Digital Identity Blog

Digital Identity Tools to Power Financial Institutions Through and Beyond the Pandemic

In a short period of time, in-person interactions have gone remote and virtual, creating increased reliance on digital channels for normal identity functions, including new customer onboarding, transaction approval, and account recovery. Because every digital interaction starts with establishing the customer’s identity, it is a crucial part of a successful digital transformation. However, in 2019 alone, over 7,000 reported security breaches exposed 15B personal records, revealing a vast array of personally identifiable information (PII) ranging from social security numbers to knowledge-based authentication (KBA) answers. These breaches fuel identity fraud, which reached $16.9B in losses in 2019.

Successful identity innovation helps financial institutions seamlessly add and retain new customers while reducing fraud. When combined with robust data security and compliance, biometric tools offer a powerful approach to keeping fraudsters out while letting in more genuine customers. At a time when financial institutions and consumers alike are under an increasing financial strain, these improvements to security and useability can efficiently boost growth alongside customer loyalty.