Now there's a seamless authenticator to ensure security.
8 November, 2018
We are delighted to introduce you to the WIZZIT Authenticator – a unique patented product that any financial service provider can use to enable secure transactions and information to take place through an instant messaging or chat platform. WIZZIT supports the widely held global view that chat platforms will be the channel of choice for secure financial transactions by the majority of customers, and financial institutions like banks will have to support this channel and address the critical issue of security.
We believe that the WIZZIT Authenticator cost effectively addresses the critical need for financial institutions to ‘secure transactions’ together with the imperative that customers have for ‘frictionless and seamless transactions’.
The WIZZIT Authenticator will enable your institution to take the chat platform from an informational and conversational level to a revenue generating, secure transactional level. WIZZIT also have a complete chat banking platform which could be of further assistance to your institution, if required.
We look forward to talking to you and demonstrating our new innovative chat products.
We trust that you enjoy the attached document giving greater insights to the WIZZIT Authenticator.
More than three billion people around the world use chat channels such as WhatsApp and Messenger. In some regions, they spend more than four hours a day on their messaging channels. To survive, banks have to ensure they meet their customers where they’re at by utilising chat platforms for their services.
The risks with digital transactions
The increase in digital payments has the unfortunate consequence of attracting increasing levels of crime and fraud. Cyber criminals are a reality as more customers prefer the convenience of digital transactions to cash. Here are the scary facts:
- 40% of the world’s card holders have been subject to fraud
- 50% of card holders fear their cards will be hacked while shopping online
McKinsey’s insights into cyber-crime in the financial space
After a global study with financial institutions, McKinsey provided the following insights into security and the mitigation of risk.
Vulnerabilities in payments services have increased as the shift to digital and mobile customer platforms accelerates. New solutions have also led to transactions being executed quickly, leaving banks and processors with less time to identify, counteract and recover funds. Increasingly agile fraud perpetrators have benefited from banks’ and payments firms’ limited ability to adapt.
Banks attempts at chat banking
Some progressive banks have launched chat banking products, however, many of these solutions are clumsy and not user-friendly for the following reasons:
- To authenticate the transaction, the user must exit the bank’s chat channel and sign into a third party, supposedly trusted secure keyboard application.
- The user then has to enter their credentials.
- Then the user has to return to the bank’s chat channel to complete the transaction.
- For today’s impatient, demanding customers this will not cut it.
- They may try it once and then decide that a clunky alternative such as a banking app or USSD is still easier and more convenient.
"In just eight weeks, your bank can be increasing revenue and brand reputation as well as delighting your customers with products and services that add real value to their lives."
Of all the market segments, the least serviced is the SME market – despite small business being the backbone of any economy. WIZZIT has developed a new tailor-made solution to address this gap.
Introducing the WIZZIT International Smart ESB. Developed over the last 10 years, it’s the ultimate solution for seamless integration with all existing and third party banking systems while maintaining complete security.
We can now offer an exciting range of end-to-end technology products for banks to service retailers and merchants in new ways.