On its quest to become a digital bank (4.0), dfcu bank launched a campaign dubbed “Banking at the Speed of you” which is part of its digital transformation journey, in a two-part series, we caught up with Lloyd Jonathan Busuulwa, Head of Alternative Channels, dfcu Bank who continues to shed more light on the bank’s journey. This is part two of the interview.
> One of the concerns as the world goes more digital – certainly true for financial services, is the issue of security. How are you giving customers the confidence needed to get them to move along with you on this digital journey?
The safety and security of digital technologies in the financial services sector is indeed a major concern for customers and Banks alike. The lack of cybersecurity can create a lack of confidence in the systems that offer substantial benefits. With this in mind, we have made several enhancements to increase the security around our different products and solutions. cards. If you think about Online shopping which is on the rise, our customers are only able to execute online transactions successfully through an SMS OTP or email which is sent to the customer to approve/acknowledge the transaction.
As we drive greater card usage, the Bank has now moved to the Visa contactless card. Transactions that are below UGX100,000 at the cross terminal or ATM, have a contactless option. You just need to tap your card then the transaction is authenticated. This has been done, not only to improve security but also bearing in mind the challenges presented by the COVID-19 pandemic. The contactless cards allow you to avoid contact with the machines.
As far as Quick banking is concerned, previously we had the one-time password (OTP) to authenticate these transactions but there were some challenges around it which we deliberately resolved to solve. We are now migrating to authentication of transactions through an App called Trust factor. We are currently on a journey of migrating all our internet and quick banking users onto trust factor. All transactions will be authorized through the App in real-time.
With the growing cyberthreat, we are deliberate about enhancing systems security. To this end, we also hired an international firm that periodically checks our systems in terms of cybersecurity resistance. These are some of the deliberate steps the bank has taken to close the digital gap amongst our customers.
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