As the seasons change, each week on State of Identity, we’re watching the trends in identity transition as well, especially as COVID-19 has accelerated the importance of these solutions across business landscapes. While it’s no surprise COVID unmasked itself in each episode, each guest moved past “what’s the impact” and rather dove into “what’s next” for businesses and users in the new normal.
We kicked off the month welcoming Jimmy Williams, Accelitas National Sales Manager at Accelitas, for a conversation centered around alternative data pertaining to access to financial services. The ways we access financial services, lending, credit, or otherwise have changed, and how to leverage alternative data for inclusion. How is Accelitas doing it?
“What we’ve found to be incredibly successful is consumer behavior, both at the physical point of sale as well as the virtual point of sale…because not only is it a reflection of that consumer’s spending, potential fraud, things like that, but also it’s a proxy for things like employment or payback behavior.” Tune in to learn how this data is opening up access to financial services, especially when physical documentation isn’t as accessible, and how this can be the future of establishing trust.
Following, Christina Luttrell, Chief Operating Officer of IDology, sat down with Cameron D’Ambrosi (virtually, of course) to not just discuss the ongoing impact of COVID-19 on the customer experience across industries. The conversation begins noting how they have seen a massive spike in not only the number of fraud cases but a shift in the ways they fraudsters are executing.
“You know, the creativity isn’t quite there… it’s a lot of the old same old things that we’ve seen in the past. It’s just that it’s so much more. And it’s impacting demographics that normally wouldn’t be transacting digitally.”
And while fraudsters will always be around, looking for ways to cause harm, this posed a broader conversation on successful, frictionless onboarding as companies see a rapid spike in users.
The conversation on fraud led us to wonder, is this spike an unprecedented event, like the pandemic itself? We continued the discussion with Socure Senior Counsel & Privacy Lead Annie Bai, exploring why an uptick in identity fraud usually follows economic downturns, honing in on what kind of security and experiences customers expect, and how businesses – especially the financial sector – can meet them.
“A critical challenge that I think we need to face as an industry is can we balance these mandates of providing high levels of assurance and high levels of customer experience, with low friction, but also respecting the needs that these digital identities have with regard to inclusion?” Annie believes yes, emphasizing the importance of partnerships, alternative data, and more.
Finally, we rounded out the month by welcoming Yoti Commercial Director Gareth Narinesingh and Synectics Solutions Head of Presales Chris Lewis, following the launch of Project Endeavor, a pilot program to revolutionize electronic digital onboarding, identity verification, and risk assessment for the financial services sector in the United Kingdom. While they’re making significant strides with this new venture, the guests closed out in making some future-focused predictions, spanning from the adoption of digital identity, to open banking, to the lasting impact of COVID-19.
“You’ve then got a global model, which is going to change the way that we engage digitally. But I think it’s probably not in the long term future. I think it’s medium-term future. And I think that schemes like Endeavor and many others like it are going to be big pioneers moving in that direction.”
We’re keen to see the impact Endeavor has, and if their predictions come to fruition. And while each of our guests left us with great food for thought, each took a future-focused look at the potential impacts of today’s landscape and how we can create a safer, more secure, and more inclusive world. What will the next month bring across the identity ecosystem? You’ll have to tune in each Thursday to find out! Check back each week or subscribe on Spotify now.
Accelitas: Reimagining Financial Access
Guest: Accelitas National Sales Manager Jimmy Williams
IDology: Multi-Layered Identity Verification
Guest: IDology Chief Operating Officer Christina Luttrell
Socure: Fighting the Uptick in Identity Fraud
Guest: Socure Senior Counsel & Privacy Lead Annie Bai
Yoti + Synectics Solutions Launch Project Endeavor
Guests: Yoti Commercial Director Gareth Narinesingh
Synectics Solutions Head of Presales Chris Lewis