In today's digital-centric banking landscape, where customer expectations for seamless and user-friendly experiences are high, addressing CX issues is crucial for banks to maintain customer satisfaction, attract new clients, and drive financial success. Every 2nd customer drops the onboarding process because of a bad experience.
Identity fraud is a dire threat to the banking industry, which bear the highest costs associated with such incidents. In fact, 31% of these organizations incur losses of $500,000 and more, compared to FinTech businesses, which lose only around $120,000 due to fraud incidents.
of banks are considerably multiplying identity verification spending
identity fraud incidents on average affected enterprises in 2022
banks reported experiencing over 100 identity fraud incidents in 2022
was the cost of identity fraud incidents for banking organizations in 2022
of leaders believe synthetic identity fraud poses a real threat for banking
of banks have seen foreign document verification cases grow
The Cost of Identity Fraud to Financial Services
Ihar Kliashchou, Chief Technology Officer at Regula, breaks down the results of the second phase of Regula’s global survey, focusing on the Banking and FinTech sectors.