Digital has brought financial services consumers convenience, access to new services, and access to a more competitive market overall. However, it has also brought more data breaches, with a recent Stats Canada report indicating that almost half of Canadian organizations in the banking sector have been impacted by cybersecurity incidents. Additionally there has been a sharp rise in the misuse of personal information by bad actors, as well as fraud and even identity theft.
The banking industry, and the larger financial industry, have an enormous challenge on their hands: to keep delivering the convenience and user-friendliness customers have come to expect without it putting in jeopardy their customers’ personal information and identities.
Customer identification is critical as it’s at the very center of many, if not most, financial services processes. Financial institutions are pressed constantly to remain in compliance with regulations as they make sure the quality of the experience they are offering customers remains high.
Financial services providers are being pushed from both sides: first, from customers, who even as transactions grow in volume and complexity continue to expect a seamless and safe experience; and second, from regulators, who are demanding greater insight into all these transactions.
Failure to satisfy the former group means a company will lose business and revenue; failure to satisfy the latter will bring trouble with regulatory bodies (e.g., The Office of the Superintendent of Financial Institutions), increased scrutiny, and possibly even stiff penalties.
Where does that leave financial institutions that want to appeal to customers while keeping regulators satisfied? Where does that leave your organization?
On May 12, join ITWC CIO and Chief Digital Officer Jim Love and the members of the Digital Identification & Authentication Council of Canada (DIACC) for “Digital Identity in Financial Services: Today and Tomorrow.” In this session, Love and special guests will discuss the strategic direction and impact of digital identification, authentication, and record verification in financial services.