Top three ways to combat emerging threats to the banking industry

Banks and businesses continue to verify their customers’ identities manually. Some need clarification on where to begin their digital identity journey as there are numerous alternatives with comparable services and functionalities but not a single solution that meets all their specific needs for now or into the future. Selecting the best solutions, assembling the right team, and integrating into processes both customer-facing and from a DevOps perspective present significant challenges. Maintaining a continuous evolution of solutions to improve functionality and usability and to keep pace with fraudsters and other bad actors presents another set of challenges.

Why identity verification Should be at the top of your list

There is a significant need for companies to integrate a robust digital identity verification solution into their overall digital strategy. With the time and cost associated with integration, orchestration, and the need to constantly test new sources of identity validation, identity confirmation, and access to trusted third party digital attributes, selecting solutions or an integrated platform can be daunting. It’s important to examine which solutions offer the best mix of functionalities and are suited to their needs now, while preparing a flexible platform for the future as they strive to enhance their identity verification solutions. 

There should also be no need for digital identity to become a core competency within their organizations. Their work maintaining existing customer-facing solutions, creating new experiences, and supporting new product development should be their priority. For this reason, seamless integration of a no-code/low-code, infinitely expandable digital identity platform purpose-built with the non-technical user in mind is extremely important. Similarly important is the removal of the “black-box” approach to aggregation of solutions, providing organizations with the ability to pivot on best-in-class solutions and to replace previously selected solutions easily swapping solutions on the fly. 

Assembling the right team can accelerate your processes 

Assembling the right team can be a huge challenge and can make the digital transformation process even more lengthy. Digital transformation has created new opportunities for banks to develop more effective methods of hiring. Choosing a company that has partnerships or capabilities to onboard the best team of senior management, developers, and project managers is the key to overcoming one of the biggest emerging challenges for merchant banks. 

The digital transformation movement has created new chances for financial services companies to develop more effective hiring methods. Recruiting the right people to accelerate success will always be the driving force behind a good digital transformation strategy. Finding a platform that already comes with a team of identity verification professionals can be extremely hard due to the vast number of providers out there offering the same or similar solutions.

Your one-stop-shop for all your digital identity needs.

Merchant banks need to be more proactive in utilizing mobile technology to improve their user experience. One thing we know for sure is that existing systems are incapable of meeting the requirements of online banking. Technology advancements are impacting merchant banks’ capacity to service and retain existing customers as well as recruit new customers. A platform that allows you to connect to global identity verification providers could be the advantage that you need to fast-track your digital transformation. 

Enter IDVerifact

The platform enables business users to choose the data and functionality required to handle specific use cases across many lines of business with a single integration. To receive a single composite data payload that meets the needs of each individual use case, simply combine any combination of our growing list of services. Onboarding multiple identity providers costs a lot of money and takes a lot of time. IDVerifact offers something vital to your bank. Our platform delivers the most comprehensive and continually evolving suite of digital identity solutions, allowing your bank to simplify and secure digital transactions with its customers. If you need to expand your business use case, you can choose from any of the AML, KYB, Fraud Detection, and Biometrics solutions through the IDVerifact platform.
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