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Screenshot 2019 11 08 at 14.29.14Disruptive digital-only banks, innovative regulations, and shifting consumer demands have made today’s banking digital-first — but the benefits of digitization are being held back by identity verification challenges.

Identity verification underlies many of the core processes associated with financial services, with banks required to subject their customers to strict identity checks, both to protect those users’ finances and to meet regulatory compliance demands.

There have been a plethora of efforts aimed at streamlining identity verification online, but these attempts have largely failed to address the issue in its entirety. For example, customers are often required to create unwieldy passwords and verification details that can be difficult to keep track of to access their accounts. Not only have these efforts created new points of friction for users, but they’re also expensive for banks, with each password reset costing up to $70 according to Forrester Research estimates.See the rest of the story at Business Insider

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California-based insurtech Hippo is set to acquire Spinnaker Insurance Company once it receives regulatory approval, per Business Insider. The acquisition builds on their existing partnership since 2017, with Spinnaker already underwriting Hippo products in 18 US states.

Quarterly Global Insurtech FundingBusiness Insider IntelligenceSee the rest of the story at Business Insider

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This story was delivered to Business Insider Intelligence Banking Briefing subscribers earlier this morning.
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Big banks in the US (defined in this case as those with more than $1 billion in assets) charged customers a total of $11.68 billion in overdraft fees last year, according to data from the Center for Responsible Lending cited by The New York Times.

average overdraft fee at major banksBusiness Insider Intelligence

Vulnerable customers were hit the hardest: Just 9% of account holders paid for a whopping 84% of those overdraft fees, and those customers tended to have low balances already, averaging less than $350. The Center for Responsible Lending opined that banks should stop overdraft fees for the duration of the pandemic.See the rest of the story at Business Insider

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Smart home insurtech Hippo is acquiring Spinnaker InsuranceThe best cordless drillsThe best coffee grinders

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