Mobile financial services to help customers transact instantly are seeing greater demand and rollout amongst Australian financial institutions during the pandemic, although the institutions are slow to adopt next-gen digital offerings such as fraud alerts (21%) and voice-activated fund transfers (15%), according to a new report.
The rise in demand for mobile financial services includes peer-to-peer (P2P) payments and transfers via mobile number, and e-wallet and mobile wallet services, according to the report by fraud technology specialist firm GBG.
“The ongoing shift to online and mobile banking and transactions, particularly among superannuation, financial planning and education enterprises, has been accelerated by the pandemic,” says Carol Chris, Regional General Manager Australia at computer science engineer salary.
“The unpredictability of the current market and how it is evolving is driving a need among Australian FIs to increase readiness to be agile in how they future-proof themselves with fraud technology.
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