Digital customer acquisition and onboarding is becoming increasingly important to financial institutions in response to changing consumer preferences. Historically, digital onboarding presented a two-fold challenge; achieving adequate risk and compliance objectives while ensuring a low-friction customer experience (CX). This was particularly difficult for the mobile use case because of the small screen size and difficulty associated with manual data entry. Recent hardware and software advancements, however, have turned what was once a mobile liability into a strength.
In this report, Celent offers several considerations for selecting an appropriate digital identity verification platform based on bank and vendor interviews.