The UK is lagging behind other countries when it comes to new solutions in customer identity, a new report claims.
According to an international study by GBG and Forrester Consulting, countries like China, Singapore, the US and Australia are adopting new technology for customer identity authentication, while the UK stands idle.
The report claims that more than four in five (84 per cent) of UK financial service firms are worried about their ability to identify customers. At the same time, they are less focused on new technology that might help them solve this problem, compared to other countries. It also seems that UK financial service firms aren’t as inclined to spend more money on customer identity solutions.
And the upcoming GDPR, as well as Brexit negotiations, aren’t going to make things any simpler, either.
The report says fintech companies need to close the gap between how they, and how companies in other countries, address new technology. They need to build better customer relationships, it was added.
“Although the UK is currently behind the rest of the world in its digital approach to customer identity, there are some promising signs for the future,” commented Mick Hegarty, managing director at identity data intelligence specialist GBG.
“Our research shows that UK fintechs are more interested than the established banks in adopting new approaches and more are planning to increase investment in the next 12 months. The fintech innovators and challenger banks will prove vital to the UK financial service sector in keeping pace with the rest of the world whilst we navigate a challenging year of legislation and policy change.”
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