IDology on the challenge of faster, safer, easier cybersecurity – When it comes to using digital services, consumers are increasingly concerned about fraud, but still tend to underestimate the severity of cybercrime more broadly. Consumers are also more likely to abandon online account set-up than they have been in recent years. And while they rate security above both ease-of-use and speed when it comes to the onboarding experience, any friction in the security process can be costly.
These are some of the takeaways from the just-released report from real-time identity verification company IDology. The company’s Third Annual Consumer Digital Identity Survey takes a look at consumer attitudes toward cybersecurity, the willingness of consumers to work with companies that have suffered a cyberattack or data breach, and the ability of consumers – and fintech innovators – to balance between security and seamlessness.
“So while consumers overwhelmingly demand security,” the report noted, “there’s only so much friction they are willing to endure to receive it.”
Other insights from the survey, conducted between February 25 and March 7 of this year and including 1,499 online respondents, underscored the fact that consumers increasingly see their mobile devices as both a “component” of their identity as well as a tool for facilitating digital interactions. The report concluded that identity verification “can serve as a strategic differentiator” for organizations competing in the digital environment.
PayPal Letter Confirms Company’s Interest in Crypto – News that PayPal has been developing cryptocurrency capabilities, including reports that PayPal and Venmo would soon enable their users to buy and sell cryptocurrencies directly, have been a welcome sign for innovators in the digital asset space. PayPal’s initiative was revealed in a letter the company sent to the European Commission in June, which expressed PayPal’s views on a “regulatory framework for blockchain, distributed ledger technology, and crypto-assets”.
Interestingly, PayPal emphasized the capacity of cryptocurrencies to play a positive role in improving financial services for underserved communities. “Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services,” the letter read.
Here is the latest news from our Finovate alums.
- Salt Edge partners with Irish fintech OnlineApplication to help the company improve its mortgage application process.
- Educational Systems Federal Credit Union to deploy digital banking technology from Finastra.
- Revolut launches Open Banking features for its customers in France.
- Open banking platform Tink acquires credit decision solution provider Instantor.
- Data security specialist ALTR launches Stackable Margins program in bid to broaden its channel community and add new partners.
- Sitehands reports that its current President and Chief Operating Officer Chris Corrado will become the company’s next Chief Executive Officer.
- Lendio named one of the 2020 Best Places to Work in New York by Work and Fortune. The company also announced a strategic partnership with Web.com.
- Altamaha Bank of Georgia partners with Ondot Systems to bring the company’s card management app to its debit cardholders.
- Orion Advisor Solutions merges with investment management company Brinker Capital.
- Fenergo wins the Breadth of Functionality category at the xCelent Awards 2020.
- Finance and Commerce profiles automated account switching specialist, ClickSWITCH.
- Stockhead features Identitii in its look at Australian fintechs that are embracing collaboration rather than disruption.
- Biometric Update looks at Illuma Labs and how credit unions are adopting its voice biometric authentication technology.