Successful banks and online services have started to equip their market strategy with tools that ensure a smooth authentication or onboarding experience, while at the same time protecting privacy.
The old approach to processes such as authentication, onboarding or identification is simply not sustainable as it gives rise to high abandon rates and does not meet the expectations of a younger, more digitally ‘native, customer. Moreover, the ubiquity of mobile devices is fundamental to changing the way people shop, bank, communicate, and interact, as all these activities are based on trust.
Through the use of services such as one-time passwords or SMS, the smartphone represents a trusted way to verify an identity; however, this method is under pressure by cybercriminals. Therefore, a robust digital identity platform should be capable not only to establish trust in online transactions, but also to secure customer trust and to eliminate some of the old, not very secure techniques.
For this reason, we have created an explanatory infographic to help businesses understand concepts such as digital identity, identity verification, onboarding, and strong customer authentication and to support them in navigating through this sea of identity verification and authentication platforms.
The infographic includes different solution providers in the ecosystem of Identity Verification and Online Authentication Solution Providers, and consists of three main categories and seven subcategories, as shown below:
CABS / Platform providers
Identity verification / Onboarding - Derived Identification - Identity Document Verification - Other Means of Verification - Additional Checks / Compliance
Online authentication - Biometric Authentication (behavioural and physical) - Other Authentication Means
The infographic is part of the Web Fraud Prevention and Online Authentication Market Guide 2017/2018. The Guide is a complete overview of the fraud management, digital identity verification and authentication ecosystem provided by thought leaders in the industry from leading solution providers (both established and new players) to associations and experts.
Relying on traditional identity verification approaches is no longer sufficient or appropriate for digital channels; it is time for financial institutions and organisations to embrace innovative technologies for onboarding processes and see modern authentication techniques as the way forward.
Therefore, we strongly encourage you to download our Identity Verification and Online Authentication Solution Providers Infographic to get some inspiration regarding future business partners that support new business models and reduce costs and complexity.