What’s the future for identity verification?

As we know, FinTech developments are causing continuous waves of change within the payments industry. With an influx of new alternative companies entering the payments sphere traditional brick-and-mortar banks are concerned. FinTech alternatives can provide a seamless user journey with greater customer service and easy use. However, lack of security continues to hampered growth in the market.

Fraudulent transactions have not only risen in value and volume but can happen from anywhere due to the electronic nature of FinTech. It is therefore necessary to quickly and efficiently identify a prospective buyer’s identity. More often than not traditional identity checks are unnecessarily – yet avoidably – long and require information even the individual doesn’t readily know. As such, our solution offers the opportunity to collate, assess and corroborate the digital footprint in real time to create a 360 image. This efficient method reduces the drop-off rates in sign-up processes and flags fraudulent activity.   

With millennials accounting for 40% of spending on a prepaid card, and having spent half of their lives online these younger consumers have created a crater of a digital footprint and are more than accustomed to a few simple swipes and the immediate your parcel is on its way to you message. A few additional clicks and you can robustly verify the buyer’s identity in an alternative verification process.

By 2025 the use of identification methods such as facial and voice recognition software are said to be as normal as the veteran password. The question still remains, is that enough?