The COVID-19 pandemic forced many brick-and-mortar companies to move online, including banks and financial services. Challenger banks and fintechs led the charge, offering everything from savings accounts to mortgages, all online.
The problem is that many of these online services can make it nearly impossible for underserved populations to open or access their accounts. When the customer tries to show proof of identification, the process is often far too complex, or it simply doesn’t support the identification document (ID) or the technology the customer is using. Worse, in many cases the identity verification technology relies on artificial intelligence (AI) that has been trained on a limited data set, which makes it hard for the technology to verify the customer’s face against their ID photo with reasonable accuracy. On top of that, there are significant concerns about data privacy, especially in marginalized communities.
And yet the need for online financial services is greater than ever. As the world becomes increasingly digitally focused, and money moves more swiftly around the world, it’s essential that people and businesses from all communities — regardless of their socioeconomic status, location or ethnicity — can participate in the digital global economy. In this ebook, we’ll explore the importance of democratizing financial services and how you can help lead the way.