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IT & Internet

Equifax highlights the benefits of electronic signatures

By CreditMan Thursday, December 13, 2007

Recent reports reveal that increasingly complex login systems could be making consumers wary of online banking. This is supported an Equifax survey which confirms that 73% of consumers were concerned about online security when it comes to using online banking services. However, as the leading consumer credit information and identity verification service provider, Equifax has developed SecureMark as a fast and effective electronic signature and digital certificate solution for the online banking market.

“Our recent survey shows that 87% of respondents have an online bank account with 95% citing convenience as the number one reason,” explains Neil Munroe of Equifax. “In addition, 66% believe that online banking improves their ability to control their finances. However, with 73% saying their concerned about online security, the online banking market has some cause for concern.

“Current reports suggest that complicated security checks undermine consumer confidence, rather than making them feel safer. With this in mind, banks need a system that is simple, effective without compromising the customer experience. Equifax SecureMark meets these needs by providing consumers with a digital certificate that banks can use for on-going communication with their customers, negating the need for complex login procedures. It even enables the electronic signing and transmission of important documents such as loan agreements.”

Designed to be seamlessly embedded within a bank’s own online banking processes, the Equifax SecureMark electronic authentication and digital certificate solution utilises Equifax eIDverifier. This is a robust, patented identity verification system that authenticates the consumer online before issuing a digital certificate for use in online communication and transactions. Importantly, Equifax is the only provider in the UK accredited with meeting the requirements for authenticating an individual online and providing a certificate under the Electronic Communications Act and the Electronic Signatures Regulations.

Munroe concludes, “Equifax SecureMark’s digital certificates enable banks to cost-effectively offer consumers online banking facilities that they can use safely and easily. Our survey shows that consumers want more from their online banking, yet lack the confidence in their financial services providers. We believe banks could meet these needs by investing in the latest digital certification systems which allow the on-going communication with customers and negate the need for complex login procedures.”