You can speed up and strengthen the authentication process
Usernames and passwords are on their way to becoming a thing of the past. Thanks to autosaved passwords on web browsers and biometric access to most financial apps on smartphones, members can rely on technology to log into their accounts easily and seamlessly.
Unfortunately, this convenient technology makes it easier us to forget usernames and passwords. According to the Ponemon Institute, the average consumer spends nearly 11 hours a year entering or resetting passwords, and organizations spend more than $5 million annually on password management.
Two-factor authentication using text messages is currently a popular way to verify identity. Unfortunately, text messages can be hacked and intercepted. As a result, the National Institute of Standards and Technology (NIST) says text authentication should not be considered a viable or secure method of identity verification.
In contrast, credit union leaders are increasingly turning to Self-sovereign identity (SSI), a decentralized identity built on distributed ledger technology, to address the authentication issue.
SSI allows members to use a digital identity wallet, provided by their credit union. They can then verify their identity within seconds online, on the phone, or in a branch. It eliminates usernames, passwords and knowledge-based questions. As a bonus, it’s nearly impossible to hack, steal, or corrupt.