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Finger print, retina recognition now magic wand for UBA in checking e-fraud—Uzoka

Contrary to the recent trended revelation by an arrested bank systems hacker in Lagos that Nigerian banks remains some of the easiest to hack, the Group Managing Director/CEO  of United Bank for Africa (UBA), Mr. Kennedy Uzoka, has disclosed that two key softwares deployed by the bank has proved tamper-proof to any form of illegal access attempt.

Banks’ system phishing access has become more pronounced since the massive integration e-banking platforms globally and several banks have been disgraced by internet fraudsters’ who capitalize on weak systems protection process to enter and phish out hard currency at the detriment of banks.

Giving further insights at its last Annual General Meeting (AGM) in Lagos, Uzoka explained to shareholders that “The probability of two individuals having the same finger print is very remote, thus significantly reducing the risk password compromise that often expose customers to the risk of phishing and broader online banking fraud events”.

No doubt, UBA had been in the fore front of innovative banks above others in the last one with the introduction two recent digital platforms including ‘Leo The Chat banker,’ and ‘Facebook Chat’.

Uzoka noted that “In our determination to become an undisputable leader in Nigeria and become a systemically important player in all of our countries of operation in Africa, I cannot overemphasise the role of technology in our strategy”.

“To entrench our leadership, we are pioneering technology disruption and innovation, redefining banking through new digital offerings. We do not want to react to competition and market disruptions, rather, we aim to be the game changer. It is on this note that we are pioneering initiatives in lifestyle banking, offering new products and services that align with our customers’ preferences and daily lifestyle.

“We recently pioneered “Leo”, the Virtual Banking Robot, in partnership with Facebook, giving us the opportunity to serve our customers through Facebook chat; a simple, easy and fast way of meeting customers’ need. It brings banking to their fingertips. Just say what you want and Leo, our Virtual Banking Robot, will act on it immediately. Within two weeks of launching Leo, we opened and reactivated over 60,000 accounts through this platform.

He said “The customer acquisition rate has been phenomenal and customers are increasingly adopting it as a preferred channel to meet their banking needs. To further enhance the security and user experience on our mobile banking platform, we recently added finger print and retina recognition access.

“This further personalises the mobile banking platform for every single customer and saves customers the stress of memorising different passwords to log into their account. The probability of two individuals having the same finger print is very remote, thus significantly reducing the risk password compromise that often expose customers to the risk of phishing and broader online banking fraud events.

“The thrust of our digital banking strategy is to consistently offer tailored solutions that anticipate and meet customers’ preferences, delivering services that make life easier and better for Africans as well as African business and institutions.

The GMD averred that “Notwithstanding the ever increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism. We will increasingly leverage our pan-African platform to deepen and formalise intra-Africa trade, especially as we extract cross border synergies across our Group operation”.