I’m thrilled to be part of the group of speakers at the 20th Annual Privacy and Security Conference. With more than 1,000 delegates and 100 international experts on privacy and data protection planned to attend, it is a honour to share SecureKey’s experience in working collaboratively with Canada’s banks on innovations to provide their customers with exciting and important new services.
Over the past few years, digital transformation has become a term that seems to jump out of every boardroom in all major Canadian financial institutions. Our major banks are seeing the innovation that’s happening in the financial services sector and hearing their customers’ ask for newer and better ways to interact with their most trusted service provider – lest they leave for one that can offer them a more modern experience.
A recent report by SaleCycle on customers who left behind their online order instead of purchasing goods, found that abandonment rates for financial services companies are higher than most sectors. According to statistics from the second quarter of 2018, abandonment rates for finance websites stood at 77.8 per cent, second only to travel bookings (81.8 per cent). The abandonment is often attributed to longer forms and relatively complex questions. Abandoned customer registrations are a thing.
So, you need the information requested in the registration, but sharing it is too much friction for customers. What to do? Where are you going to get the information you need, if not from the customer? Who do you both trust?
Trust isn’t just an emotion – it’s a very real opportunity for Canada’s banks to play a central role in innovation and to provide their customers with new services and opportunities they could never have the confidence in utilizing with a new entrant that has not earned that trust. At the same time, they are already custodians of highly valuable, highly reliable information for their customers that can – with customer consent and direction – make accessing other services faster, safer and more private.
A prime example of this is digital identity. Your bank most certainly holds information that you provided them about numerous things, like your name, address, occupation, income and more. You trust them to hold this information securely and, at the same time, other service providers trust that they have the right information for you. Finally, in order to deliver their service to you, they also need to verify that information.
Today, we often share that kind of information often too freely and with too many service providers. Every new service destination needs a new profile, and needs you to fill out a dozen forms so they have all of your information, and needs you to wait in line to file those, and needs you to do this and do that and do the next thing, and so on. There has to be a better way.
Financial institutions have a unique opportunity to captivate customers with faster and more innovative solutions that solve problems for the consumer in every interaction and transaction. SecureKey’s Verified.Me is just one example of how Canada’s banks can better utilize their data to deliver fast, secure, private and tailor-made solutions. As our financial institutions move further along their digital