As use of digital banking products increase, use of older verification and authentication methods like out-of-band authentication are no longer adequate. Banks must implement identity verification and authentication technologies to create a digital experience that is secure and low friction to the customer and in line with regulatory requirements.
Goals and Objectives
Institutions must employ advanced technologies to establish digital trust between the organization and its customers. This is critical as institutions and their customers increasingly establish and manage relationships through digital channels. The technologies must be able to verify and authenticate customers in digital channels in a way that is secure yet virtually frictionless to the customer.
AI, physical and behavioral biometrics, predictive analytics, entity resolution/graph analytics
Use Case Summary
Once a customer has been vetted and onboarded, her/his digital identity must be authenticated at each login and continuously throughout a digital session using advanced analytic technologies. This is done cross-channel and irrespective of the device used.