Retail Banking | Consumer Finance | Peer Lending | Stock Trading | Mobile Payments | IFAs
Retail banks, consumer finance providers and financial advisors are looking to sell purely online as consumer demands for convenience and ease drive the growth of the digital and mobile marketplace. When it comes to winning new customers online, compliance and traditional verification methods are forcing a trade-off between risk, acquisition and cost.
With miiCard, businesses can realise both seamless customer acquisition and fraud reduction using a trusted Identity as a Service (IDaaS) solution. miiCard directly addresses the key pains the financial services industry is facing today:
miiCard maintains a high level of trust and traceability in your customers’ identities purely online. Through a patented process that leverages trust between an individual and their financial institution, miiCard reduces the risk of selling regulated products and services purely online.
Identity Proofing + Strong Authentication
A complete identity solution, miiCard combines identity proofing with strong authentication to provide the highest level of assurance in the online identity and its assertion.
- Identity Proofing: miiCard establishes proof of identity to passport/ photo ID standard, providing Level of Assurance 3+ purely online.
- Strong Authentication: layering hard and soft tokens, biometrics, location and device authentication are added as required to protect miiCard accounts and ensure true assertion of the identity.
Understanding that each situation requires a different level of assurance in a consumer’s identity, the miiCard LoA3+ policy engine allows you to escalate the required level of trust that you need for each situation.
Key Pains in Financial Services
Risk: Data checks increase fraud
As the industry continues to shift to online distribution of regulated products and services, high risk, data-driven background checks are being used to increase acquisition and onboard customers more efficiently. The result is increasing fraud rates caused by identity theft due to personal information being widely available through data bureaus, public records and social networks.
Acquisition: High dropout rates on and offline
Financial providers offering initial applications online and then introducing any offline process such as in-person document ID checks or document signatures to establish high levels of trust with their customers are experiencing significant drop out rates at this point. When applications for financial services start online and move to offline to meet Anti-Money Laundering and Know Your Customer requirements, the dropout rate can be as high as 70%. When a risk-based approach is used to validate identity and make selling decisions many new to country customers and those with thin credit files are being rejected because of the cross-border limitations of credit reference data.
Processing: Large costs with offline checks
Verifying customers through any offline process, such as manual document checks, in-person branch visits or document signatures, comes with a high cost. The cost to process the identity verification from start to finish on a regulated financial product can be between $20 for a simple document form for a credit card up to $100 for more complex products like loans and mortgages. Processing time takes anywhere from one business day to two weeks.
Global coverage across ten countries translates to over 350 million verifiable identities today.
USA | Canada | United Kingdom | Ireland | India | South Africa | Australia | New Zealand | France | Spain
- Active Revalidation: members identities are regularly updated, through a process that runs nightly, to ensure it is always up to date.
- Multi-factor authentication: for bank-level security through hard and soft tokens, biometrics, location and device as required.
- Customer Driven: miiCard is member driven for a trusted and seamless experience. Members are in full control of their identities and the information they assert on accepting sites.
- Seamless processing: instant and online process, without interruption, enables a low-friction customer journey resulting in higher conversions.
- Remove manual processing: Through a customer-driven and purely online process, miiCard establishes identity to passport/ photo ID standard (Level of Assurance 3+) and without document scans or uploads.
- Easy integration: The miiCard API is available pre-packaged for standard technologies enabling easy integration in around one day, with minimal disruption to business processes.