Financial institutions from all over the world are facing increasingly strict regulations regarding the verification and authentication of their customers’ identity.

In addition to this obligation to comply with stringent regulatory requests, the rapid pace at which data breaches multiply, leaking millions of personal data sets, has made complying with current regulations harder.

Successful FIs use digital identity verification to prevent customers from going to the competition

The increasing amount of data breaches, which start to happen more often than ever, affecting a broad range of digital services such as data bureaus (Equifax), ridesharing (Uber) or retail (Forever 21), just to mention the most recent ones, has not only compromised status-quo identity verification processes but also made complying with current regulations extremely difficult.

In the end, financial institutions must satisfy consumers’ demands for speed and ease of use to prevent them from going to the competition. To gain a competitive edge, remain compliant, and offer a frictionless and user experience, it is imperative for FIs to invest in technologies that bridge the compliance-convenience gap.

Sarah Clark, SVP of Global Product Management at Mitek, and Supriyo Guha, AVP at GENPACT, share their expertise and answer questions related to this ever-changing environment and how it has forced a tipping point for organizations to regard the adoption of new technologies for identity verification as a must-have rather than a nice-to-have.

Use this Q&A on the future of digital KYC as a handy guide to assess and satisfy consumers’ demands for speed and ease of use and to gain a competitive edge, remain compliant, and offer a frictionless and user experience.

Have more questions about digitizing identity verification and KYC processes for online onboarding?  Access the on-demand webinar Digitized Identity Verification: The Future of ID & KYC

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