In Europe and the U.S., financial services organizations and their customers are enjoying the benefits of a digital revolution. Digital channels have transformed the way consumers interact with their financial service providers. Digital channels have bolstered the ability of banks and insurers not only to attract new customers but also to engage with existing customers at a lower cost and with a broader range of relationship-enhancing capabilities.
At the same time, the introduction of new digital capabilities has drawn the attention of criminals. Their efforts are undermining the trust at the center of the relationship between financial service organizations and their customers. Maintaining this trust while maximizing the potential of digital channel investments requires a comprehensive approach to identifying and authenticating customers from day one.