Should banks have to decide between innovation and security when it comes to digital strategies?

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At the “bank supervision dialogue” symposium, Dr. Andreas Dombret, managing board member of the German Central Bank, outlined the challenges banks may be confronted with in the face of on-going digitalisation.

In order to allow banks to maintain their status with customers, they must meet threats posed by new players arising on the market with innovations in the digital banking field. Both start-ups and established businesses are beginning to extend their feelers in the direction of banking, whereby banks may actually find they have good starting positions – if they manage to act fast. Digitalisation also offers great potential for cost reduction in branch offices.

However, Dombret also points out the risks of digitalisation. The German Central Bank – and especially its management – must pay stronger attention to security issues for innovative digital solutions, as cyber risks have significantly increased over the past years.

What appear to be incompatible factors at first glace are no longer a problem with KOBIL.

KOBIL technology makes it possible to realise new concepts that emphasise usability and innovation, without having to worry about compromising security. KOBIL technology offers the highest possible security that is verified by experts. For instance, procedures may be implemented that make TAN procedures redundant and allow customers to make money transfers with a mere click of a button.

Also, telephone and e-mail banking can be easily implemented, thus making fraud almost impossible.

With KOBIL the question of whether to choose innovation over security or vice versa is eliminated – because KOBIL stands for innovation and highest security for banks.

Jochen Laun