Customers don’t pin their faith just on the PIN anymore. There are mobile apps attracting customer attention when there is a need to access cash at the ATM.  Dynamic tokens and QR codes have come good for authentication purpose. From being used for emergency situations, Cardless Cash is gaining traction across customers, banks and financial institutions.

Take the case of this customer – With debit card getting compromised, the customer is waiting anxiously for a new card. On the other hand, the customer also has the option of walking into a branch to withdraw cash. It is a tailor-made situation magnifying the value of Cardless Cash.  As the digital customer accepts nothing short of the most-modern services, with technology and innovations setting the trend, it pays to leverage emerging technologies to give what the customers want, cater to customers’ needs and win loyal customers in the bargain.

With Cardless Cash giving the taste of better customer acquisitions, better customer experience and sheer customer delight, how can financial institutions make the most of this trending concept?

Establishing greater security

Though banks and financial institutions create an alluring proposition through the cardless cash concept, there is no sidelining the imperative of promoting high level of security. Whether it is about withdrawals from ATM without cards or about the bank and third-party e-wallet integration promoting cardless cash, establishing greater security levels is now a top priority for financial institutions.

There is a pressing need to address the security concern when the link is established between a bank and third-party e-wallet leveraging APIs. While payment service APIs are used for powering the integration bridge between e-wallet and multiple platforms, there is still the security concern that ought to be addressed to win the confidence of customers.

If greater security is the target, there are ways to get to it. When embraced, some measures allow financial institutions to achieve greater security in the cardless cash operations – Measures taken by way of promoting encryptions with algorithms defined dynamically, tokenization or leveraging a robust cryptographic system for strengthening integrity and confidentiality. Security is also strengthened by making diligent use of features such as CAPTCHA code and fingerprint readers.

Transforming Context and Data into Insights

Context varies when it comes to using the Cardless Cash facility – from withdrawing money to buying products to redeeming reward points. A great many contexts lie in wait to lure customers into using the Cardless Cash facility.

For instance, when an e-wallet becomes the central force of Cardless Cash operations, contextual interactions arising out of the wallet produce streams of data promising intelligence. The data from e-wallet interactions offer valuable insights into customer behavior, payment patterns, buying patterns and customer preferences when data is fed into ML algorithms.

Financial institutions can use the intelligence gained from ML algorithms to cross-sell and upsell products as well as use the data generated from e-wallet transactions to deliver targeted marketing, advertising and loyalty programs. Though e-wallet offers significant information for analytical purpose, it also becomes an imperative to prevent customer related data being accessed by third-parties.

Getting more Customers and promoting better Customer Experience

In eliminating skimming and card trapping, financial institutions bolster security with Cardless Cash and gain customer confidence in the process. If security is of greater comfort, convenience is another feature that promotes customer delight. With mobile growing into a top ‘connector’ for cardless cash operations, financial institutions have found an able ally to cater to the mobile-oriented customer and facilitate better customer experience. Quick and immediate access, better security, reduced transaction times are other takeaways that pave the way for increased customer engagement.

Saksoft’s API management strives to integrate systems in this digital world – most importantly, establish secure integrations that lay the foundation for better customer experiences. For a leading Fintech Company, Saksoft leveraged its domain and technology expertise to offer valuable support in creating the largest Cardless Cash ecosystem.