{
  "id": 2332424,
  "title": "83% of Financial Firms Rate ID Systems Highly Despite Customer Friction",
  "url": "https://urgent.news/2026/08/21/83-of-financial-firms-rate-id-systems-highly-despite-customer-friction",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-21T08:00:47.000Z",
  "source": {
    "name": "PYMNTS",
    "slug": "pymnts",
    "url": "https://www.pymnts.com/authentication/digital-identity/2026/83-percent-of-financial-firms-rate-id-systems-highly-despite-customer-friction/"
  },
  "original_language": "en",
  "account": "Financial firms are highly confident in their digital identity systems, despite inconsistencies and customer friction, according to the January 2026 PYMNTS Intelligence report \"Digital Identity Verification in the Age of Bots and Agents.\" The survey of 350 companies across various sectors revealed that 76% of financial firms generate most of their revenue through digital channels. Yet, 74.6% of firms reported inconsistent results from their verification technology. Notably, 83.1% of financial firms rate their systems as top-tier, compared to 74.6% across other industries. Familiarity with their tools and regular audits contribute to this confidence. However, 76% of financial firms say identity processes hinder their ability to acquire new customers or expand into new markets, with onboarding abandonment and regulatory uncertainty also limiting innovation. The cost of identity failures is estimated at 3% of revenue, or about $34 billion annually. Advanced platforms utilizing global identity systems report a 92.3% improvement in KYC and KYB processes, suggesting that better technology can reduce customer friction while maintaining necessary controls.",
  "summary": "Financial firms have confidence to spare in digital identity systems, even when the results leave plenty of room for improvement. The January 2026 PYMNTS Intelligence report “Digital Identity Verification in the Age of Bots and Agents” draws on a survey of 350 companies across financial services, retail, software, travel and other sectors. It found that digital identity […] The post 83% of…",
  "key_points": [
    "83% of financial firms highly rate their digital identity systems.",
    "Despite inconsistencies, firms report top-tier system performance.",
    "Identity processes hinder customer acquisition and market expansion."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}