Join Us During The 3rd World Digital Banking Summit

 

The impact of COVID-19 has been primarily negative but it did provide one positive thing for the banking and financial sectors: the rapid push for digital transformation within the industry.

Many banks and financial institutions were already widely adopting financial technology such as mobile banking, biometric security features and more but you can see the increase in mobile banking searches through Google around the beginning of the coronavirus pandemic.

Image Source: Google Trends

Those organisations who were hesitant to move into the future were left with no choice as the current pandemic changed the daily operations of businesses and the lives of customers alike.

The need for contactless transactions became more important than ever as physical locations were closed and the new practice of social distancing began.

Based on McKinsey’s European customer survey, here is how customer behaviour and needs have changed because of the ongoing pandemic:

• Digital engagement levels climbed to 20%
• The use of cash has halved
• 30–40% of customers have expressed a greater need for advice
• 20–40% want products to help them through the crisis

For these reasons and many more, we are excited to bring our World Digital Banking Summit back for the 3rd edition. This edition will be a hybrid event so you can join us in-person or from the comfort of your home.

Both ticket packages will provide you with the same great summit experience you have come to expect from Luxatia International events.

Industry experts will discuss the latest banking innovations and recent use cases to help you find real solutions to improve the overall banking experience.

The 2-day hybrid event is a great opportunity to hear from leading executives from several global brands.

This year we have speakers such as:

• Chad West, CMO with Revolut

• Dean Bakker, Director of Product — Global Customer Experience with N26

Read our full blog to see even more speakers and to learn more about the event.

We can’t wait to see you in Berlin or online through the new virtual platform! Register today to save your seat.

Projections For The Aviation Industry & Airport Security

From self-check-in to self-boarding, technology has already disrupted the aviation industry and the way travellers get to and from their destinations so what is next for the market? Some experts are predicting a rise in wearable technology and biometrics but almost every area of the airport will transform through some form of technology, with the goal of creating smart airports globally.

The aviation market is anticipated to register a CAGR of more than 3%, during the forecast period of 2019 to 2024. Advances in technology will help airports and airlines keep up with the growing demand of travellers but will also create a better experience for those passengers.

Wearable Technology

Airport employees could start wearing “smart glasses” or “smartwatches” to track passenger activity but this can also be used in the retail areas of airports to collect data on how consumers prefer to eat, shop and spend time before, between or after flights.

There are advantages of this technology for the traveller as well, such as alerts on flight delays, long queue times, etc. This is already possible through mobile devices but could evolve past that in the form of alerts on watches, glasses or other wearable devices.

Biometrics, Sensors & Security

Facial recognition is also a big area being invested in right now, with the goal of getting flyers through security faster while also maintaining the standard of security needed.

UK-based cybersecurity startup Zamna, formerly VChain Technology, has raised $5M in a seed-funding round to enhance and automate airport security checks. They use blockchain technology to validate data between travel authorities and airlines for passenger identity verification.

According to the Airport Security Market: Global Industry Trends, Share, Size And Forecast Report, the aviation security market is forecasted to make a comeback, generating a 2014–2020 CAGR of 7.4%.

Sensors are another technology influencing that market growth. These innovations will help airports be more secure. Investments in odour sensors can detect suspicious air chemistry and track their progression. Other sensor types are being invested in as well.

Baggage Tracking

Another area pushing the growth of the airport security market upwards, and maybe the biggest pain point for travellers, is baggage tracking. There is nothing worse than arriving at your destination to find your bag delayed or missing.

Airports are working on new technology to resolve this issue as the amount of travellers continues to increase. (RFID) radio frequency identification and mobile baggage updates are two areas being invested in to alleviate this problem.

Don’t be surprised if you start to see the technology in these different areas work together. Baggage tracking will most likely evolve into mobile alerts on the wearable devices mentioned earlier and different areas will use other connected machines.

Read more about the overall benefits of these technologies and more in our full blog.

If you would like to learn more and discuss recent projects, innovations and technologies in airport design and development, join industry experts and executives from global brands during the 2nd Annual Airport Design & Development Summit in Amsterdam on February 6th and 7th.

Request your brochure today for the full speaker lineup and event agenda!

2nd World Digital Banking Summit: Interview With The Chairman Steve Cook

1) CAN YOU TELL US MORE ABOUT YOUR ROLE IN THE BIOMETRICS AND DIGITAL IDENTITY INDUSTRY?

I have been working in the biometrics industry for the past eight years, mainly assisting a number of software vendors providing digital identity services to financial institutions. I have also been advising investor groups too. The role of biometrics in authentication has become a vital part of the banking landscape due to the accessibility of smart devices in the market. Banks are keen to exploit these new fintech technologies in order to improve the relationships with their customers to create a more frictionless user experience and provide up to date digital banking services.

2) IN AN INTERVIEW WITH BIOMETRICUPDATE.COM LAST YEAR, YOU SAID, “THE COMBINATION OF MOBILE BANKING AND BIOMETRIC SECURITY IN OUR SMART DEVICES WILL ENABLE CONSUMERS TO HAVE MORE CONFIDENCE REGARDING THEIR PERSONAL SECURITY AND WILL BE FAR SAFER THAN IT HAS EVER BEEN.” WHAT ADVANCES HAVE YOU SEEN WITH MOBILE BANKING AND BIOMETRIC SECURITY SINCE THEN?

Biometric technology is improving every year, especially in terms of accuracy, matching and identification; from fingerprints to face, voice, iris and palm modalities. Other biometrics such as vein and heartbeat are also being considered. Fingerprint such as TouchID is still by far the most widely used amongst these existing technologies. However, due to the number of smartphones that already have cameras, both face and voice are gaining in popularity. However, it is important to note that there is a huge difference between facial recognition and face authentication where GDPR and obtaining consumer consent is concerned.

3) WHAT ARE SOME OF THE LATEST DIGITAL BANKING INNOVATIONS THAT YOU ARE SEEING ENTER THE MARKET REGARDING EU REGULATIONS SUCH AS PSD2?

With the revised Payment Services Directive (PSD2); strong customer authentication (SCA) is a key part of the regulations which comes into effect on the 14th September 2019. This is crucial to all banking operations and payment service providers. Biometrics (something you are) within a two-factor authentication process under SCA will play a major role in the authorization and verification of payments, especially with regard to card not present transactions. However, the benefits are that as consumers get used to the idea that a selfie is just as reliable as a password or PIN code, the trust in these new methods will gain acceptance over time.

4) YOUNGER GENERATIONS ARE ALREADY USING MOBILE DEVICES FOR BANKING MORE THAN DESKTOPS OR PHYSICAL BRANCHES. WHAT TIPS DO YOU HAVE FOR BANKS THAT ARE TRYING TO SHOW THE VALUE OF MOBILE BANKING TO THEIR OLDER CLIENTS?

Obviously, financial inclusion is paramount across the whole banking industry. The technical world is moving at a rapid pace and new consumer trends for replacing the dependency for passwords and PINs will drive a new customer experience all together. While passwords will still be with us for some time, there is a growing desire to move away from passwords which can be hacked or stolen. A number of high profile data breaches have shown us that in order to protect customer credentials and private data, better security methods are needed. Therefore, as well as new technology trends, it is more important than ever to educate all consumers about the risks of using weak passwords, potential scams and phishing attacks. It is not just the older generation who are susceptible to fraudsters but everyone can get easily caught out.

Read the rest of Steve Cook’s interview here and learn more about the World Digital Banking Summit. Then, request your brochure here.