Digital revenue has turned identity verification from a back-office control into a front-door growth issue for financial services firms.
The PYMNTS Intelligence report “When ‘Good Enough’ Isn’t Enough: Digital Identity Verification in the Age of Bots and Agents,” a collaboration with Trulioo, found that 76% of financial services firms earn at least three-quarters of their revenue through digital channels. That makes identity verification a larger business concern because every failed check, inconsistent result or slow onboarding step can affect growth, fraud prevention and customer experience.
For banks, FinTechs and other financial services firms, the issue is not that digital identity systems are failing outright. Most firms still express confidence in their know your customer (KYC) and know your business (KYB) processes. The problem is that digital dependence raises…
