As we know, FinTech developments are causing continuous waves of change within the payments industry. With an influx of new alternative companies entering the payments sphere traditional brick-and-mortar banks are concerned. FinTech alternatives can provide a seamless user journey with greater customer service and easy use. However, lack of security continues to hampered growth in the market.
Fraudulent transactions have not only risen in value and volume but can happen from anywhere due to the electronic nature of FinTech. It is therefore necessary to quickly and efficiently identify a prospective buyer’s identity. More often than not traditional identity checks are unnecessarily - yet avoidably - long and require information even the individual doesn’t readily know. As such, our solution offers the opportunity to collate, assess and corroborate the digital footprint in real time to create a 360 image. This efficient method reduces the drop-off rates in sign-up processes and flags fraudulent activity.
With millennials accounting for 40% of spending on a prepaid card, and having spent half of their lives online these younger consumers have created a crater of a digital footprint and are more than accustomed to a few simple swipes and the immediate your parcel is on its way to you message. A few additional clicks and you can robustly verify the buyer’s identity in an alternative verification process.
By 2025 the use of identification methods such as facial and voice recognition software are said to be as normal as the veteran password. The question still remains, is that enough?
Get ahead of the game and get in touch now and see how we can help you become flexible, customised but more importantly reliable.
MORE LIKE THIS
The Rise of Card Payments
Are cash payments truly falling? With the use of contactless and card payments rising, they now account for over three quarters of the value of the UK’s retail purchases. The latest British Retail Consortium’s (BRC) payments survey for 2017 states that cards were used for £277.1 billion worth of payments, equaling 76% of all retail […]
Meet Hello Soda at Money2020 Vegas, 2018
Money2020 is the world’s largest payments and financial services innovation event. This year’s focus is The Money Revolution; 3,500 companies are attending, inspiring each other to create a fairer, faster and more inclusive financial system. Following the amazing time and success we saw at Money2020 in Amsterdam in June, we’re proud and excited to announce […]
We’re going to PayExpo 2018!
We’re pleased to announce we are exhibiting at PayExpo in London later this year! What is PayExpo Europe? PayExpo is a conference devoted to showcasing the latest technology in the cards and payments industry. The event is taking place over the 9th & 10th October 2018 and will hold over 75 exhibitors from the payments […]