No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Monday, October 6, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Market Analysis

Banks Need Modern Identity Verification Solutions To Stay Competitive and Resilient In The AI Era

by TheAdviserMagazine
6 months ago
in Market Analysis
Reading Time: 4 mins read
A A
Banks Need Modern Identity Verification Solutions To Stay Competitive and Resilient In The AI Era
Share on FacebookShare on TwitterShare on LInkedIn


When discussing digital transformation and innovation with clients in the banking and financial services (FS) sector, identity verification (IDV) often tops their agenda. A seamless digital onboarding experience is crucial, and it can determine whether a customer proceeds with or abandons a new banking relationship. There is also a growing need for more seamless, effective, and secure IDV in the FS industry due to the rise of sophisticated fraud tactics like deepfakes and increasingly complex regulatory requirements. My latest report, The State Of Identity Verification In The Financial Services Industry, highlights four key challenges that FS firms face: 

Deepfakes are challenging established IDV capabilities. The increase in AI-generated content means that deepfake-related cyberattacks are on the rise. Generative AI (genAI) face attacks, face-swapping, and synthetic faces will continue to be increasingly common; to combat these threats, we expect that IDV vendors will increase their investments in genAI-based deepfake detection technologies like generative adversarial networks and multimodal sense algorithms. 
Outdated onboarding experiences are stalling business growth. Customers demand fast and reliable onboarding processes, but traditional IDV methods create friction and false positives, deterring legitimate customers and reducing conversion rates. FS firms need to offer integrated identity experiences during onboarding and beyond to address ongoing authentication throughout customer journeys. 

Regulatory compliance is increasingly complex and costly. Evolving regulations – such as regional mandates, privacy laws, know-your-customer, and anti-money laundering regulations – are adding compliance pressure. Firms need flexible and scalable IDV solutions to navigate these complexities. 

Managing IDV costs is becoming crucial. As competition for new customers intensifies, FS firms strive to enhance UX and lower the cost of acquiring customers. For example, pay-per-IDV-check allows FS firms to reduce cost at scale. Multilayered verification systems also help FS firms to avoid costly and time-consuming checks, thus providing improved UX.  

Involve Multiple Roles And Stakeholders When Adopting IDV Solutions 

Beyond its role in fraud prevention, IDV solutions build customer trust and support business growth. A multistakeholder approach is crucial for adopting these solutions because it ensures comprehensive risk management, enhances customer experience, and meets regulatory standards. Fraud and risk management teams focus on protecting against sophisticated threats like identity theft and account takeover fraud; customer experience teams ensure that IDV processes do not hinder smooth onboarding, balancing security with usability; and compliance officers stay updated on regulatory changes and ensure adherence to requirements, preventing financial crimes like money laundering. By involving these key stakeholders, FS firms can adopt robust, user-friendly, and compliant IDV solutions, leading to better business outcomes. 

Improve The Effectiveness Of Each IDV Lifecycle Stage With Key IDV Technologies 

IDV solutions are evolving rapidly, and FS firms should implement dynamic IDV strategies to optimize verification paths, reduce friction, and enhance UX. My report features a useful graphic that maps out key IDV technologies that firms should leverage at each IDV lifecycle stage to improve its experience and effectiveness. 

 

FS firms are increasingly challenged on many fronts, and they must move away from manual and legacy IDV processes which hinder growth, create operational inefficiencies, and increase fraud risk. FS firms must adopt modern IDV solutions to stay competitive, ensure regulatory compliance, and provide a superior customer experience.  

Read our full report, The State Of Identity Verification In Financial Services, to explore these insights, enhance your IDV processes, improve customer experiences, ensure regulatory compliance, and achieve better business outcomes. Forrester clients can schedule a guidance session or inquiry with me for further discussion.  



Source link

Tags: bankscompetitiveEraIdentityModernResilientSolutionsStayverification
ShareTweetShare
Previous Post

China tech faces worry beyond tariffs after $350 billion wipeout

Next Post

Muthoot Finance shares fall 14% in two-day rout on RBI tightening gold loan rules

Related Posts

edit post
Inside An E-Commerce Giant’s Threat Intelligence Strategy

Inside An E-Commerce Giant’s Threat Intelligence Strategy

by TheAdviserMagazine
October 5, 2025
0

A Conversation With Coupang’s Head Of Global Hunting, Oversight And Strategic Triage In a recent interview with Forrester, Tae Kim,...

edit post
You Still Need A Design System — Now More Than Ever

You Still Need A Design System — Now More Than Ever

by TheAdviserMagazine
October 3, 2025
0

Design is in the news a lot these days. The US government recently created an initiative mandating better design for...

edit post
In The Age Of AI, Reinvention Is The Future Of Customer Success

In The Age Of AI, Reinvention Is The Future Of Customer Success

by TheAdviserMagazine
October 3, 2025
0

Picture it: New York City, September 2025, NY Customer Success Week.  A room full of over 700 CS practitioners gathered...

edit post
What Q2 2025 Technology Services Earnings Mean For Technology Executives

What Q2 2025 Technology Services Earnings Mean For Technology Executives

by TheAdviserMagazine
October 3, 2025
0

2025 has been a volatile year for technology service providers, with Q2 earnings revealing a landscape marked by mixed results...

edit post
Global Cybersecurity Spending To Exceed 0B By 2029

Global Cybersecurity Spending To Exceed $300B By 2029

by TheAdviserMagazine
October 3, 2025
0

Despite the ongoing macroeconomic uncertainty in 2025 fueled in part by sudden changes in US trade policy and tariffs, demand...

edit post
Messaging Cycle Helps Keep B2B Marketers Agile

Messaging Cycle Helps Keep B2B Marketers Agile

by TheAdviserMagazine
October 3, 2025
0

The Messaging Gap: Why B2B Teams Feel Behind Every year, I speak with dozens of clients about their messaging. And...

Next Post
edit post
Muthoot Finance shares fall 14% in two-day rout on RBI tightening gold loan rules

Muthoot Finance shares fall 14% in two-day rout on RBI tightening gold loan rules

edit post
How China’s exporters are scrambling to mitigate the impact of punishing U.S. tariffs

How China's exporters are scrambling to mitigate the impact of punishing U.S. tariffs

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
How to Choose the Best Fall Lawn Fertilizer

How to Choose the Best Fall Lawn Fertilizer

0
edit post
Abolish the Bureau of Labor Statistics

Abolish the Bureau of Labor Statistics

0
edit post
CME Group Wants to Keep Its Crypto Markets Open 24/7 From Next Year

CME Group Wants to Keep Its Crypto Markets Open 24/7 From Next Year

0
edit post
10 States Where Manufacturing Jobs Stand to Grow the Most

10 States Where Manufacturing Jobs Stand to Grow the Most

0
edit post
Private banks, consumption and metals drive optimism amid earnings season

Private banks, consumption and metals drive optimism amid earnings season

0
edit post
The job market is weak and getting weaker, top economists says, while Trump looks to the future

The job market is weak and getting weaker, top economists says, while Trump looks to the future

0
edit post
Abolish the Bureau of Labor Statistics

Abolish the Bureau of Labor Statistics

October 6, 2025
edit post
10 States Where Manufacturing Jobs Stand to Grow the Most

10 States Where Manufacturing Jobs Stand to Grow the Most

October 6, 2025
edit post
How to Choose the Best Fall Lawn Fertilizer

How to Choose the Best Fall Lawn Fertilizer

October 6, 2025
edit post
Private banks, consumption and metals drive optimism amid earnings season

Private banks, consumption and metals drive optimism amid earnings season

October 6, 2025
edit post
Bitcoin’s 2021 Playbook Shows The Final Price Target For This Bull Cycle

Bitcoin’s 2021 Playbook Shows The Final Price Target For This Bull Cycle

October 6, 2025
edit post
US Supreme Court weighing presidential powers in new term

US Supreme Court weighing presidential powers in new term

October 6, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Abolish the Bureau of Labor Statistics
  • 10 States Where Manufacturing Jobs Stand to Grow the Most
  • How to Choose the Best Fall Lawn Fertilizer
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.