Technology has completely changed the banking industry by introducing a plethora of new services and altering the way clients handle their money. The days of localized appointments and permanent branches are long gone. Banking is now completed with a one button click. But new problems have also been brought about by technology, especially with regard to identity and authentication. Achieving these two goals is harder now than it was before. There’s an increasing array of ways by which customers can communicate with banks. Consequently, banks must consider a multitude of aspects in order to accommodate the many possibilities. The issue of when and how to verify identity has grown in significance, as has the information that is used and the processes that are put in place to ensure strong customer authentication compliance.
