The pandemic has accelerated the growth of non-face-to-face interactions, forcing banks, merchants and others to swiftly deploy digital tools to accurately verify the identity of the person on the other end of a digital transaction.
A 2021 study by advisory firm Aite-Novarica looked at ten vendors in the document identification and verification (ID&V) space, highlighting a notable growth in the demand for document ID&V solutions. Within the next two years, 90% of financial institutions surveyed by the firm shared plans to implement mobile identity document capture and verification solutions.
These trends are reflective of the changing face of customer expectations and behaviors amid increased competition from tech giants and fintech startups, advances in technology, and an evolving fraud and regulatory landscape.
As the adoption of digital continues to grow, digital and mobile service are expected to become the norm for onboarding and account opening for financial services, says cybersecurity firm OneSpan.
Improving customer experience
In a new whitepaper focusing on digital agreements and identity verification, the firm shares insights and best practices for financial institutions looking to transform identity verification and document signing processes to improve customer experience and compliance, eliminate human error, and reduce the risk of fraud.
According to the paper, customer expectations have shifted profoundly these past couple of years, driven by new challengers coming to the market with frictionless, and superior digital-first experiences.