The pandemic has accelerated the trend for service providers to move their product online or risk going out of business, making traditional ID methods of onboarding customers more challenging. But what does the future hold for a post-pandemic world? Will we see a return to paper documents, or will Digital ID become the new normal?
In recent years, many valuable solutions to the global issue of identity have emerged. Providers of face recognition, mobile credentials, blockchain, behavioural biometrics, IAM and machine learning all offer the potential to establish digital identity, with greater certainty. Financial Institutions and many other global businesses are implementing advanced solutions across their digital portfolios, to verify
Know-Your-Customer (KYC) checks have long been associated with high levels of customer friction. Traditionally, these assessments were largely carried out by financial institutions, looking to conduct due diligence and safeguard against the legal consequences of financial crime. Creating a seamless customer journey was not a priority when designing legacy systems for identity proofing. Until recently,
Tuesday 26 January 2021 by Laura Camplisson
In today’s increasingly digital, experience-driven financial landscape, one of the major challenges facing any financial institution is how to be certain of a customer’s identity. Accurately, securely and seamlessly, while meeting evolving regulation. As transactions grow in volume and complexity, customers expect ever more streamlined experiences, regulators demand greater insights, and the risk of identity
Even prior to the outbreak of COVID-19, instances of digital identity fraud and theft were increasing at an alarming rate. Experian’s Global Identity and Fraud report, launched in January 2020, found that 3 in 5 businesses had reported an increase in fraud incidents over the past 12 months. In the UK, fraud prevention service Cifas