“Who Am I?” How Credit Unions Flub Identity Management
by Robert McGarvey
A new FICO report vividly documents how badly most financial institutions are flubbing identity management, especially in crucially important new account opening.
Sure, credit unions have KYC and AML obligations in onboarding new members. But that is no excuse for chasing prospective new members away with clumsy, antiquated, and even hostile new account procedures.
Here are key findings of the research:
- “Operationally, lack of automation and the time taken for identity verification is an obstacle for over half of institutions.”
- “Physical checking of identity is required for digital applications for personal banking at half of institutions.”