Bank Negara confirmed in July 2020 that banks and other financial institutions could deploy eKYC as part of the onboarding process.

Alarmingly, from RFPs we’ve seen at FICO, many banks are creating systems that will either be non-compliant with SCA or will create an unacceptable customer experience

Cosmos Bank recently had $13.5 million siphoned off by hackers linked to the Lazarus Group in North Korea. These attacks emphasize the need for layered fraud defences and controls that effectively mitigate such risks.

Until now, it has been very difficult for a lender to understand the pressures on any consumer in terms of their ability to absorb more credit and pay off the required instalments, without placing unbearable stress on their finances.

Fraud communications and other interactions are increasingly seen as a vital part of the customer experience.

Lenders are looking for new ways to connect with the estimated 3 billion people worldwide who fall outside the credit ma...