What’s Driving the Financial Sector’s New Pursuit of More Sophisticated Identity Verification Solutions?

Identity verification best practices to help financial institutions offer quick and frictionless onboarding to more customers - while ensuring trust and gaining a competitive advantage.

To remain competitive, bank executives know they need to embrace digital transformation. Nonetheless, while the banking sector pursues digitization, individual financial institutions face an increasingly complex, fast-moving threat landscape. Notwithstanding the long list of complex risks and threats which banks must guard against, ever-changing customer expectations and preferences continue to place considerable strain on the customer identity verification (IDV) process.

This report examines the challenges facing financial institutions when it comes to customer identity verification and the business case for smart and robust identity verification platforms.

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