The financial services industry is facing an identity crisis. Despite years of digital investment, most banks, credit unions, and fintechs still struggle to confidently answer a simple question: Who is this customer—really?
New research reveals:
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53% of leaders say poor identity data limits revenue growth
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50% report customer defection from fragmented experiences
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Only 8% feel confident in their ability to deliver a unified customer view
As loyalty erodes and regulations tighten, unified, trusted identity data has become the foundation for secure, personalized engagement.
Why It Matters
Fragmented identity data undermines every core initiative, from onboarding and Know Your Customer (KYC) compliance to digital engagement and fraud prevention. Nearly every leader surveyed says data silos prevent them from delivering secure, tailored services.
The Path Forward
Financial institutions are turning to modern Master Data Management (MDM) to unify, enrich, and govern customer identity across systems. Nearly 40% plan to invest in MDM, prioritizing real-time resolution, system integration, and profile enrichment.
The Opportunity
When identity is connected, accurate, and enriched, institutions can deliver seamless onboarding, personalized offers, and trusted interactions that drive loyalty and growth.
Download the full Financial Services Identity Report to explore the data, insights, and recommendations shaping the future of identity in banking.