Banks employ change management approach to security

Posted on February 27, 2018

Our partner Vasco, has seen an increase in the number of inquiries from banks on best practices for migrating from hardware to software authentication. To answer these questions, Vasco interviewed a bank that recently made the transition. One of the bank’s top learnings was that successfully switching customers to a new authentication method has as much to do with managing change and driving adoption, as it does with choosing the right technology.

If you are considering migrating your customers to soft tokens, here are four important lessons this bank shared:

  1. Survey customers to validate their readiness to accept software authentication. Survey responses will help identify any resistance to the new authentication method, and will help you prepare accordingly.
  2. Tailor your customer communications. Not all customers are tech savvy. Segmenting and customising communications to different user groups will increase adoption. As an example, adapt your messaging and communicate differently to slow adopters vs. mobile-first customers.
  3. Produce short explainer videos. Many customers prefer to watch a video rather than read the information on your website or client portal. Use short videos to explain the value (why authenticate through a mobile app on your phone instead of your OTP hardware) and demonstrate how it works.
  4. Scale the helpdesk. A small percentage of customers will need the most support. Plan accordingly to ensure a smooth transition for those customers, as well as your helpdesk staff.

In the full case study, this bank explains that while their mobile-first customers were interested in software tokens, not everyone wanted to use their smartphone as an authentication method. In fact, the bank had to overcome three barriers to adoption:

  1. Lack of familiarity with, and therefore trust in, software tokens.
  2. Concerns about having too many apps already (not wanting to run out of space on the phone).
  3. Concerns about loss or theft of the phone.

As a result, the bank decided to move forward with a hybrid hardware and software authentication system — while designing their customer communications to promote the software option.

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