Online services have become an integral part of our everyday lives. The process of customer identity verification poses 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 trust. In this blog post, we’ll explore how provincial credentials are emerging as a compelling solution.
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: Identity Verification with Provincial Credentials
Digital IDs like the Alberta.ca Account are emerging as a viable solution to customer expectations and organizational requirements. Financial institutions who leverage provincial credentials to facilitate identity verification and account onboarding 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 credentials, 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 trust solutions stand out for their commitment to customer safety and convenience.
Integrate Provincial ID Into Your Workflows Today
Oliu, a leader in identity verification technology, plays a pivotal role enabling provincial credentials as a means of ID verification for financial institutions. Oliu's plug-and-play solution leverages multiple sources of ID, including provincial credentials like the Alberta.ca Account, financial institution credentials, and document ID including biometrics, to enable layered identity verification. And thanks to its simple, integrated API solution, Oliu can be seamlessly integrated into existing workflows and applications in minutes.
As financial institutions continue to prioritize the enhancement of customer experience and security, the combination between provincial IDs and Oliu’s identity verification solution can be your organization’s cornerstone for success. Book a call today with one of our experts.
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.