Consumer preferences are constantly changing, pushing a response from financial institutions to place importance on digital customer acquisition and onboarding. Digital onboarding has been a process with the needs for achieving adequate risk and compliance objectives while ensuring a low-friction customer experience (CX), a two-fold challenge. This made matters tough for the mobile use case because of the difficulty associated with manual data entry and the small screen size. This mobile liability has since become a strength, thanks to recent hardware and software advancements.
Digital identity verification solutions are specialized application of image and data analytics, artificial intelligence, machine learning, and expert review designed to ensure government-issued IDs presented for identity verification are authentic and presented by the individual on the ID. Financial institutions rely on this more heavily because of a typical lack of staffed trained document examiners.
Download this report from Celent, and explore the landscape of various digital identity verification solutions on the market today.