Big data is a trillion-dollar industry. But for merchants and financial institutions (FIs), it’s what they do with the data that counts.
In an interview with PYMNTS, Sanjay Gupta, vice president, global head of products and corporate development at Mitek, said that for those firms, getting the most out of the torrents of data generated by consumers — while boosting identity assurance efforts — requires a skillful interplay between humans and machines.
Amid the rising tide of eCommerce and the exponential growth of transactions done online, there are different data points that are emerging that couldn’t be collected before, or maybe were not even necessarily viewed as being useful.
But as Gupta told PYMNTS, during the pandemic, huge numbers of people have avoided going to stores. Merchants, he noted, are onboarding customers that they have never seen before, and many of those individuals are supplying identity documents, and in some cases selfies, to prove they are who they say they are.
“That’s one area that has been growing over the past several years,” said Gupta.