[Editor’s Note: This is a guest post from Christina Luttrell, the senior vice president of operations at IDology. IDology is a leader in multi-layered identity verification and fraud prevention. In her 10 years at IDology, Luttrell has significantly advanced the company’s technology, forged close relationships with IDology customers and driven the development of product innovations that help organizations stay ahead of constantly shifting fraud tactics without impacting the customer experience.]
Today, according to Pew Research Center more than 50 million American adults are mobile-only consumers. This shift has fundamentally changed consumer preferences and led to new consumer behaviors that present both challenges and opportunities for financial institutions, specifically for lenders.
Each year, IDology publishes a Consumer Digital Identity Study aimed at giving businesses visibility into how consumer preferences and opinions related to identity and fraud are shifting. This year’s study confirms the continued movement toward mobile, finding that in the last 12 months, for the first time, consumers opened more new accounts online with their mobile devices than on computers. A closer look at the data shows that 50 million American consumers (20% of all online adults) registered for new accounts exclusively on a mobile phone, up 10% from last year. This growing number has implications for financial service providers as they strive to keep fraud out while giving consumers a seamless digital experience.
Growing Consumer Expectations, Limited Patience