19 Aug 2020

Digital transformation is becoming a key strategic initiative for financial institutions as markets prepare for life beyond COVID-19 pandemic.

This was said by TransUnion chief executive officer Mr  Kabelo Ramaselwana in an interview with BOPA recently.

He said financial services providers needed to focus on offering payment and lending solutions as well as onboarding customers digitally in a seamless, easy and secure manner.

Mr Ramaselwane said even though growing numbers of consumers and businesses transacted online, one of the biggest obstacles to mass uptake was security. 

He said his company’s quarterly analysis of global online trends found that telecommunications, e-commerce and financial services industries had been increasingly targeted by online fraud with suspected fraudulent digital transactions increasing by five per cent. 

Mr Ramaselwane called on  financial institutions and businesses to deploy robust identity verification and fraud detection tools, to manage their risks and avoid losses.

He also implored them to ensure a smooth customer experience that did not alienate customers.

Mr Ramaselwana said sharing of data in the market as a strategy to mitigate against fraud and risk management would be of great importance going forward.

TransUnion is a leading global information and insights company that provides solutions to help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. ends