It has been widely discussed that Generations X and Y (the latter, also known as “Millennials”) are now living mobile-first lives. Because of this, every industry has had to adapt and grow in response to the inter-generational wealth transfer from the ageing baby boomer to Gens X and Y–with Gen Z (the “digital natives”) following close behind.
For Financial Services especially, digitally engaging these generations is critical. In a recent report published by Telstra, research shows that winning these consumers begins and ends with earning their trust–and that trust and Mobile Identity go hand-in-hand.
At TeleSign, we define the concept of Mobile Identity by three components: your phone number, your device and your mobile activity or behavior. When these components work together, this power is multiplied many times over. Mobile Identity allows organizations to verify a unique identity for each legitimate user.
“Mobile Identity: The Fusion of Financial Services, Mobility and Identity” looks at Gen X and Y, their adoption of mobile technology and how they prefer to be identified. Telstra’s Rocky Scopelliti authored the report for the Australia-based tier one telecommunications and information services company. Scopelliti is a global thought leader and industry expert in the banking, finance and insurance industries.
The report, which TeleSign contributed to, discusses how our identities and our consumption of financial services are now inextricably fused with our mobile device. Scopelliti points out that this rise of “mobile as the gateway to the financial services world” also brings new risks for both individuals and institutions, requiring all consumers “to reimagine identity and its role in securing our personal lives, our information, our institutions and the services they offer.” As he states in his introduction: “We show that mobile identity is a fundamental enabler for innovation, and – just as importantly – that mobile identity is critical to the trust relationships that will unlock access to many wonderful new experiences that will be created as mobile financial services continue to evolve.”
The research involved financial institutions across the Asia Pacific, Europe and America and consumers across Australia, Singapore, Malaysia, Indonesia, Hong Kong, UK and USA.
The full report can be viewed here: http://www.telstraglobal.com/mobile-identity