Frictionless Security... Experience Simplified

Security experts from the BFSI industry share their views on frictionless security to simplify customer experience at Finnoviti 2020. The session was moderated by Dr L.S. Subramanian.

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Shiju Rawther, Head-Technology, IIFL Securities

There are lot of things which are now integrated through fintechs. There are many fintechs that have entered the market and they are providing newer solutions. Frictionless, seamless and face recognition services need to be adopted for the next generation customers. There are challenges like collaboration of the data points, where the data will be stored, and how it will be secured. The government is also thinking about these challenges and will be introducing data security laws soon.

Today organizations do lot of implementations and new innovations to control the data, but it is a matter of concern because a lot of human interventions are involved in it. In India we do not follow 100% digital channel and unless we do that, we will not be able to prove whether we are 100% secure or not. We are talking about security within the parameters of our organization, but what happens to the data when it goes outside the organization? Unless we know the data lifecycle, we will not be able to control it.

Facial recognition is being given more emphasis, as most of the smartphones have come up with the facial recognition feature - it is an innovation for the next generation customers, but there are many challenges in it. For example, IIFL Securities has implemented a facial recognition attendance system, but we are facing challenges because at 9 am, our 500 employees come to office expecting a frictionless system. But the problem is recognition cannot be done in seconds in by the system; it takes some time. These are the technology challenges that need to be mitigated in future. An 100% frictionless security system will take 2-3 years.