Consumer journeys are becoming increasingly complex in the financial services industry. Your average member has multiple touchpoints with the credit union before committing to a certain action. Cybercrimes do not only cost credit unions their assets, it costs them their image and members. Studies have shown that the modern consumer expects their financial institution to proactively mitigate and reduce the chances of fraud, identity theft, and any other types of security risks that may result in their personal data being compromised.
Members also want fast and efficient service, and, at the same time, they want protection. Today, credit unions are offering their members multiple channels to access their accounts all requiring its own authentication method and most often based on a siloed identity model:
- The call center uses knowledge-based questions,
- The lobby and drive-up windows inside a branch requires a driver’s license or other physical forms of identification; and
- Online banking access starts with a username and password
Decentralized identities, based on a self-sovereign identity model, like MemberPass, allow members to carry a single digital identity credential, issued by their credit unions to authenticate them across all channels creating a more personalized experience. Decentralized identities are one of the last keys that will truly unlock a seamless digital world.
A decentralized identity platform is not only useful in the financial services industry but has the potential for widespread adoption. Credit unions should look to adopt a trust-based solution for their members’ identities and set a higher standard for protecting and safeguarding members’ personal information.
Privacy-enhanced technology is a feature that offers credit unions and their members a new type of digital relationship, one based on trust. This technology eliminates the need for siloed or federated identity platforms and gives credit union members a lifetime portable digital identity that does not depend on a central authority. And most importantly, members’ decentralized identities can never be taken from them. MemberPass promises to revolutionize how credit unions identify or say “hello” to their members in the future.
With this new technology, credit unions can now provide the most secure, private, and touchless way to engage with their members, creating a higher standard in the financial services industry, while providing unparalleled member experience.
Taking the first step toward creating digital trust between your credit union and your members is easy. To learn more about MemberPass and how to participate in the MemberPass Trust Registry, send us an email requesting a list of FAQs or a demo, register to attend one of our webinars, or visit us at www.memberpass.com.
CULedger, a credit union service organization, offering MemberPass, the simplest, most secure and convenient method to verify your members through leveraging touchless, privacy-enhancing technology to protect credit unions and their members from identity theft and fraud. MemberPass revolutionizes “hello” in banking. Visit www.memberpass.com or email us at email@example.com.