Almost 3 / 4 of financial services firms take a strategic approach to identity verification

Nearly three quarters (70%) of financial services organisations are taking a strategic approach to identity verification to combat financial crime, according to insights from Trulioo.

The research was conducted in the UK and the US to explore how organisations are approaching identity verification during the COVID-19 crisis. Over the last three years, there has been a shift in the way that businesses approach identity verification.

Findings revealed that there has been a move away from ‘reactive identity verification’ - where identity verification is approached as a tactical and commoditised necessity to ensure compliance - to ‘positive identity verification’. This is where it is treated as a critical component of the customer journey and a strategic driver of business value.

One of the major drivers of change has been speed - 72% of financial services organisations now include speed within their measurement of identity verification performance. By tracking the average speed it takes to verify a customer at the initial account creation stage and further, along the customer journey, businesses are able to correlate this data with rates of abandonment, improving service, trust, consumer experience and profitability all while maintaining this highest standards of security.

Trulioo is a global identity verification company and its platform provides real-time verification of 5 billion consumers and 330 million business entities worldwide.