Snippet: Like Entersekt, banks are purveyors of trust. A lack of trust is a serious opportunity cost that can threaten an institution’s future by, among other things, retarding innovation in online and mobile banking functionality and usability. How does a bank protect and nurture the trust relationship?

Like Entersekt, banks are purveyors of trust. A lack of trust is a serious opportunity cost that can threaten an institution’s future by, among other things, retarding innovation in online and mobile banking functionality and usability. How does a bank protect and nurture the trust relationship? How can it remain competitive in a crowded field by launching exciting, convenient new services while keeping its clients’ money safe? It all comes down to who you choose as your technology partners.

recent interview I conducted on entrepreneurship got me thinking about this. Below, I list a few key points about how a financial services company should approach the search for a digital security provider.

Concentrate on your core business and leave security to the experts.

Some banks imagine going it alone and building their own security solutions, unaware of what it takes in the medium to long term. This isn’t a one-off project. Digital security – mobile security, in particular – is an arms race. Just as you’ve reinforced the castle gates, they’re devising a higher calibre cannon. A security vendor offers the benefits of scale, experience, and focus, paying constant attention as attack vectors and mobile platforms change. With security sorted, you can concentrate on expanding your digital services to meet and surpass your clients’ expectations.

Global experience matters.

It’s essential that you select a technology leader with an international footprint. Your financial institution’s operations are expanding beyond national borders and so too has cybercrime. Find a technology partner that not only lives and breathes security but that, through its operations in multiple territories, can encounter new lines of attack where and when they emerge and build appropriate protection into its product line before you know you need it.

Don’t play catch-up. Go for a proven market leader.

In a fast-evolving ecosystem, you need a true innovator on your side – forward-looking and hungry. In security, the speed at which you grasp a problem and resolve it is vital. What is the point of a reactive security vendor, promising that new features are in development when your competitors are already plugging the gaps with the latest technology? We saw the results first hand in our home market. As Entersekt signed up the majority of financial institutions there, the remaining banks took the brunt of online and mobile banking fraud losses and negative media coverage. You don’t want to be those guys.

Entersekt is the technology leader in the field of push-based authentication for financial services, which is demonstrated by the patents we hold and our world-first technology launches. Our product suite authenticates 40 to 50 million digital banking and payments transactions monthly, transparently protecting digital banking customers from long-known and novel new fraudulent schemes alike.

We have some exciting new products in development that promise to ensure that our solutions remain a compelling answer to the questions that our customers and the industry at large are asking about mobile baking and payments. Without fail, our customers expand their investments in our technology, confident in the technology roadmap and our vision for the future. They know they stay safe with Entersekt.

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Schalk Nolte

CEO, BOARD MEMBER

As CEO, Schalk has presided over a decade of extraordinary growth at Entersekt. His passion for entrepreneurship and his relationships in key industries have aided us on our path from fintech start-up to market leader. His energy, instinct and keen focus on the fundamentals leave no room for half measures.

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.