This powerful industry collaboration highlights how mobile networks, APIs, and AI can transform banking
Vonage, a part of Ericsson, announced that, together with leaders from Aduna, Deutsche Telekom, and mBank, it is participating in the World Banking Forum in Athens. The event convenes senior banking executives and technology leaders from around the world to advance modern banking through technology innovation and digital transformation.
An increase in fraud has emerged from the rise of digital channels in financial services and continues to evolve and grow with new technologies such as AI that enable more sophisticated threats. As cyber threats continue to escalate and regulations tighten, it is more critical than ever for banks to deploy advanced fraud protection strategies. Cybercrime damages are projected to reach $11.9 trillion annually by 2026 and technology innovation is needed to meet regulatory demands and strengthen a financial institution’s overall fraud defenses.1
At the World Banking Forum, Aduna, Deutsche Telekom, mBank, and Vonage will explore how the convergence of 5G, Network APIs, and AI can revolutionize fraud prevention and redefine customer experience across the financial services industry. The industry leaders will discuss current security challenges and how embedding mobile network capabilities directly into banking applications delivers breakthroughs in seamless and secure customer interactions.
Exposing network capabilities through APIs provides banks like mBank with access to previously untapped and verified network data in real-time, enabling frictionless customer experiences and intelligently reducing fraud. Aduna, a joint venture of leading telecommunications industry giants, including Deutsche Telekom and Ericsson, drives the global availability of network capabilities by acting as an aggregator. Vonage, through its APIs and complementary tools, such as SDKs, makes these network capabilities accessible for developers to build innovative solutions with advanced fraud protection capabilities.
Read More on Fintech : Global Fintech Interview With Justin Meretab, Co‑Founder and CEO of Layer
Fraud remains a persistent and increasing challenge for banks, across retail services and digital transactions. Innovation in prevention and detection technologies is crucial to stay ahead of the threat landscape and deliver a seamless customer experience.
“The collaboration between telcos, aggregators, and developer platform partners is crucial,” said Peter Arbitter, Chief Commercial Officer for Aduna. “Aduna’s role as an aggregator of telco network capabilities enables developer platform partners to drive the adoption of network APIs by developers, and expose digital innovation that advances secure banking services on a global scale.”
David Darmon, VP of International Sales, API, at Vonage, added, “Vonage Network APIs give developers a platform to build solutions for banks to automate verification processes at scale, leveraging programmable network capabilities and verified network data for fraud protection. This elevates how banks deliver security, reduces revenue loss resulting from fraud, and transforms the customer experience.”
Andrzej Ochocki, Head of Identity Management at Deutsche Telekom, commented, “From a telecom perspective, the digitization of banking has significantly increased demands on network security. Deutsche Telekom is committed to offering specific network APIs that directly address these evolving fraud and security needs.”
“At mBank, we are constantly seeking innovative solutions to deliver a seamless and secure digital banking experience,” stated Pawel Kowalski, Digital Security Product Owner at mBank. “Adopting network APIs in our fraud and authentication workflows has shown significant benefits, enhancing the customer experience and reinforcing trust.”
Catch more Fintech Insights : The CFO’s New Analyst: Using Generative AI for Strategic Financial Modeling
[To share your insights with us, please write to psen@itechseries.com ]
