Identity in Digital Banking – is a platform approach needed?

The subject of digital transformation in banking is not news but banks haven’t all adapted equally well to the challenges of preventing application fraud, account takeover fraud and money-laundering in digital channels. So what is driving banks strategies to manage identity verification and authentication? To find out FICO commissioned independent research from OMDIA who surveyed leaders from over 170 banks in 10 countries, key findings include:

• Ensuring genuine identity is a key compliance demand, but manual processes cause inconsistency and impact customers.
• Although more than two thirds of institutions consider themselves relatively mature in how they manage customers’ identities, only a quarter have adopted the latest technologies.
• Institutions plan to integrate identity validation solutions onto one common platform within the next three years.

Download the whitepaper to find out more about the survey results and the strategies banks are taking