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Mobile Identity: the fusion of financial services, mobility and identity

Mobile Identity: the fusion of financial services, mobility and identity

A new report looks into generational change – particularly as it affects Gen X and Y, who together make up half of the global population .

Their adoption of mobile digital technology will both expose institutions to risk and create opportunity. The central argument in the mobile identity whitepaper is that mobile digital technologies have changed how these generations prefer to be identified.

The trust paradigm has shifted from having to prove who we are, to being recognised for who we are. Both our identities and our consumption of financial services are now inextricably fused with our mobile device, which is why mobile identity is a critical issue and why this research is so timely.

A chart showing Willingness to Share Personal Information with Financial Services Institution

Willingness to Share Personal Information with Financial Services Institution

In just seven years, since the advent of the smartphone, these devices have become the primary means for consumers to access financial services. This inflection point has forever changed the industry. We are now transitioning to an ‘omnipresent’ customer engagement model, characterised by expectations of predictive, personalised and presence-based financial application experiences that are part of the fabric of our increasingly interconnected lives.

But just as the mobile device has become our gateway to the financial services world, it has also become the source of new risks for both individuals and institutions. Cybercrime has become the domain of industrial-strength perpetrators who are often highly organised, highly skilled, abundantly resourced and keen to exploit any points of weakness in the internet and the devices and systems connected to it.

A chart showing Advocacy-Satisfaction with Authentication Methods (Global Top 2 Per Country)

Advocacy-Satisfaction with Authentication Methods (Global Top 2 Per Country)

This seismic shift in the nature of cybercrime requires us to re-imagine identity and its role in securing our personal lives, our information, our institutions and the services they offer.

In the last report Analyse This, Predict That – how institutions compete and win on analytics, the emphasis was that data analytics brings new risks to financial institutions, particularly around the appropriate use of personal information.

Critically, it was argued that a new customer engagement model is required – one that ensures that analytics enhances value, whilst also reinforcing the trust that consumers place in their financial institutions.

Identity Theft (Global)

Identity Theft (Global)

Since then, growing numbers of major security breaches have been reported – unfortunately, the insufficient protection and monitoring of customers’ personal information has been behind many of these.

This study across seven countries within the Asia Pacific region, Europe and America explores our changing attitudes towards the identity of individuals and mobile devices.

It begins by introducing a ‘Generational Acquisition/Digital Engagement Matrix’ that illustrates how an institution’s future growth prospects can be determined by its ability to firstly acquire and then digitally engage Gen X and Y, and the wallets they control.

Against this strategic backdrop, we then consider the technological impact of mobility and identity. We then present the results of research into financial services executives and consumer attitudes towards a range of identity topics and interactions that can be enabled by mobile devices, and analyse the impact these would have on consumers’ relationships with their financial services institutions.

Lastly, it presents a vision for secure, intelligent omnipresent identity in the interconnected financial services world. Here, it both explains some world-leading technological developments, including those that Telstra has directly invested into, and discuss the role that next-generation identity, access management and security technologies can play in helping your institution map out its trust journey.

It is demonstrated that mobile identity is a fundamental enabler for innovation, and – just as importantly – that mobile identity is critical to the trust relationships that will unlock access to many wonderful new experiences that will be created as mobile financial services continue to evolve.

The post Mobile Identity: the fusion of financial services, mobility and identity appeared first on Payments Cards & Mobile.

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