There are two numbers that every credit union and member should know:
Those numbers correspond to the cost of fraud every year. It costs consumers $4b in consumer identity protection products (such as LifeLock). It costs institutions $40b to cover the cost of that fraud—and that doesn’t include additional heavy spending for cybersecurity.
These numbers are big, and they show just why digital ID and digital ID protection are necessary in 2020 and beyond.
Member Confidence and Experience
Money isn’t the only driving factor in this discussion (nor should it be). Improving the member experience, providing utility, and granting agency and peace of mind are critical… especially in an age when more and more people are adopting digital banking—and demanding a more frictionless experience.
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