Identity Verification Trends in the Financial Industry
In this session, we talked about the identity verification challenge and the implementation of ReadID at ASB and identity verification trends and shared our observations from Identity Week and Money2020.
Featuring Andrea McKain from ASB and Peter Eikelboom from de Volksbank
The challenge of remote onboarding new customers
Our first guest was Andrea McKain from New Zealand bank ASB. Andrea McKain is the delivery lead for KYC at New Zealand Bank ASB and as a project manager, she was responsible for the implementation of ReadID at ASB.
Andrea mentioned that the OCR solution that they were using was very disappointing: it created very poor conversion rates. That was an important reason to move to NFC-based verification to ReadID.
“It just wasn't a seamless user experience with OCR”
Together with Peter Eikelboom, Innovation Manager at de Volksbank, we discussed identity verification trends and our observations from Identity Week and Money 2020.
Especially the potential new role of banks as data custodians in a wider ecosystem was discussed. There was substantial attention to the eIDAS revision that will require the adoption of wallets. In the Netherlands the might lead to a revival of iDIN in this context.
Money 20/20 also clearly showed that identity verification is no longer regarded as a compliance necessity, but as a valuable asset in the customer journey.
“Banks need a trusted ecosystem around exchanging and storing data”