIONALS

Data-driven business operations are a multi-year plan for two-thirds of finance professionals (66%). Only 7% think their own organisation is already data-driven, while 14% think they will achieve this within a year, with 43% expecting to become data-driven within two to three years. However, almost a quarter of organisations (24%) see this as taking more than four years, according to the latest findings from Onguard’s annual FinTech Barometer.

 

Combining and integrating data

Companies that want to become data-driven face limitations. The FinTech Barometer has identified the biggest challenge as being combining data from a variety of internal and external sources (40%). This combining of data is key, as it can be used to make predictions, in terms of credit scoring, payment behaviour and cash flow, for example, and to guide companies as to how best to respond to them. Although organisations have sufficient data, by not being able to combine it, they are not currently gaining optimum value from it. In addition, 31% lack the right technology to make data optimally available within their organisations. Therefore, integrating systems, such as a CRM system, as well as external data sources and the credit management system, likely proves to be a difficult task in practice.

 

Developing skills and expertise

A further challenge to organisations becoming data-driven is the lack of expertise in data processes and analysis (36%). The role of the finance professional is evolving in response to the growing demand within the financial world for different skills. According to the finance professionals, organisations most need analytical ability (59%), communication skills (37%) and programming skills (36%) in order to become data-driven. In addition, the knowledge and skills traditionally associated with finance professionals also remain crucial to interpret figures. Therefore, training current staff and recruiting new talent to specialise in the field of data analysis will help organisations gain the wealth of skills and experience needed to become data-driven.

Marieke Saeij, CEO, Onguard said: “Data-driven finance departments are the future. Data-driven organisations make better decisions, get ahead of competitors and have more satisfied customers. Based on insights gained from data, customer interactions can be personalised and there is room for innovation. Furthermore, becoming data-driven will increase efficiency and provide the insight needed to lower the Days Sales Outstanding (DSO) and improve the cash flow.”

 

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FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

  • 86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12 months
  • Banks believe regulators are stifling innovation: almost half (48%) believe ‘regulation is too tight’ and that there is ‘not enough government or industry support to foster innovation’

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation.

The research, which was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE1, shows a maturity of API adoption and calls for the harmonization of regulations between geographies.

Key findings include:

  • Open banking is on the up in 2020 compared to 20192: The percentage of financial institutions looking to leverage open APIs has substantially increased in the US (+23%) and UK (+17%), while Singapore (+1%), France (-1%) and Germany (-4%) are relatively stagnant since our research in 2019.
  • Improvements in the overall customer experience accelerate API adoption: the US (45%), Hong Kong (42%) and France (36%) are leading the way in harvesting this benefit of Open APIs (UAE: 32%; Germany: 20%; Singapore: 20%; UK: 19%). Overall, 41% of global banks say that they are ‘still in the early stages of adoption’, so it’s difficult to measure the impact of Open Banking on their business so far.
  • Regulation is perceived to be tighter than a year ago and industry or government support is required to foster innovation: Almost half of those audited believe that regulations are holding back innovation. 48% state that ‘regulation is too tight’ – 10% more than 2019 – and the same percentage (48%) believe there is ‘not enough government or industry support to foster innovation’, particularly so in Hong Kong (62%), France (50%) and Singapore (49%), compared to 38% in the UK.
  • A call for harmonization: 83% of financial institutions and banks agree that regulations regarding fintech innovation should be harmonized across different geographies.
  • Cost of fintech research and development is of concern in some regions: Cost of R&D in the US, UAE and APAC regions is highlighted, more so than in the UK. (USA: 55%; Hong Kong: 55%; Singapore: 51%; UAE: 46%; France: 43%; Germany: 34%; UK: 33%).

 

Simon Paris, CEO at Finastra said, “It’s encouraging to see Open Banking maturing on a global scale, but it’s still seen by many to be in its teenage years, with scope for creating even greater opportunities. We believe it will be the first step towards Open Finance which will see the next wave of innovation in financial services being created through collaboration on open platforms, like FusionFabric.cloud, using open APIs and open software solutions.

“Currently banks and technology vendors are rightly focused on business continuity and keeping their workforces safe. We’ve also seen many of these firms moving with amazing pace to bring innovative solutions to market, with the help of technology, to support customers in this new environment. As we come through this situation together, we must endeavor to emerge stronger, and it will be interesting to see how Open Banking and collaboration accelerate when this outbreak ends.”

 

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