Changes in the Digital Landscape for Banks
March 21, 2019
The financial services industry is one of the industries that has been most affected by changes in the digital landscape.
With digital transformations happening each day, banks are having to look at their strategies and processes to keep up with the changes and stay ahead of the times.
Digital banks are becoming increasingly popular and changing the way that traditional banks are thinking. In 2017 it was predicted that there would be 3 billion digital banking customers by 2021 – it is clear that the market is growing at a rapid rate, with expectations of it being a $1 trillion industry by 2023.
Speed, convenience, flexibility and security are reshaping the payments landscape. One aspect that should be at the forefront of a bank’s mind is consumer convenience, especially for a digital bank. The onboarding process for customers is the first impression that a customer will have of your business – ensuring that the user experience is smooth and simple is key; customers don’t want to be presented with clunky processes where they have to wait to create their account due to your internal manual processes.
64% of millennials have said that they would opt out of the outdated and inflexible onboarding process for a traditional bank, instead choosing the convenience and variety of mobile payments and money management/wallet apps.
To keep up with the advances in technology, banks should look to additional ways to automatically verify a customer’s identity during the onboarding process. We aren’t saying to replace traditional processes entirely, but to use a multi-layered approach for an added layer of security and additional ID confidence.
Acuant’s complete identity verification solution, Profile iD+, allows businesses to do just this.