Digital identity 2020: The future of banking
As adoption of digital identity solutions continues to grow, how can banks and financial institutions balance Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations and keep consumer data safe while also meeting consumers where they are and creating trust in the digital channel?
Digital identity is quickly becoming a key enabler for banking services
With digital banking services evolving beyond check deposits, from opening new accounts to applying for a loan, consumers are being asked to rely on their digital identities more than ever. At the same time, consumers have also come to expect a deeper level of personalization and relevance with any organization or brand they do business with online. It's critical for organizations to know where consumers are most comfortable giving their digital identity.
In addition to other discoveries, the study found that:
- 65% of consumers consider their banking transactional history (including bank accounts, credit cards, and financial transactions) to be part of their digital identity
- Consumers are willing to share personal information with banks and other organizations in order to receive benefits or rewards, providing banks with an opportunity to use data to provide a more personalized experience
- And more