Fully understand how banks are using new authentication methods to boost conversions and loyalty.
 | | Identity Verification in Banking Report | | How banks are using new authentication methods to boost conversions and keep their customers… The way incumbent banks onboard and verify the identities of their customers online is inconvenient and insecure, resulting in lowered customer satisfaction and loyalty, and security breaches leading to compensation payouts and legal costs.
It's a lose-lose situation, as consumers become disgruntled and banks lose business. The problem stems from the very strict verification standards and high noncompliance fines that banks are subject to, which have led them to prioritize stringency over user experience in verification.
At the same time, this approach doesn't gain banks much, since the verification methods they use to remain compliant can actually end up compromising customers' personal data.
But banks can't afford to prioritize stringent verification at the cost of user experience anymore. Onboarding and verification standards are increasingly being set by more tech-savvy players within and outside their industry, like fintechs and e-retailers.
In a new report, Business Insider Intelligence reviews how banks are innovating their expertise in verification to keep up with evolving technologies. The trick is to streamline verification for clients without compromising accuracy. If banks manage to do this, the result will be happier and more loyal customers; higher client retention and revenue; and less spending on redundant checks, compensation for breaches, and regulatory fines.
The long-term opportunity such innovation presents is even bigger. Banks are already experts in vouching for people's identities, and because they're held to such tight verification standards, their testimonies are universally trusted.
So, if banks figure out how to successfully digitize customer identification, this could help them not only boost revenue and cut costs, but secure a place for themselves in an emerging platform economy, where online identities will be key to carrying out transactions.
Among the big picture insights you'll get from this report, titled
Identity Verification in Banking: How Banks are Using New Authentication Methods to Boost Conversions and Keep their Customers Loyal:
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- The strict verification standards that banks are held to have led them to create onboarding and login processes that are painful for clients.
- The verification methods they use to remain compliant can actually end up putting customers' personal data at risk. This leaves banks with dented customer satisfaction, as well as security breaches and legal costs.
- Several factors are now pushing banks to attempt to remedy the situation, including a tougher regulatory environment and increasing competition from agile startups and tech giants like Google, Amazon, and Facebook, where speedy onboarding and intuitive service is a given.
- The trick is to streamline verification for clients without compromising accuracy, something several emerging technologies promise to deliver, including biometrics, optical character recognition (OCR) technology, cryptography, secure video links, and blockchain and distributed ledger technology (DLT).
- The long-term opportunity such innovation presents is even bigger. Banks are already experts in vouching for people's identities, so if they were to figure out how to successfully digitize customer identification, this could help them secure a valued place, and relevance, in a modernizing economy.
This exclusive report also:
- Looks at why identity verification is so integral to banking, and why it's becoming a problem for banks
- Outlines the biggest drivers pushing banks to revamp their verification methods
- Gives an overview of the technologies, both new and established but repurposed, that are enabling banks to bring their verification methods into the digital age
- Discusses what next steps have to happen to bring about meaningful change in the identity verification space, and how banks can capitalize on their existing strengths to make such shifts happen
- And much more.
Identity Verification in Banking Report is how you get the full story. | | | | | Choose one of these options:
- Bundle and save 95% today when you purchase the Ultimate Payments Reports Bundle. You will gain immediate access to this report and 68 others on some of the most important topics impacting the payments space. BUY THE BUNDLE AND SAVE 95%
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The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the payments landscape. | |  | | Copyright © 2018 Business Insider, Inc. All rights reserved. | | | | |
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