The quarantine protocols imposed to keep the COVID-19 infection rate down have driven significant changes in consumer behavior. More individuals have shifted from in-person visits and transactions to digital ones, resulting in increased contactless payments and mobile banking usage during the pandemic.
Accordingly, as the COVID-19 pandemic has pushed for the rapid adoption of remote financial services, financial technology companies also gained traction with first-time digital payment users.
As people have shifted to digital platforms for their banking and other financial transactions, customers’ expectations towards financial services enterprises have also changed, mainly their demand for seamless user experience and streamlined onboarding and login processes.
Many consumers regard the user experience as the most crucial aspect when selecting a digital bank. Meanwhile, others consider streamlined onboarding and login as their primary deciding factor. When people have a poor user experience, they are more likely to abandon the online enrollment processes or switch to another one that offers better digital services.
Enterprises must respond quickly to address customer needs and gain a competitive advantage over other industry players. To meet consumers’ expectations and ensure a more customer-centric approach, financial institutions must reassess their policies and simplify their services. They must also consider utilizing modern technology to guarantee a seamless user experience and ensure secure onboarding and login processes.
Fintech companies must adopt modern identity verification and identity document authentication solutions to streamline remote onboarding procedures. Shoring up their identity proofing methods with more robust solutions enables them to efficiently and securely confirm users’ claimed identities. It also allows them to enhance cybersecurity while complying with more stringent industry regulations.
Financial organizations can also invest in FIDO2 authentication solutions for passwordless login. FIDO 2.0 supports commonly available devices for a more convenient login. Using FIDO 2.0, mobile banking users can replace passwords with stronger cryptographic login credentials. These on-device credentials can only be unlocked using device-based authentication, such as a PIN code, a swipe pattern set by the user, or biometrics authentication using the device’s built-in fingerprint readers or cameras.
Identity assurance is vital in a company’s remote onboarding or login processes. Without it, there is no way for organizations to verify if the ones registering are legitimate customers. Utilizing identity verification solutions allows financial institutions to provide omnichannel support, streamline processes, and ensure security in online enrollments and logins. It also helps them adopt fully automated onboarding systems and meet customers’ demands. To know more information, see this infographic by Ipsidy.
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