As consumers adapt their habits and increasingly transact online, demand for digital financial services has risen exponentially. Consumers now expect user-friendly apps and seamless journeys at the touch of a button – but they also want FIs to protect their financial data in an increasingly complex fraud and cyber security threat landscape.

As a result, FIs are under pressure to provide smooth onboarding processes, featuring the most up to date biometric authentication and identity verification technology. At the same time, they must also ensure that the regulators have the data they need to ensure compliance with KYC, AML and GDPR legislation

FStech and HID Global, a leader in secure identity solutions, conducted a survey to assess key challenges and opportunities for financial institutions (FI). The findings offer a representative snapshot of key trends for FIs as they look to implement digital technologies to speed up onboarding and provide seamless customer journeys, while ensuring data security and compliance.