RBC has become the first Canadian bank that offers its clients digital identity verification solutions, which can protect a customer's chequing account against fraud. The digital identity verification solutions can be accessed by scanning IDs or a passport through the RBC Mobile App, which is available for both iOS and Android devices. After the customer's ID has been scanned, the information is linked to their account.
Peter Tilton, the SVP Digital at RBC spoke about the new verification solutions, "The world-class technology underpinning these features will better protect clients from fraud caused by identity and document forgery and give them an unparalleled account opening experience.”
Additionally in the future, the bank will look to further streamline verification by having customers take live biometric selfies to verify their identity.
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What's Driving This Trend
- Digital Identity Verification
- Opportunity for businesses to implement secure and convenient digital identity verification solutions to protect against fraud and enhance customer experience.
- Mobile App Banking
- Potential for banks to develop mobile apps that allow customers to access and manage their accounts, including ID scanning and verification features.
- Biometric Identity Verification
- Emerging trend of using biometric technology, such as live biometric selfies, to enhance identity verification processes and improve security.
Who This Affects Most
- Banking
- Disruptive innovation opportunity for banks to adopt digital identity verification solutions and provide seamless, secure banking experiences to customers.
- Fintech
- Opportunity for fintech companies to develop innovative mobile apps and biometric identity verification technologies that can be integrated with banking services.
- Cybersecurity
- Growing industry need for advanced cybersecurity solutions to protect against identity and document forgery, as well as fraud in digital banking.
