- Arxan highlights financial app vulnerability epidemic
- Traditional banks are turning to chatbots, says Teleperformance
- Government committees question Lloyds’ pension contributions for executives
- Complaints figures show increased dissatisfaction with short-term lenders
- Lloyds commits to training 2,500 colleagues by 2021 to help tackle mental health
- UK Finance publishes February 2019 card spending update
- UK named as 'best in the world' for Fintech investment expired
- The biggest sufferers of NSF/Provident Financial merger will be customers, says Fairmoney expired
- UK Finance publishes mortgage trends update for March 2019 expired
- New TTF report highlights loss of trust in financial services expired
- Paragon’s structured lending team supports Lantern Debt Recovery Services expired
- Crédit Agricole boosts profits in first quarter expired
15th May 2018
The unrelenting data breaches offer banks an opportunity to reinvent the customer experience.
Digital customer acquisition and on-boarding is becoming increasingly important to financial institutions in response to changing consumer preferences. Historically, digital on-boarding presented a two-fold challenge; achieving adequate risk and compliance objectives while ensuring a low-friction customer experience (CX). This was particularly difficult for the mobile use case because of the small screen size and difficulty associated with manual data entry.
Recent hardware and software advancements, however, have turned what was once a mobile liability into a strength. Finding the right solution can be difficult. Recently Celent's Bob Meara published a report titled Identity Verification Solutions for Digital Onboarding: Vendor Spectrum. It offers a no-nonsense comparison of leading solutions and considerations for choosing the best way forward for a bank.
The unrelenting data breaches are reason enough for banks to re-examine their identity verification mechanisms. The fact is that banks have choices among established vendor solutions offering digital identity verification approaches that lessen banks reliance on KBA. As banks seek to mitigate risk while offering superior customer experiences, they must re-think ID verification.
"Historically, banks had to choose between a compelling customer experience and sound risk and compliance management. AI and the ubiquity of smartphones now make this a false choice," says Bob Meara, a Senior Analyst with Celent's banking practice.
Read the report: https://www.celent.com/insights/781795771