Security and convenience can work together. Even though financial institutions use different authentication technologies to protect channels and produce faster, smoother transactions, they frequently result in an inconsistent customer experience.

Mary Ann Miller, senior director, fraud, executive advisor and industry relations at New York-based financial crime and compliance solutions provider NICE Actimize, provided some recommendations for keeping transactions safe and easy to use.

1. Increase speed of settlement and authentication.

“When you think about faster payments, you want to make sure you are coordinating and correlating any authentication approaches that you use with your fraud strategy as well,” Miller said.

In this ever-changing environment, customers need a consistent, secure multi-channel authentication experience, while reducing clients’ risk and optimizing their overall authentication costs.

She suggested obtaining information in the background through analytics such as geolocation and the type of device to help identify users.

2.  Provide a smooth member experience.

It could be cumbersome to gain access to the banking channel when there is redundant authentication, such as requiring biometrics and answering knowledge-based questions.

“If you are attempting to authenticate with your financial institution why are you left at the front door?” Miller explained. She noted it is important to have the technology in place to lead accountholders and help them authenticate themselves quickly to access products or services.

3. Manage multiple authentication forms.

“It is important for all authentication events to be profiled across the customer relationship, so if an account takeover is attempted on one channel, the financial institution recognizes it on all channels,” Miller said.

She added, looking at authentication across channels is a relatively new but important process.

4. Understand the threats.

Because members have a more personal relationship with their credit union, Miller said it is important, if they are offering services that are new authentication techniques — such as selfie-recognition and biometrics —  credit unions are going to have some of the challenges that bigger financial institutions face.

It is important that credit unions ensure fraud and authentication teams network with big bank counterparts to ensure they understand current threats and trends.

NICE Actimize’s Authentication-IQ applies advanced analytics that decide the best authentication method to leverage in a given transaction, based on the risk of fraud, consumer preference, and cost efficiency.