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Making matters worse still for banks, many of the solutions available to safely verify the identity applicants often sacrifice digital customer experience. Knowledge-based authentication (KBA) does not work for customers with thin credit files, such as immigrants or millennials, who may be forced to visit the branch to authenticate but often choose instead to simply abandon the account opening process. That is an enormous problem for institutions as they enhance their digital channels — particularly mobile — to meet the needs of their digital-first customer base.
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