- Fed Board fines Citigroup for improper execution of residential mortgage-related documents
- Norwegian banks co-operate on account aggregation ahead of PSD2
- Singapore banks to offer PayNow to businesses
- The EBA updates data used for the identification of G-SIIs
- Open Banking: innovation to solve customer needs as banks wake from slumber
- Three months after its IT upgrade issues, TSB finally offers remortgages
- New ABN AMRO campaign highlights sustainable business expired
- American Express and GreenSky partner to enhance digital payments and financing capabilities expired
- Emirates Islamic offers bonus Skywards Miles expired
- RBS proud to be named as a Stonewall top employer for LGBT inclusion expired
- Commerzbank sees revenue growth of 4% in H1 2018 expired
- ING Group posts strong second quarter 2018 results 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