Pacific Western Bank (PWB) has launched a digital learning platform that will allow customers 24-hour access to guidance on carrying out actions and updates on its online banking platform.
According to PWB, the digital learning platform, powered by Horizn, will be updated regularly with demonstration content on a real-time basis to include necessary changes. By the end of the first quarter it expects to have at least 30 demonstrations available to clients.
Last month, practice director for financial services at JRNI, Nick Barnes, said banks will need to strengthen their hybrid banking options to survive as Covid-19 continues to cause significant numbers of people to limit social contact.
Banks often cannot adapt to customer requirements and desires easily, he added, though they will need to when it comes to where, when, and how customers want to interact.
However, last year, a report by OneSpan surveying more than 150 senior banking executives, revealed nearly half of financial institutions reported digital transformation had decelerated due to regulatory compliance.
Then interim president and CEO of OneSpan, Steven Worth, said that this had left regulators with an “impossible task” in ensuring extensive regulation was in place without dampening potential innovation within the industry.
Another study published last month by LexisNexis Risk Solutions, revealed that in 2021 online banking accounted for 33% of US banks fraud costs, up from 26% in 2020.
Overall, 2021 had more monthly fraud attacks than the prior year, with average monthly fraud attacks for banks earning in excess of $10m a year in revenue increasing from 1,977 to 2,320, the report stated.
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