The American Bankers Association and management consulting firm Oliver Wyman today released a new report that provides a framework for bankers to fight fraud by improving their customer identity management. “The Growing Significance of Trusted Digital Identities in U.S. Financial Services” outlines the evolving landscape of digital identity and provides actions that banks can take. It identifies three customer-facing areas where digital identity solutions can have the biggest effect on fraud mitigation: identity proofing and know-your-customer, authentication, and transaction authorization and monitoring. ABA also will hold a free webinar on the topic later this month.
“Implementing digital identity solutions can greatly reduce fraud and improve operational efficiency, but getting started can be complex,” said Brooke Ybarra, head of ABA’s Office of Innovation. “This new report is a valuable resource for banks as they dive into this critically important space.”
The report provides context around the broad set of vendors and other solutions available to help meet the identity-related needs of financial institutions. Considering each of the key identity processes, it examines the use cases the vendors enable; the steps in the process they support; the capabilities and solutions they deploy; and the trends that may impact this part of the process and the vendors that support it. It also explains the forces that are shaping the digital identity landscape in the U.S. including the government, the private sector and evolutions in the underlying technology itself.
ABA will hold a free webinar on Monday, Nov. 14, at 12 p.m. EST on the report. Ybarra and Oliver Wyman representatives will share insights on the evolving landscape of providers and offer a framework for banks seeking to upgrade their digital identity processes and controls.
