Deep Dive: How Advanced Technologies Can Help FIs Power Secure, Seamless User Verification
Financial services have increasingly gone digital in recent years as financial institutions (FIs) and FinTechs have sought to meet customers’ growing demands for convenience and speed. Consumers’ widespread shifts to staying at home during the pandemic made remote financial services a practical necessity, with a survey from last year finding that 73 percent of U.S. adults were more likely to use digital banking and payments while social distancing. Financial services providers taking this inevitable leap must strike a balance, however, between making these offerings simple for customers to onboard and keeping them safe from fraudsters and cybercriminals. Seamless, robust identity verification can be a challenge to achieve, but much is at stake: FIs that fail to detect fraudulent users and...