Unremitting cyberattacks and the thriving
digital banking environment is fashioning
many new challenges for banks when it
comes to identity verification and it is
evident that traditional legacy identification
methods are in need of review.
channels, such as mobile, online or
both. This allows banks to make critical
decisions almost instantaneously and
reduces the risk of fraud for customers,
whether they’re carrying out a regular
financial transaction or opening a new
bank account.
Tackling fraud to
promote growth
In addition to reducing the chances
of identity fraud, moving to a more
modern identity verification solution
provides consumers with a greater
customer experience, which is
essential in an era where customers
want, and demand, more from their
banks. The days of tediously visiting
bank locations to open new accounts
are fading. Customers yearn for
superior convenience and identity
verification through traditional methods
– such as the in-person bank visit
along with various manual steps – are
no longer satisfactory.
By offering remote digital account
opening processes, in a way that
doesn’t undermine security, customers’
banking experiences are vastly
improved; while reducing application
abandonment rates. With a modern
identity verification process, banks
can capture new customers faster,
retain loyal customers and push growth
via new financial services, all while
mitigating fraud.
Unremitting cyberattacks and the
thriving digital banking environment
is fashioning many new challenges
for banks when it comes to identity
verification and it is evident that
traditional legacy identification methods
are in need of review. Modernising
the digital account opening process
in the financial industry will empower
banks over fraudsters, but additionally,
provide customers the seamless digital
customer journey they demand from
banks today. u
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Issue 19
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