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Only Digital Identity can unleash the power of digital finance

Only Digital Identity can unleash the power of digital finance

As the global economy goes digital, Roland Eichenauer, Head of Business Development at Nets, says Digital Identity is a must-have for banks competing to deliver enhanced customer experiences, improved revenue growth and more advanced online services.

In line with the rest of the economy, financial services are rapidly digitalising.

Whether it’s consumers switching from cards and cash to mobile wallets and account-to-account (A2A) transactions, the relentless rise of e-commerce, or the two-thirds of European consumers who now use their mobile phones for banking, a revolution is in full swing – and it’s creating untold opportunities for banks to deliver faster, safer and better services to their customers.

In our latest white paper we explain what’s driving the switch to digital, from rocketing online shopping across borders to exciting new service types such as Buy-Now-Pay-Later (BNPL), account-to-account transactions and more.

And we are just at the beginning: as the digital revolution continues and customer confidence in online financial services grows, further opportunities will open up.

As always, those that move early and effectively will win the largest market share and biggest slice of revenue.

Digital Identity is key

As we explain in the white paper, comprehensive Digital Identity solutions are key to giving banks a competitive advantage and making a success of digital transformation.

That’s because a compliant, modular Digital Identity solution helps banks to relieve the drag of consumer friction at online checkout, accelerate time-to-market and onboarding for new digital solutions, and automate some processes which remain paper-based such as dispute resolution and variable bill payments.

In fact, the McKinsey Global Institute[1] estimates secure, verifiable digital ID can result in increased process efficiencies and reduced costs, saving banks up to €‎1.4 billion once reduced fraud losses are included.

By setting up a Digital Identity solution for customers, banks will also cut fraud in the digital and mobile channels, improve conversions, and enhance consumer loyalty to their brand.

As Open Banking takes off and our economy begins the journey to full Open Finance including mortgages, loans and investments, Digital Identity enables customers to move smoothly between service platforms without re-permissioning their identity.

It offers a single, easy-to-use and flexible way to access multiple services via a single platform, providing better customer experiences all while reducing fraud and complying with all regulations.

For more than two decades, Nets has held a leading position as a trusted adviser, developer, and provider of critical digital identity infrastructure.

Nets’ Digital Identity solution is a third-generation, modular and flexible platform that serves as a foundation for digitalising financial services, including digitised onboarding, authentication, and identity verification.

Fully compliant with the EU’s latest regulatory requirements and standards such as eIDAS and PSD2, this platform is built for scaling and internationalisation, and can be deployed as a white-label solution for banks and other financial institutions that want to digitise their banking experience while boosting operational efficiency.

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 Identity solution.

[1] McKinsey Global Institute, 4 April 2019: Digital ID is key to inclusive growth

 

The post Only Digital Identity can unleash the power of digital finance appeared first on Payments Cards & Mobile.

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