Two thirds of people in the UK see a strong digital proposition as key to selecting a bank, but just under 50% are concerned about the risk of digital identity fraud. Clearly the right balance of easy to access and secure services is key to driving adoption among the UK’s financial consumers.
Future Identity portfolio lead Laura Camplisson, was joined in studio by Mike Kiely, Sales Director for Financial Services at IDnow, a digital identity service provider, delivering KYC and AML solutions to the financial marketplace.
Mike spoke about the uniquely important role identity plays in the financial sector, due to the ‘must-have’ nature of financial services to enable social and economic inclusion. Around 7 million people can’t get access to financial products in the UK, due to a lack of credit history or the right documentation and as a result are paying a premium to access essential services.
Digital identity could be a vital solution to this challenge. Mike explains, “It’s really important we give people access to the financial services market, and we make it as easy as possible, but we make it as secure as possible.”
Mike discussed how eKYC can outperform traditional methods of KYC for customers and for businesses, as well as how regulation is evolving in line with the demand to carry out KYC digitally in the financial services market.
Watch the full interview now.
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