Identification: Partnership between Callcredit and miiCard
Callcredit and miiCard (My Internet Identity Card) have partnered around new identity verification services designed to meet the needs of credit organisations, among others. This strategic partnership aims to set up an online solution combining verification checks and fraud detection means crafted to lower the risk of impersonation. The new cost effective authentication system would be up to improving customer companies’ conversion rates and ensuring ease of use for final users, “without causing unnecessary intrusion on genuine customers”.
According to miiCard, this solution might increase sales in the financial sector and Callcredit insists on the interest of process dematerialisation as well as on both companies’ investment in compliance and customer experience effort.
The relevance of online customer identification is of high importance in
several sectors, including payments and (credit) applications. Players
specialising in different businesses have already opted for
dematerialising their processes; yet some, including credit bureaus,
generally still have to rely on the provision of paper credentials and
have trouble taking the turn.
Nevertheless, as shown by this initiative and several announcements made
last year, more efforts are to be expected. In August 2011, Finivation
Software, for example, launched a voice biometrics authentication
solution likely to be used in the credit sector, as well as in e- and
m-banking contexts (see August 2011 Insight). In Russia, Sberbank has
been piloting lie detecting ATMs for its customers to apply for credit
cards without seeking advice from a branch assistant (June 2011
Insight). Eventually, in these contexts, identification applies to both
the application process and to transactions management: alert systems
are then available. In Germany the credit specialist Schufa, proposes an
Update service developed to warn customers if suspicious operations are
detected (July 2011 Insight).