Why Identity Verification Is Win-Win for Financial Institutions
Across the financial industry, growing customer demand for accessible digital services is leading to a new and exciting phase of business transformation powered by digital identity. Making seamless digital services a reality, however, rests upon a key pillar that all financial institutions need to implement successfully – identity verification.
With a smooth, secure, and privacy-enabled identity verification process, financial firms can achieve superior customer engagements. These in turn support additional revenue streams from new innovative digital product and service offerings that target new markets. What’s more, removing the barriers to digital onboarding and online transactions and by accurately securing user attributes, identity verification improves operational efficiencies. When implemented correctly it eliminates manual processes that lead to human errors and creates an enhanced digital experience that users have been looking for. After all, who wants to remember yet another password for yet another app? Keeping track of changing passcodes, PINs, and security questions – which in the end are not very secure – is time consuming, less secure, and less convenient than biometric identity verification and authentication.
Yet financial institutions shouldn’t have to compromise security for a better customer experience. Deterring against banking fraud, cyberattacks and mitigating risk are sacrosanct for the financial industry – but shouldn’t come at the expense of customer satisfaction. Today’s digital identity verification solutions can “orchestrate” multiple dynamic data sets to not only detect and deter fraud but also deliver a delightful customer experience that users love.
Choosing the right identity verification solution needs to balance risk with modern digital consumer needs and expectations. Account opening processes that are too difficult, time-consuming or that don’t bridge the user’s “trust gap” to ensure their data will remain private and secure – leads to higher abandonment rates and lost business. Reducing user online friction converts more applicants to customers and increases retention rates.
Not so long ago, financial services viewed digital services as a “nice-to-have”. The COVID-19 pandemic has only accelerated the shift to digital as a competitive requirement that delivers added revenues streams. Mapping out end-to-end digital experiences is crucial to market growth and a financial institution’s ability to acquire new customers. Today’s users place a high priority on a solid digital-first experience that allows them to open and manage their finances with speed and simplicity. So, whether it’s remote account opening, wealth management services, insurance or applications, digital signatures – or simply day to day transactions – identity verification is at the heart of the remote customer experience. For both financial firms and users, the digital experience of the future is finally here and it’s truly win-win.
Don’t miss Incode at Money2020 Europe June 7th to 9th in Amsterdam. Visit us at booth F40 for your own private demonstration of advanced identify verification.
Click here to learn more about Incode’s digital identity verification for financial organizations.