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The Power of Provincial Digital IDs: How Financial Institutions can Reshape Account Onboarding

Online services have become an integral part of our everyday lives. The process of digital identity verification, onboarding and account registration, and subsequent re-verification and authentication pose a significant challenge for both customers and service providers in the financial sector. 

As organizations explore ways to balance security and customer experience, they are turning to new and innovative ways to facilitate digital identity experiences. In this blog post, we’ll explore how leveraging provincial digital IDs are emerging as a compelling solution to these challenges.

The Need for Streamlined Onboarding

Financial institutions face unique challenges when onboarding new customers, including cumbersome and stringent compliance regulations to satisfy both FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and KYC (Know Your Client)2. In fact, financial institutions in North America and Latin America rank KYC for account onboarding as their number one challenge3.

These complexities can deter potential clients4, and in the already crowded financial sector, organizations can’t afford to be left behind. However, with identity fraud reaching unprecedented levels5, organizations can’t afford to take any shortcuts when it comes to the risk of account takeovers. Providing a seamless onboarding experience while mitigating risk and safeguarding customer data is crucial for a service provider’s success.

Bridging the Gap: Digital Identity Verification with Provincial Digital IDs

Provincial digital IDs, like the Alberta.ca Account, are emerging as a viable solution to customer expectations and organizational requirements. Financial institutions who leverage provincial digital IDs to facilitate digital identity verification and account creation can provide unparalleled customer convenience while mitigating their risk of identity theft and enrolment fraud. Let’s explore a real-world example:

Mary would like to open a new account online at a financial institution, without needing to visit a branch in person. She decides to explore two different options: Institution A and Institution B. 

Institution A starts off with digital onboarding but in order to confirm her identity and open her account, she has to come into a branch in person, bringing with her at least two pieces of valid ID. 

Institution B also begins with digital onboarding, but instead of being asked to verify her identity in person, she’s able to digitally verify her identity in real-time using her provincial digital ID, and begin accessing the financial services she needs in no time at all.  

The choice is clear for Mary – and for other consumers, too. Institutions offering digital identity verification stand out for their commitment to customer safety and convenience.

Convenience and Security Beyond Account Creation

The benefits don’t stop there. Once a customer's identity is verified, financial institutions can issue a reusable identity in the form of verifiable credentials stored in a customer’s digital wallet. This not only simplifies and speeds up future interactions, but also ensures customers remain in control of their own personal information.

How Oliu Delivers Future Trends in Digital Identity and Onboarding

Oliu, a leader in digital identity verification technology, plays a pivotal role in enabling provincial digital IDs for financial institutions. Oliu's plug-and-play solution combines multiple sources of ID, including provincial digital IDs, financial institution accounts, and document IDs, to enable layered identity verification. And thanks to the flexibility and customization, it can be seamlessly integrated into existing workflows and applications in minutes.

Integrate Provincial Digital ID Into Your Workflows Today

The digital landscape is poised for continuous evolution. Financial institutions that stay ahead of these trends can position themselves as pioneers, providing cutting-edge, secure, and efficient services to their customers. This can help them position themselves for future success, and focus their operations on customer acquisition, retention, and business growth.

 

In the pursuit of improved online experiences, provincial digital IDs like the Alberta.ca Account emerge as powerful tools. And when integrated with the expertise of a digital identity verification provider like Oliu, these solutions pave the way for a future where onboarding, re-verification, and future account interactions are also streamlined. 

 

As financial institutions continue to prioritize the enhancement of customer experience and security, the combination between provincial digital IDs and Oliu’s identity verification solution can be your organization’s cornerstone for success. Find out how: book a call today with one of our experts.

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Learn more about our partnership with the Government of Alberta and the Alberta.ca Account and how, together with Oliu, it can enhance and streamline the identity verification process for Alberta-based customers.

Oliu powered by ATB Ventures

Oliu™ is a digital trust platform that makes it easy for businesses to issue, manage and verify digital credentials. Built on open (W3C) standards, it offers real-time layered identity verification, privacy and control over personal identity data, and protection against fraud and identity theft - all while enabling fast, efficient, and secure customer experiences. Oliu™ is the first Canadian company to achieve the PCTF certification through DIACC.

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