As financial institutions limp out of the recent market downturn, many are still licking their wounds and effectively boiling their business models down to the basic principles of increasing liquidity and reducing risk. Banks are also becoming increasingly aware that they need to keep their customers happy and regain their trust.

As we move into the next decade, banks are steadily turning to technology to play a larger role in helping to achieve these goals. In my experience, electronic identity verification is one of the least talked-about, but most valuable solutions to enable the banks to meet these goals and should be part of the solution in helping financial institutions deal with the current challenges they face. When FIs put this type of technology in place, they find that it helps get new customers on board quicker, improves the overall customer experience whilst reducing fraud and maintaining compliance in the increasingly regulatory world we live in.

Further, recent studies have also found that electronic identity verification enables customers to deposit money more quickly, helping to improve balance sheets. As financial institutions struggle with tough market conditions and feel the knock-on effects through fewer monthly applications for their products, it’s clear that any way they can increase the flow of funds into the company will be welcome and help them stay afloat.

Micah Willbrand, UK Head of Authentication Services, Experian