A seismic shift is expected to occur with financial institutions' Know Your Customer processes over the next two years, with digital identity verification technology providing the most significant change. For decades, the only real way to verify someone’s identity online was to compare self-reported information, usually captured on an online form, to a third-party database or credit bureau.
Thanks to large-scale data breaches, social engineering and malware, organisations have no choice but to adopt the most robust technologies at their disposal to ensure they know who they are doing business with.
According to the 2020 Market Guide for Identity Proofing and Affirmation: “By 2022, 80% of organizations will be using document centric identity proofing as part of their onboarding workflows.”
Modern digital technologies automate the confirmation process, and allow banks to analyze each transaction to watch for suspicious activity in real time.