It’s been said that trust is the ultimate currency. It can’t be bought, and once attained, can be lost in an instant. When it comes to relationship building, credit unions are known as leaders in the financial services industry; however, many members are frustrated with antiquated methods to confirm their identity. Whether it’s a series of knowledge-based questions or usernames and passwords, the financial services industry has long taken cumbersome and time-consuming measures to verify identity.
Even inside the branches, credit unions are now grappling with keeping members and employees safe from both COVID-19 and potential criminal activity. In a recent article posted by CU Journal, “credit unions should be aware that asking members to even temporarily remove their mask for security reasons could expose that individual to the coronavirus.”
Being in charge of your own identity is the future of identity verification. Decentralized digital IDs create a faster, more secure method to confirm a member’s identity and enable credit unions to consistently and securely verify a member’s identity within a few seconds. Members are able to authenticate themselves easily across all channels, whether digitally, in the branch or the call center, and have confidence that organizations asking for their identity credentials is truly their trusted credit union, and not a bad actor.
One of the main member benefits of decentralized identities is that each individual has full control and ownership over their personal information, an identity model known as self-sovereign. This privacy-enhanced technology also allows members to selectively disclose personal information, protecting them from divulging more information than necessary to conduct business with their credit union.
The future is quickly moving to self-sovereign identities. The organization that enables consumer control over their personal information will enjoy a trusted digital relationship with the consumer that can last a lifetime. Your members are counting on you to protect them and being in control of your digital identity can’t come soon enough.
In MemberPassTM, credit unions have a turnkey, affordable digital identity solution that will safeguard members’ personal information and provide a touch-free member experience. This solution, powered by CULedger, a credit union-owned CUSO, is the first KYC-backed portable and interoperable self-sovereign digital identity built on a decentralized network that makes it the most secure way for credit unions to connect with and verify their members’ identity across all channels.
Taking the first step toward allowing your members control over their own identities creating digital trust between your credit unions and your members is easy.
Your first step begins with participating in CULedger’s Digital Trust Registry, which ensures identity trust behind each secure, interoperable transaction. Much like registering a public domain for a web site on the Internet, the Digital Trust Registry holds a credit union’s unique public identifier on a global distributed ledger designed exclusively to support digital trust networks and verifiable digital credentials. This public identifier, or decentralized ID, is like the credit union’s public domain and will be how a credit union is recognized in the decentralized identity ecosystem.
Our latest webinar series features a fireside chat with Jim Stickley, CEO of Stickley on Security, and well- known cybersecurity expert to talk about the fraud challenges facing you and your members and how to redefine member engagement. The first webinar of this series will take place on Wednesday, June 10th. Don’t miss out on this informative and entertaining event. Register here for the webinar or learn more at www.digitaltrutsregitry.com.
CULedger, a credit union service organization, offering MemberPass, the simplest, most secure solution to verify your members through leveraging touchless, privacy-enhancing technology to protect credit unions and their members from identity theft and fraud. Visit www.memberpass.com or email us at sales@memberpass.com.
