ICYMI: Developments in Digital Banking & Payment

Last updated: 25 January 2023

The way consumers manage their finances is changing and every year we grow more accustomed to digital channels that are not only efficient – but user-friendly and secure. The banks looking to future-proof themselves are the ones that recognise this, continue to innovate and put these new services in customer’s hands.

This year we’ve explored many digital banking & payment trends – from digital issuance for PIN codes, personalised payments and modern card programs. In case you missed them, we’ve rounded up some of our highlights below:

Making payments personal

We’re used to being served content based on our preferences, customised tech and user experiences or having many opportunities to express our views and identity on a daily basis. The brands and businesses that are best placed to succeed are those who have tapped into these trends. This is no different in the banking sector.

In this blog, we looked at the growing personalisation trend and how banks can tap into it. One such way is through personalised cards. Read the full blog to learn about SketchMyCard and why it promises to be big business for the payment card sector.

Personalisation and Payments: Why card personalisation is big business

Issuing digital PIN codes for EMV cards

The 4 digit PIN Code is a technology that has come to be part of everyday life and was introduced as a Card Verification Method (CVM) in the EMV standard to perform user authentication. Digital PIN refers to a new “digital delivery and management” mechanism: instead of a PIN code being sent in the post, it is delivered via an app (or secure SMS) enabling customers to use their card with seconds of it arriving.

In this blog we look at the evolution of the PIN number and the benefits for both banks and users of taking a digital-first approach.

Digital PIN – The Next Step in Digital First Banking

Developing a Modern Card Program

The banking industry has undergone a huge transformation in recent years and continues to transform as we head into the realm of real-time, digital first (and physical later) banking and payment. Characterized by the need to do things more cost-effectively, sustainably, faster, and with user experience at its core – modern card program strategies are revolutionizing the sector and embracing these changes will be vital for a bank’s survival.

In the summer we laid our vision for a Modern Card Program, in an in-depth three part blog series. If you missed it, you can catch up below:

Part One: Deploying a Modern Card Program – Digital First Banking

Part Two: Deploying a Modern Card Program – Card Issuing Platform

Part Three: Deploying a Modern Card Program – Mobile Banking App

Making payments accessible and inclusive

Whether its online banking, mobile and contactless payments or biometric authentication – the banking sector has made great strides in innovation – all to improve services for customers wherever they are in the world, safely and conveniently.

However, while these services have developed, the banking sector must ensure that they are thinking about inclusivity and not leaving anyone behind. For example, as it currently stands, most banking services are not adapted for people with disabilities. 90% of visually impaired people have once in their lifetime faced fraud or encountered a mistake at a point of sales. It was for this reason Thales has worked on developing the world’s first voice payment card. Check out the full blog to learn about the voice payment card works – and how it’s bringing inclusivity to the banking sector.

Promoting inclusivity in the banking industry: voice payment cards

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