6 in 10 consumers demand ‘robust digital identity verification’ from financial services

This is based on a survey conducted by Jumio.

Before getting involved with financial services, 63% of consumers said it is necessary to use a digital identity to prove who they say they are, a survey from identity verification firm, Jumio, showed.

The Digital Identity in 2022 study indicated that consumers are expecting brands or certain sectors to provide digital identity to create an online account or complete a transaction.

Following the financial sector, 54% of consumers also said digital identity must be present in healthcare whilst 46% of consumers said digital identity must also be provided on social media.

According to Jumio, consumers indicated robust identity verification because sensitive personal data is a concern in these sectors.

READ MORE: Survey shows Singaporeans most susceptible to fraud

Almost nine in 10 consumers also indicated that they are more likely to participate with an organisation online if there are robust verification measures in place.

“But this research reveals the demand for digital identity solutions, too – particularly in the financial services and healthcare spaces – and is clearly now a point of differentiation. Implementing these kinds of solutions should be a ‘when,’ not a ‘maybe,’ and will now ultimately determine whether a consumer chooses your business over another,” Philipp Pointner, Jumio’s chief of digital identity, said in a statement.

The research, conducted by market research, Opinium, from 7 to 14 April 2022, polled about 8,000 adult consumers across the UK, the US, Singapore, and Mexico. 

Consumers in Singapore (70%) reported the highest level of digital identity to access online accounts.