12 Key Takeaways from #TMGExecSummit PowerHour

A lot can be accomplished in just 60 minutes. Take the 2016 TMG Executive Summit PowerHour, for instance. Within the course of an hour, four TMG experts took the stage at the Omni Nashville Hotel to provide quick-hitting presentations on key TMG and industry updates.

Each of the presenters left Executive Summit attendees with thought-provoking ideas and information. Twelve of the most valuable takeaways are highlighted below.

Product Highlights

1. Financial institutions (FIs) should empower consumers with tools to manage their card accounts, such as alerts and controls.

2. As more orders for EMV chip cards occur, FIs should utilize inventory management tools to ensure they have enough stock.

3. Token support can be simplified by using one-time passcodes, advanced provisioning technology and consumer analytics.

Future-Oriented IT Strategies

4. Technology solutions powering FIs need their card processors to be scalable for optimal results.

5. Redundancy is vital for enterprise-wide systems housing cardholder and consumer information.

6. By diversifying and interconnecting systems, FIs and their card processors can focus on what they do best and leverage the expertise of others for high-value, quick-to-market results.

Evolution Authentication

7. With more than 642 million passwords already breached in 2016, basic authentication measures, such as PINs and signatures, are no longer the best defenses against fraud.

8. Authenticating consumers through biometric identifiers, such as eye prints, vein patterns or heartbeats, may be the way of the future.

9. Card processors, like TMG, are already implementing more secure authentication methods, including unique token authentication and card controls consumers can regulate.

Digital Strategy

10. Consumers increasingly seek personalization across all digital platforms.

11. Self-service banking options, such as the ability to view balances and transactions, make card payments and manage accounts, are increasingly important to busy consumers.

12. Continuous communication is valuable to consumers who like real-time access to information such as payments and orders.