Country for PR: Australia
Contributor: AAP Medianet International
Thursday, February 01 2018 - 09:00
AsiaNet
Unisys Predicts Advancements in Biometric Technology, Artificial Intelligence to Transform How Financial Services Organisations Engage with Customers
SYDNEY, Australia, 1 Feb. 2018/Medianet International-AsiaNet/

----Advancements in authentication and AI-powered chatbot technology to enable 
improved customer service and security amid industry transformation 

SYDNEY, 1 February, 2018 – The emergence of Fintech startups and voice-powered 
artificial intelligence (AI) have altered people's expectations for banking. As 
a result, financial services organisations will leverage advancements in 
security and predictive technology to improve their efficiency, agility and 
ultimately deliver a better customer experience, particularly beneficial for 
smaller and mid-size banks looking to transform how they go to market, 
according to a new set of predictions from experts at Unisys Corporation ( 
http://www.unisys.com/ ) (NYSE:UIS).

"We see the customer experience as the key differentiation point for banks' 
digital banking strategy," said Eric Crabtree ( 
http://www.unisys.com/industries/financial-services/thought%20leader/eric-crabtree-id-2822 
) , global head of Unisys Financial Services. "Today’s customer relies on his 
or her mobile device to bank as they go, while major hacks are keeping security 
concerns top-of-mind. We see a shift in the year ahead where banks move towards 
a more integrated, omnichannel business model that allows customers to pay 
bills, apply for mortgages, or purchase goods and services on the go – while 
using new methods of authentication to ensure people's data is protected." 

Consequently, Crabtree predicts a continued rise in the acceptance and 
sophistication of biometric authentication and chatbot technology, built on the 
latest artificial intelligence, to deliver a faster, more secure customer 
experience.

Prediction: Biometric Authentication Goes Mainstream. 

Security remains one of the top concerns facing the financial services 
industry; the recent Unisys Security Index(TM)( 
http://www.unisys.com/unisys-security-index/us ) found that more consumers 
across Asia Pacific are seriously concerned about identity theft and bankcard 
fraud than they are about their own personal safety. In this capacity, new 
biometric technology offers immense potential to ensure that even if your card 
or credentials are stolen, authentication technology can detect fraudulent 
activity in real time.  

Unisys predicts that in the coming year, biometric authentication will go 
mainstream and reach a new level of sophistication in authenticating bank 
customers, moving beyond the 'traditional' fingerprint, iris and facial scan 
technology that has already become familiar to consumers via their smartphones 
and social media. 

Richard Parker, vice president, Financial Services, Unisys Asia Pacific 
explains: "We expect to see wider adoption of behavioral biometrics where banks 
analyse smartphone or tablet usage to form uniquely identifiable behavioural 
profiles across several areas, including how much force users use on the 
screen, the angles they swipe and even their typing speed. When combined with 
other authentication methods, like fingerprint or iris scan, this type of 
behavioural biometric profiles can help ensure that the person doing the 
transaction is the actual person authorised to do so. Similarly, biometric 
sensors on wearable devices could also be used to detect unusually high pulse 
or body temperature, indicating if someone is under unusual or suspicious 
stress when conducting a transaction.

"Those banks that take additional steps to protect their customers' data, like 
tapping into behavioral biometrics for their customers, while also embracing 
new tools like identity-based microsegmentation to encrypt and protect their 
networks on the back-end, will be well-positioned for success in the year 
ahead," Mr Parker says.

Prediction: Artificial Intelligence Will Have Chatbots Delivering Quality, 
Real-Time Assistance. 

It is no secret that in today's digital economy, customer data is generated at 
a pace not seen before. According to a recent report ( 
http://www.iflscience.com/technology/how-much-data-does-the-world-generate-every-minute/ 
), it is estimated that 90 percent of the world’s data was created in just the 
past two years. Advanced analytics, using machine learning algorithms, are the 
foundation behind AI, making it possible to understand the nuances of customer 
behavior by making that transactional data visible and most importantly, 
actionable.

While AI tools such as predictive banking and chatbots are already being used 
by some banks to provide basic information or handle smaller tasks like account 
balances, Unisys predicts that the maturation of AI technology - powered by 
machine learning and advanced analytics, will allow chatbots to deliver a more 
comprehensive and personalised banking experience. The more often a customer 
interacts with a bank's chatbot, the richer the data gathered, and the better 
it will understand and predict the customer's needs. This enables a deeper 
level of service, eliminating the need to wait on hold or in a queue to speak 
with a customer service representative, delivering results in real-time. 

"In the longer term we will also see chatbots that are integrated across a 
bank's organisation, rather than multiple ones each with limited functionality, 
fitting with the growing focus on offering customers an omnichannel 
relationship with their bank. This will also increasingly help prevent 
financial crime as many banks' systems are currently siloed and don't take 
advantage of all the data they have on their customers and don't act in real 
time. Additionally, given the way voice-powered AI has changed the way 
consumers interact, we expect further integration of voice AI with digital 
assistants to facilitate banking requests," Mr Parker says.

Prediction: Accessibility of New Technology Enables Small and Mid-Sized Banks 
to Reinvent and Reimagine How They Go to Market. 

Historically, big banks have had an edge in what they've been able to offer in 
terms of digital enhancements – largely because they've had a bigger budget and 
resources to develop many of these tools in-house. More recently, the 
traditional banking market has been disrupted as newer Fintechs have benefited 
from having the agility and flexibility to create and develop digital 
customer-centric solutions to accommodate customers frustrated with existing 
banking services.

"In Singapore and Australia in particular, a key driver will be the advent of 
Open Banking Standards that define how banks can share data securely through 
APIs – plug and play software – with trusted third parties, if the customer 
gives permission, so as to provide additional services such as to easily 
transfer funds. However, this will require a significant mindset shift for 
banks – as they shift from being one-stop-shops for financial services, to 
being open platforms where consumers can take a more modular approach to 
banking and mix and match different services to meet their needs and stage of 
life," Mr Parker says.

Unisys predicts that the advancements in biometric and predictive technology, 
coupled with the increasing accessibility and improved value proposition 
offered by partnering with tech companies will enable small and mid-sized banks 
to transform their offerings and customer service capabilities – helping to 
bring solutions to market at a quicker pace than a traditional bank can do by 
itself – allowing small and mid-sized banks to keep pace with bigger banks and 
Fintechs. Ultimately, technology will fuel the innovation that small and 
mid-sized banks will use to thrive in the digital age, delivering a seamless 
banking experience that drives customer loyalty and as a result, creates new 
revenue opportunities.

Financial institutions worldwide rely on Unisys solutions. Recently, Unisys 
launched Elevate(TM) ( http://www.unisys.com/elevate ), an end-to-end, digital 
banking software platform and suite of applications designed to help financial 
institutions deliver an instantly secure, omnichannel banking experience to 
their customers. For more information on Unisys' financial services 
capabilities, please visit http://www.unisys.com/industries/financial-services.

About Unisys
Unisys is a global information technology company that specialises in providing 
industry-focused solutions integrated with leading-edge security to clients in 
the government, financial services and commercial markets. Unisys offerings 
include security solutions, advanced data analytics, cloud and infrastructure 
services, application services and application and server software. For more 
information, visit www.unisys.com .

Follow Unisys on Twitter ( http://twitter.com/UnisysCorp ) and LinkedIn ( 
http://www.linkedin.com/company/unisys ). 


Contact: Claire Hosegood, Unisys, +61 411 253 663 claire.hosegood@au.unisys.com 

Source: Unisys