Mobile Money: Financial Service Institutions and the Rise of Digital Identity

In the span of three months there has been a massive culture shift to embrace all things digital. Telemedicine is on the rise, workplaces have turned to Zoom and other cloud based collaboration tools, and small retailers are using ecommerce to keep themselves afloat. But the financial services industry in particular is navigating the changing dynamics of banking in a Covid-19 world.

Consumers’ use of mobile and online banking has skyrocketed during the coronavirus pandemic as banks have limited in person visits to appointments or drive thru service, or completely closed branches. According to research from J.D. Power, 30% of consumers reported they are using their mobile banking app more, and 35% use online banking more than they were pre-coronavirus. This can, in part, be attributed to concerns of cash holding the potential to spread Covid-19. China, South Korea and the US Federal Reserve have started quarantining or disinfecting banknotes.

As more customers embrace mobile banking, financial institutions are placing even more focus on creating a secure and seamless virtual onboarding process. And while the process can be arduous given the numerous details required to validate customer identity – including addresses, bank statements or Social Security numbersthe identity verification process is of the upmost importance. According to a recent report, new account fraud is a significant problem for FIs, with 48% of values generated from fraud attempts coming from accounts that have only been open for one day.

It is our mission to help banks, financial institutions and payments providers stay ahead of changing consumer demands, so they can focus on their business. Our recent partnership with Ceevo Group, an online omnichannel payment platform, brings a more streamlined customer onboarding process and immediate ID proofing. Powered by Acuant’s Trusted Identity Platform, Ceevo’s customers can seamlessly interact on any channel using any device – smart devices, desktops and kiosks – to complete multi-factor authentication in an extremely user-friendly workflow.

“We believe everyone should benefit from the speed at which money, the global economy, and society is changing. But in order to do that, we needed a way to quickly and seamlessly onboard customers, and accurately verify their identity,” said Philip Meyer, Ceevo Group CEO.“ After evaluating many vendors, we determined that Acuant had the most comprehensive and effective technology platform. In particular, Acuant’s mobile HMTL5 SDK was crucial, as mobile collection is the most reliable form of know your customer (KYC) collection today.”

Now, with IdentityMind as Acuant Compliance, we offer even more comprehensive regulatory solutions for FI’s to cover AML and sanctions screening and fraud prevention.

Contact us to learn more about how to support mobile banking and enable a faster, more secure onboarding process:

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