Digital identity is establishing itself as one of the most significant technology trends, and certainly one to make big waves in the financial services and fintech industry in the years to come.
As the world has accelerated the shift toward a digital world, customers expect faster and better access to virtual on-boarding for new brands and services, and the financial industry must now deliver. Plus, a new and significant market demographic is emerging for financial services providers—Gen-Z and younger millennials. Converting these prospects to customers is essential to long-term success because of the substantial lifetime value it offers your business.
This move to digital does not just open up new worlds of opportunity. Businesses have also noted increases in the volume if digital transactions and interactions, which fraudsters are quick to take advantage of. According to AITE, attacks manifested as first-party application fraud, third-party application fraud and synthetic identity fraud, so it is becoming critical for FIs to address this trend and develop their approach before it takes a strong hold on revenues and reputations.
An effective digital identify solution can be the answer, but are FIs and banks fully embracing the technology and leveraging it effectively?
Watch our Finovate webinar, in collaboration with Ekata , a Mastercard company, as we explore:
- Using digital identity solution to strengthen your customer experience journeys and win over new “thin file customers”
- The new digital reality and the importance of digital identity solutions in tackling and mitigating fraud
- Your “checklist” when adopting a digital identity verification process
- The role of ML and AI in identity verification
- The key digital identity trends set to shape the landscape in 2021 and beyond
Featuring Dan Jiao, Director, Asia Pacific at Ekata; Karthik Ramanathan
Senior Vice President of Cyber and Intelligence (C&I) Solutions, Asia Pacific at
Mastercard; and David Penn, Research Analyst at Finovate.