Identity is integral to mature digital transformation and fulfilling customer needs, especially with rising demand for remote process since the onset of COVID-19. In these remote processes, verification is the first point of contact for the customer, and abandonment rates are up by a staggering 40%. Meanwhile, financial institutions must also combat sophisticated ID scams, account takeover fraud, and synthetic fraud.
To address this multi-faceted challenge, this report explores the Know Your Device (KYD) approach, which leverages machine learning to understand customer behavior, eliminate false positives, and reduce friction. However, that is only one of the many challenges and opportunities for digital identity in the coming decade covered in this report.
In this report, you will learn:
- How Strong Customer Authentication both adds friction and delivers secure front-end verification
- Why the development of digital identity can also help the unbanked and underbanked
- How a multi-layered approach is the best way to verify a customer’s identity
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