In a new white paper, leading European payment solutions provider Nets, part of Nexi Group, outlines why flexible, modular digital identity systems are core to the digital revolution in financial services.
Roland Eichenauer, Head of Business Development at Nets, offers some concrete benefits of digital ID for banks.
- Deliver better customer experiences. Banks can deliver better customer experiences with fast and secure digital identity. Digital ID platforms are the foundation for a frictionless and trusted digital user experience, whether that’s in online banking, customer onboarding or other applications.
- Leverage digital banking opportunities. Digital identity enables customers to switch smoothly between service platforms without having to re-enter their identity. They provide a single, user-friendly, and flexible way to access multiple services through one platform. Digital identity also makes it easier to access value-added services such as credit applications, mortgages, and lending without the constant authentication requests that turn customers off.
- Improve conversions and profitability. Digital identity improves the online shopping experience, reduces fraud, increases brand loyalty, and boosts operational efficiency. Our white paper shows how implementing a digital identity solution can reduce the time and cost of customer authentication while improving the customer experience. When customers shop online, digital identity significantly reduces the number of escalated authentications required under SCA. This cuts friction at checkout and improves conversions and revenue growth. More broadly, digital identity strengthens customer loyalty and grows revenue by speeding up online service delivery and enabling greater automation.
- Reduce friction and make onboarding Compliant, modular digital identity solutions can help banks make the most of digital transformation – especially when it comes to automating processes such as dispute resolution and bill payment that are still stuck in the paper age.
- Get ready for Open Banking. As Open Banking introduces the capacity to access a vast range of services through a single banking portal, digital ID systems will be essential. Digital ID enables customers to move smoothly between service platforms without re-permissioning their identity, offering a single, easy-to-use and flexible way to access multiple services on one platform. Open Banking holds tremendous promise both in existing use cases and new applications – and digital ID is central to helping users to access this potential.
Download a free copy of the new white paper from Nets to find out how you can unlock the power of digital finance through a flexible, scalable digital ID solution.
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