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Basic information about Data Protection
Responsible Party ICAR VISION SYSTEMS, S.L.
Purpose Commercial research.
Recipients Data may be provided to other companies in the group and to third party companies in the technology sector.
Rights Access, rectification, cancellation, opposition, limitation of processing, data portability, and to not be the object of automated individualized decisions.
Digital identity verification systems have been changing at dizzying pace. But users change just as fast: their needs change, as do the ways they use technology and how they view digital relationships with their suppliers, such as financial services providers.
One of the most significant changes now taking shape is the total integration of one’s real and digital identities. Both for companies and individual users, this integration means greater security —identity fraud because more and more difficult— and a better user experience —the company knows its users better, is able to streamline its processes, and can personalize its dealings with greater precision.
But what trends will be gaining strength in 2017? By analyzing several studies and taking into account the data available to ICAR, we have identified five trends that will define the security field, and in particular digital identity verification.
When it comes to understanding why these trends are the ones that will lead the way, two facts stand out among all the information and studies available. First, in the Fintech sector alone, identity fraud accounts for financial losses of between 1% and 4%. This percentage translates into millions of euros lost every year in this sector. It’s no surprise, then, that so much effort in technological innovation focuses on improving identification security.
According to another study, 600 million devices will use biometric authentication by 2021. Biometrics is coming to be understood as one of the most advanced and secure systems, not only for identity verification but also for improving functionality through capabilities such as facial recognition-based login, making processes faster and easier for the user.
But the challenge will remain to strike a balance between user experience and security.
The relationship that consumers have with their banks are changing. And processes must adapt in response to this changing relationship. As a result, identity verification solutions now include functions that were unthinkable only a short time ago, either because technology could not provide it or because the market was not yet demanding it.
ICAR and FasePhi have now introduced the Me concept, an approach that draws on technological change to provide fast, safe digital onboarding. What is the Me solution based on?
CustoMEr Onboarding Validation
Social Media Verification
What functions does in include?
Improvements in user experience and authentication/verification processes translate into greater conversion in the onboarding process.
For this reason, solutions will tend to incorporate functions that resolve and improve this equation proactively.