Digital transformation has become a modern business imperative. Today’s consumers are more tech-savvy than ever, and expect rich, meaningful digital engagement with the financial institutions, products, and services they interact with.
To attract such engagement from customers in return, financial service providers should work towards providing a frictionless user experience. A dedicated digital strategy can empower this in many ways—from making information available and easy to access, to ensuring a consistent login experience across multiple platforms and strengthening the authentication process. As financial companies leverage more digital tools and cloud solutions, there’s great potential to deliver experiences to customers that are more efficient, and ultimately, more enjoyable.
But those experiences require trust, something that is not always easily gained. The finance industry is one of the biggest targets of cybercrime, and such attacks cost the sector an average of $18.28 million annually—the highest of all industries. Now that data breaches and security incidents are intense fixtures in the media, customers are increasingly reluctant to share information and engage meaningfully.
Financial services need to be proactive if they are to regain this fading trust—and seizing control of identity offers a unique opportunity to do so. By crafting a forward-thinking identity strategy, financial institutions can restore consumer confidence by better securing information and delivering a stronger customer experience.