Digital ID Verification: How to Enhance Security and Customer Experience
Slow verification times lead to customer abandonment of transactions such as opening a new bank account, resulting in delayed or lost business. According to Forrester, for 58% of FinServ organizations, the customer onboarding process takes more than 5 minutes. Unsurprisingly, the longer it takes to verify customers, the more likely they will abandon the process.
With the volume of digital agreements exploding, financial organizations must create and execute digital strategies that are both highly efficient and trusted. In fact, 78% of decision-makers see a need for identity verification tools to balance usability and security.
But winning in this new, unstable normal is not easy. Companies must ensure both superior customer experience, to retain their customers and grow their business, and security to protect their most valuable agreements and reduce fraud. To this extent, the ability to verify a person’s identity is the key enabler of secure and robust agreements - reducing fraud and driving compliance. Doing so in a manner that doesn’t undermine usability is the key to differentiation.
Join Andras Cser, VP Principal Analyst at Forrester and Sandra Bell , VP Vice President Enterprise Transformation Office at M&T Bank to hear:
- Ways in which companies can strike the right balance between security and usability, in the context of identity verification for agreements.
- How to evaluate the role that emerging identification methods can play in this context
- How M&T Bank leveraged the right tools to digitize customer identity verification process