Breaking Banks
Episode 517: Expectations vs. Reality: Latest Global Findings for Financial Services & Digital Identity
Nov 9, 2023
DeAndre Jones and John Stuckey discuss the misalignment between consumer priorities and investment in innovation in the financial services industry. They emphasize the importance of listening to customer expectations and simplifying financial apps based on feedback. The episode also explores the growth of digital financial institutions, the expansion of Clear into the FinTech space, and the challenges of trust and friction in digital identity verification.
49:13
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Quick takeaways
- Clear is expanding into the fintech space by acquiring Sora ID to provide a reusable digital identity solution for financial services, aiming to improve onboarding experience.
- Clear prioritizes member experience, data protection, and privacy, and aims to differentiate itself in the identity verification space.
Deep dives
Clear expands beyond airports into fintech
Clear, the company known for its expedited airport security and identity verification services, is branching out into the fintech space. They have acquired Sora ID, a startup specializing in KYC (know-your-customer) compliance. Together, they aim to provide a reusable digital identity solution for the financial services sector. The goal is to offer an improved onboarding experience for customers, reducing friction and streamlining identity verification. Clear's strong brand and focus on member experience make them well-positioned to offer a trusted and efficient solution for digital identity verification.
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