Emerging markets like Brazil and India are no longer just emerging.
When it comes to advances like the digitization of financial services, these countries are frequently leapfrogging legacy landscapes from a financial technological perspective.
This has put companies on their back feet, Brad Rosenfeld, chief marketing officer at Prove Identity, said, telling PYMNTS that organizations are increasingly being tasked with the challenge of delivering seamless, secure and frictionless digital experiences to compete.
“Markets like Brazil and India are rapidly embracing mobile-first solutions and are fully on board with digital transformation, with everyone looking for new ways to work with financial services,” he said.
The same holds true for the evolution of customer expectations and behavior, with personalization and data-driven strategies increasingly becoming the norm in today’s fast-paced, digitally interconnected world.
As consumers worldwide demand more efficient interactions, businesses need innovative solutions. Rosenfeld underscored that at the heart of this transformation lies identity verification — a critical component ensuring both security and convenience.
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While the United States and the United Kingdom still maintain a strong appetite for digital transformation, it’s clear that emerging economies are driving some of the most significant changes in digital engagement, particularly in financial services, Rosenfeld said.
As their digital engagement accelerates, so does the need for robust identity verification solutions. Rosenfeld explained that this presents a unique opportunity for companies like Prove, which specializes in secure identity verification, to provide mobile identity verification solutions that help these markets scale securely and efficiently.
“Smartphones are with you every second of every day,” Rosenfeld said. “Mobile identity verification solutions can significantly enhance the customer experience by allowing seamless identity verification while reducing fraud.”
This is particularly relevant in financial transactions, where security and trust are paramount. The ability to verify identities through mobile devices not only improves security but also streamlines the customer experience.
“We’re excited about the potential of future technologies like biometrics and behavioral analytics in further streamlining authentication while enhancing security,” Rosenfeld said. “Our product and engineering teams are consistently innovating, developing solutions that push the boundaries of digital identity verification.”
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As for the future of identity verification technology, Rosenfeld painted a picture of a world where identity verification is as seamless as making a phone call — accessible to everyone, anywhere, at any time.
“We believe that everybody on Earth should be able to sign up for a bank account, sign up for a FinTech account, do a wire of hundreds of thousands of dollars, each as seamlessly as it is to make a phone call,” he said. “We want to be the identity layer of the internet.”
This vision reflects the broader shift toward frictionless, secure digital experiences, where identity verification is embedded into everyday online interactions.
The journey toward building — as well as scaling — this future is one deeply rooted in and reliant upon data.
“Data is the cornerstone of everything we do,” Rosenfeld said, stressing its necessity when “getting down to the nitty-gritty of what that customer needs, and how can we better help and provide that.”
When asked how Prove measures and manages digital engagement, Rosenfeld emphasized the importance of going beyond traditional metrics like website traffic and click-through rates. While such data points remain valuable, Prove has found greater success by diving deeper into behavioral analytics and geotargeting to understand customer interactions on a more granular level.
By analyzing how users engage with their platform, Prove can identify friction points in the user journey and optimize the experience from start to finish. This approach allows the company to personalize digital interactions and reduce pain points, ultimately improving the overall user experience, he said.
“Digital transformation is a collective effort,” Rosenfeld said, noting the importance of educating the audience landscape while simultaneously using marketing to drive adoption.
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