- FCA confirms greater access for SMEs to the Financial Ombudsman Service
- Nomura settles case of RMBS securitised by US Subsidiaries with US Department of Justice
- Number of first-time buyers reaches its highest level since June 2017
- Thriving SMEs to bolster growth of alternative finance
- UK Finance supports FCA plan to extend access to Ombudsman Service to smaller firms
- Monese launches business account in the UK, with Europe to follow soon
- ‘Rom-cons’ costing love-struck Brits thousands, says Barclays expired
- High-cost lenders should reassess their operational procedures, says Huntswood expired
- Mastercard is the first network to make signatures optional expired
- Federal Reserve study finds US payments fraud small but growing expired
- CEOs of big banks pull out of Saudi conference expired
- Study shows regional disparity in terms of where Angel investors are based and where they invest 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