Credit unions are experiencing pressure from a multitude of sources and can no longer rely solely on traditional methods and technology. From an ever-changing regulatory environment to meeting the digital demands of members to keeping bad actors away, credit unions are fighting to keep pace with the rapid changes brought on by the Fourth Industrial Revolution.
When it comes to relationship building, credit unions are known as leaders in the financial services industry; however, many members are frustrated with antiquated methods to confirm their identity. Whether it’s a personal identification number (PIN) or a series of personal questions, the financial services industry has long taken cumbersome and time-consuming measures to verify identity.
Topics: Digital Experience
In an earlier blog post, I wrote on the various dimensions of identity, such as the countless siloed identities and related usernames and passwords. But there is also a distinction to be made between the dimensions of identity and the different types of identity. The latter is generally defined in three ways: the aforementioned “siloed” identity, the third party or “federated” identity and the self-sovereign identity (SSI).
Topics: Digital Identity