target audience: TECH BUYER Publication date: May 2023 - Document type: IDC Perspective - Doc Document number: # US50213123
Identity in the Digital Age
This IDC Perspective discusses identity in the digital age. The challenges with respect to the appropriate combination of technological solutions that can help banks address the conflicting needs for better identity verification and increasing security demands, both in terms of systems access control and cybersecurity, and the desire to identify additional revenue sources to maintain the bank's profitability are significant. Identity in this new, more digital era presents banks with an interesting combination of requirements, challenges, and opportunities. The solutions available in the marketplace, combined with the needs of each bank, allow for a multitude of possible alternatives, each with certain benefits. Selecting the appropriate mix of solutions will be an important decision that will require thought and analysis to determine which combination is most appropriate.
"How will banks choose to enhance identity verification, secure access control, address increasing challenges in cybersecurity and rising regulatory expectations, and identify customer sales opportunities in an era of increasing technological interconnectivity?" asks Sean O'Malley, research director, IDC Financial Insights: Worldwide Compliance, Fraud and Risk Analytics Strategies.