Mobile identity verification can help banks save 3 billion pounds in costs related to ID fraud

July 27, 2016

Identity assurance processes cost banks in the UK alone more than 3.3 billion pounds each year. The split of the cost is roughly 50/50 for financial institutions and their customers, and factors in operational costs, time spend and other costs such as mitigating the reputational damage.

Those banks that have already digitized their onboarding process – 26 percent of UK-based banks, according to data gathered within the white paper commissioned by Mitek, Digital Onboarding and RegTech - Wowing Customers, Simplifying Compliance -, with identity verification solutions such as Mobile Verify, are in a better position to fight ID fraud within the mobile channel.

If you are interested in discovering how mobile identity authentication can help banks and financial institutions to optimize their digital onboarding processes while meeting Know Your Customer (KYC) and other compliance requirements, download our new infographic from here.