• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Banks Must Streamline Digital, Mobile Channels In Wake of COVID-19: Onfido

February 1, 2021

Onfido has some handy advice for banks looking to move forward with their digital transformations. The company noted that COVID-19 has dramatically increased the demand for digital banking services, and financial institutions that fail to adapt will lose ground to those that do a better job of meeting customer expectations. For instance, Onfido’s research shows that 44 percent of US consumers will abandon an onboarding process that has too much friction.

Banks Must Streamline Digital, Mobile Channels In Wake of COVID-19: Onfido

With that in mind, Onfido suggests that traditional banks should prioritize the digital experience rather than branch services, which can account for 20-30 percent of a bank’s operational expenses. However, that money is not being well spent in an environment that favors remote interactions. Conventional banks’ share of the global banking and payments industry has dropped from 81 percent to 72 percent in the past year alone, and they will continue to lose customers if they do not find a way to connect with users online.

Contactless technologies will be an important part of that transition. Mobile banking traffic jumped 85 percent in the US in April of 2020, and online registrations went up 200 percent in that same time period. That rise has coincided with a surge in online shopping, and an increase in the total number of cashless card transactions. Banks need to support those kinds of payment options, since surveys have shown that 95 percent of consumers plan to continue using them once the pandemic has subsided.

Finally, Onfido argues that banks cannot afford to focus on single touchpoints, and must instead work to deliver a complete customer experience that covers the entire journey from onboarding through to sales and other services. In doing so, they should listen to customer demands and deliver digital banking services across multiple channels.

For its part, Onfido positions its own identity verification technology as an essential component of that customer journey. The company’s solution uses document and facial recognition to confirm the authenticity of an ID and the person holding it, and does so while mitigating risk and remaining compliant with the latest Know Your Customer regulations. The automated platform is also much faster and more cost-efficient than human review.

Onfido recently provided biometric onboarding technology for the FundOf content creation platform, and for MANGOPAY’s e-wallet system.

–

(Originally posted on FindBiometrics)

Filed Under: Industry News Tagged With: Biometric, biometric banking, biometrics, COVID-19, face biometrics, facial recognition, financial services biometrics, Onfido, remote onboarding, selfie onboarding

Related News & Articles

Simeio Unveils Identity Vault App with Facial Recognition Tech

“Hey Mercedes” Nuance’s Conversational Platform Turns Your Benz Into Mobile Assistant

ABI Highlights Non-automotive Uses of LiDAR Technology

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Mobile Biometrics Specialist Attains Compliance With UK’s DIATF
  • Nordic-Baltic Ministers to Push for Cross-Border Digital ID Interoperability
  • 1Password Rolls Out Passkey Support for iOS Users
  • Somalian Government Launches Digital ID System
  • Philippines Authorities Aim to Roll Out Mobile IDs By Year’s End

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld