Because of the coronavirus pandemic and the resulting quarantine protocols, many people decided to move away from in-person visits to digital platforms when banking. Many people were already using online and mobile banking solutions in their day-to-day lives.
Both the number of contactless payments and new mobile banking users increased during the pandemic. Many financial technology companies gained traction with first-time digital payment users as COVID-19 pushed for the rapid adoption of remote platforms. Thanks to the shift in the consumer’s behavior, fintech companies must simplify their services and reassess their policies to have a more customer-centric approach.
Fintech companies must also consider their customers’ demands for a convenient and secure user experience and the strict health regulations amid the pandemic. Many banking clients regard user experience and streamlined onboarding and login as some of the most important aspects when selecting a bank.
Financial services providers must prioritize offering better digital services since many people will likely replace their current provider for a better one. Fintech companies can invest in FIDO2 authentication solutions for passwordless login. Identity assurance is vital in a company’s remote onboarding process since, without it, there is no way for companies to verify if the ones registering are legitimate customers.
Customers demand both convenience and security for remote onboarding, and fintech companies can meet these by using identity verification solutions for mobile devices. It is possible to maximize mobile phones, tablets, and computers to expedite a fintech company’s digital processes and provide consumers with the option to use the channel they prefer.
Customers can use their camera-enabled device to capture a selfie and use it for biometric identity proofing. People can also submit their identity documents by capturing a photo to the financial company. A company’s digital systems can determine the credentials’ authenticity by matching the information and ID photo with the photograph initially provided by the customer.
For more information, see this infographic by Ipsidy.