A new industry report, released by Trulioo, the leading global identity verification company, and One World Identity (OWI), examines the nuances of digital identity verification. In particular, it explores how adopting a consumer-centric and layered approach to digital identity verification according to specific markets is a key component in reducing onboarding friction, increasing security and forging stronger customer relationships.

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The “Driving Consumer-Centric Digital Identity to Speed Financial Growth” report explores how the orchestration of different identity proofing techniques and risk signals is critical in identifying bad actors and differentiating them from legitimate users. Orchestration utilizes a host of alternative data sources that empower companies to continuously identify customers, reducing friction and providing a constant, clear view of customer identities. In turn, organizations can build long-lasting relationships with customers because they have established a positive brand reputation and a strong sense of trust and safety.

“Reliance on digital services has skyrocketed. On average, consumers transacted with six new brands last year,” said Garient Evans, SVP, Identity Solutions, Trulioo. “Online businesses that incorporated digital identity verification were able to carry on without disruption to business operations and came out on top. Meanwhile, companies that lagged behind by still requiring in-person Customer Due Diligence were left scrambling to keep up with their counterparts at the forefront of digital transformation.”

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Other highlights from the report include:

• The need for fraud, security, customer experience, and compliance teams to converge and eliminate data silos within organizations
• How to ensure compliance with evolving and disparate data and consumer privacy standards, and how being transparent about data collection increases consumer trust and comfort levels with information sharing
• The implications that adopting a consumer-centric approach has for companies in banking, travel, eCommerce and online marketplaces, healthcare and physical access management