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Digital transactions are now the norm in this current climate. In fact, most businesses out there place an emphasis on digitising most of their interactions with customers, which has been proven to increase the efficiency of an operation and enhance customer satisfaction. However, the industry is still plagued with cyber threat issues when it comes to digital onboarding; the primary choice for many institutions with customer engagement. 

Despite its many benefits, digital onboarding battles issues such as fraudulent document submissions, phishing, data breach, middle man attack, and many more. Although the public widely agrees that digital onboarding has enriched the interaction process with businesses, there has also been a global increase in security issues related to digital onboarding, costing an average of USD 5.72 million to the financial industry according to IBM and Ponemon Institution

Understanding the equal benefits and danger of digital onboarding

Cyber-attacks are no longer limited to high-level targets, in fact, the most common attacks are targeted at businesses relying heavily on network applications. According to Precursive, 82% of enterprise organisations rate their onboarding approach as a key driver of value. This reflects a significant jump of digital onboarding being deployed and used everywhere in 2021 alone. Unlike traditional manual application submission methods, digital onboarding has been touted as both efficient and threatening at the same time. Although many institutions now have a devoted team to this specific process, the financial industry is still seeing a worrying statistic of cyber threats.

Part of the contributing aspects is the lacking of fraud detection features by the deployed system. As we know, digital onboarding can be a lengthy process involving multiple stages such as data submission, decision-making, approval and can also includes the disbursement stage. .. However, the rapid growth of digitisation in recent years has pitched solution providers into a race to get their products as quick as they can to the market; often at the cost of the security of the system. 

Enter Juris Access: build with security in mind

Understanding that digital onboarding for the financial industry takes security seriously, the primary goal during the development of Juris Access is to ensure the efficiency of the process is not compromised by security issues. The back-end system of this software is built to ensure the best-embedded fraud detection features. 

A feature to be highlighted from Juris Access is the ability to learn the customer journey processes, mapping it back to any existing engagement history (such as utilised device or phone numbers). This minimises the threat of fraudulent data submission that might lead to stolen identity cases. Besides that, Juris Access is also tightly integrated to an institution’s existing system, allowing a straight-through-processing and direct engagement between customers and institutions. In return, it expedites the decision-making process and eliminates the threats of middle-man attacks. 

However, the majority of security concerns in a digital onboarding cycle is still tied back to the initial stage of customer verifications during application submission. A rise in complaints of inhospitable user interfaces due to the required security layers has deterred many institutions in effective customer acquisition and retention. 

This has also been a goal during the development of Juris Access; making sure the interface is friendly and simplified with no compromise to the security layers. The interface is designed to be intuitive to create a personalised effect. The intuitive feature is imperative to the back-end system, where it learns the pattern of customer’s engagement with an institution, simultaneously letting them detect any anomalies to quickly notify either the customer (via multiple omnichannel platforms) or the institution for immediate action.

Moving forward with the digitisation of the financial industry

As the world prepares itself for more technology revolution in the upcoming future, it poses a question: where do we start with matching the advancement of technology to provide a sense of security demanded by the public? 

The digital evolution of recent years had end-users demanding more security protocols to anticipate the rapid growth of technology in the financial industry. Whether we realise it or not, the cyber threats would also grow with the growth of cybersecurity. And this is what makes Juris Access unique. Despite all the security features mentioned, what Juris Access is, is ultimately offering the most efficient digital onboarding process that allows an institution to gain the highest level of trust with their customers. 

Interested to know more about Juris Access? Visit Juris Access or contact us at contact@juristech.net