FICO 2021 Consumer Survey: Identity Checking and Digital Banking

What is the impact of identity verification on the customer experience and what will users do about it?

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Fraud Protection & Compliance

Mexico, March 23, 2021 -

Financial service providers face a complex scenario to onboard new clients, as they must demonstrate that applicants are who they say they are, to avoid fraud and comply with regulatory requirements. At the same time, you can't make those difficult or time-consuming checks, as you risk customers dropping out of the process. This is why it has become necessary to manage identity verification in all channels used by customers, who are currently turning to the digital world.

Key Highlights:

  • The survey was conducted by an independent research company with the participation of consumers in 14 countries, including Mexico.
  • Among the results, it is confirmed that digital account opening is rapidly gaining ground due to COVID-19
  • 11% of Mexicans mention that it is very likely that their identity has been used by a scammer to open an account
  • In Mexico, 68% of consumers say that the bank, where they maintain their personal account, has their biometric data

 

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