Disruptors are changing how we regulate and beat fraud

GBG's Gus Tomlinson explains why customer experience and compliance must work together:

Transcript

The mobile and digital economy means that the way we consider our Identities is changing.

If we look back five years ago, we used to go into High Street branches and prove ourselves as people, maybe with our passport and document. Now, we've all got a smartphone in our hands, which means we can use our fingerprints, our facial biometrics, and all of the data that builds up us as identities to prove we are who we are online.

Although having your mobile phone is really convenient and it provides the best customer experience, when you're not in a face-to-face environment and you can't trust that person, there is actually an increased opportunity for fraud, and that's where we need to be even more clever with our solutions to layer on different signals to say, actually, that is not an entity that you can trust.

What we've got today, as a result of the digital economy, is traditional institutions being challenged by disruptive technologies, particularly in financial services, and what they're battling with is who can use technology to provide the best customer experience whilst also meeting regulations. What you've got is consumers, particularly millennials, who are drawn to experiences that are easy, quick, and convenient. And what that means is they're going to FinTechs businesses who are providing a really, really cool customer experience that they know they can trust.

Find out how we can help you onboard more good customers through identity verification with zero compromise.

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