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2 factor SMS authentication also know as OTP SMS, provides an additional layer of security. OTP SMS services makes it difficult for attackers and spammers to gain access to any online web accounts, because knowing victim’s password alone is not sufficient to pass the authentication process. Two-factor authentication has widely been used to control access any systems and data, and online services. An extra layers of authentication using an alternate communication channel such as Transaction SMS or OTP SMS service is used to prevent any sensitive data from being accessed by hackers/spammers.
OTP SMS typically have a short lifespan that lasts anywhere from 120 to 360 seconds. The time sensitivity of OTP SMS protects users by making the password invalid after the OTP SMS expires. This means that users remain protected even if their OTP SMS leak out through neglect or infiltration.
While physical banks still exist, online banking has been growing in full flow. In McKinsey’s Asia Personal Financial Services (PFS) survey 2018, it was revealed that since the previous survey in 2014, digital banking penetration has grown 1.5 to 3 times in emerging Asia with a median of 52%. The median for developed Asian markets is a staggering ~97%.
Since 2018, however, the proliferation of online banking has only been accelerated by the COVID-19 pandemic, which made E-Payment a necessity in order to ensure that people remain socially distanced.
The problem is: it’s very common for online banking users to utilise unsecured networks to make one-off online payments. This is more likely to happen when personal networks are down, or when users are in areas where they have no access to verified networks. Hackers and infiltrators prey on such moments of negligence, and that’s where OTP SMS come in handy.
As these OTP SMS are delivered using telco systems rather than the internet, OTP SMS remain outside of the realm of unsecured networks, keeping the final key to online bank accounts out of the reach of hackers.
Written with just a few lines of code, SMSLANE’s OTP SMS services can be easily integrated into most online banking systems. It has been optimized to match India’s complex network environment, allowing it to perform at high speeds from almost anywhere in the world. This means that users will experience minimal delays and lag times between the moment they enter their password and when they receive the OTP SMS.
India’s leading national and co-operative banks such as ICICI, HDFC, HP State, Waiurban are terminating their SMS traffic on SMSLANE’s Messaging Platform.
Our banking clients utilize OTP SMS services for:
With global banking and cross-border transaction volumes at an all-time high, SMSLANE also values the importance of keeping systems running around the clock. Not only does our solution have high-quality routing, automated fallbacks, redundancy assurance (thanks to a strong network of telecom partnerships), and prioritization of time-sensitive traffic, we also provide round-the-clock voice call support, so that system errors can be remedied within the shortest time possible.
Security and efficiency aside, SMSLANE’s SMS solutions can elevate your customers’ online banking experience at multiple points within their banking journey. Find out more about the benefits of SMSLANE’s SMS solution.
SMSLANE’s OTP SMS solution also goes above the basic 2FA structure to enable OTPs to be read out loud to listeners. Aside from helping people on-the-go, voice OTP ensures tech inclusivity as it extends the benefits of enhanced 2FA security to visually impaired users, and to those with low literacy levels, including individuals with dyslexia. Read more about the importance of tech inclusion.
A major advantage of voice OTP is that it leaves no paper trail for hackers to copy, meaning that the 120 to 360 second window period for hackers to intercept OTP SMS is effectively taken away.
Security aside, businesses can also utilize SMSLANE’s Voice API to deliver highly personalized marketing offers, alerts, reminders, and notifications via voice messages. This helps companies expand their reach, as not only does voice help the visually impaired, but it’s the only channel that can reach landline phone customers.
With Digital Net banking numbers expected to grow in the future, it’s more important than ever for the banking industry to reassess their security protocols. Adding a second method of confirming user identity is Important step, but the benefits of voice OTPs should not be overlooked.
There’s also a host of other benefits with deploying SMS and Voice OTPs. SMS has proven to have the highest open rates at 98%, and therefore it can, and should, be utilised across your users’ entire banking journey to enhance their experience.
Now a days, Banks are racing to launch new initiatives, attract new audiences, and most importantly, retain existing customers. Therefore, mitigating mobile banking app security and boosting customer satisfaction should be at the top of your boardroom agenda. To find out more about how SMSLANE’s solutions can help you achieve that, contact us at support@smslane.com / business@smslane.com