An investigation of digital identity verification in corporate banking: A case study of First City Monument Bank, Abuja
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Background of the Study
Digital identity verification is increasingly critical in corporate banking, where accurate identification of clients is essential for mitigating fraud and ensuring regulatory compliance. First City Monument Bank (FCMB) in Abuja has implemented digital identity verification systems to streamline the onboarding process and enhance security. These systems utilize biometric technologies, optical character recognition (OCR), and artificial intelligence to verify corporate identities in real time. Digital identity verification not only accelerates customer onboarding but also improves the accuracy of KYC (Know Your Customer) processes, thereby reducing the risk of fraud and non-compliance. The implementation of such systems supports operational efficiency by automating identity checks and integrating seamlessly with other digital banking platforms (Oluwaseun, 2023; Adenola, 2024). However, challenges such as data privacy concerns, system interoperability with legacy databases, and the high cost of advanced verification technologies pose significant obstacles. This study investigates the effectiveness of digital identity verification systems at FCMB, evaluating their impact on corporate banking operations and suggesting strategies for improvement (Chukwu, 2025).
Statement of the Problem
FCMB faces several challenges in fully leveraging digital identity verification systems to enhance corporate banking services. Integration issues with legacy databases often result in delays and inaccuracies in client identification. Additionally, the high costs associated with implementing advanced biometric and AI-driven verification technologies limit their scalability. Data privacy and cybersecurity concerns further complicate the process, as vulnerabilities in digital verification systems can expose sensitive corporate data. Resistance from some corporate clients, who may be reluctant to adopt new digital identification methods, also poses challenges. These issues undermine the efficiency of onboarding processes and increase the risk of fraud, ultimately impacting regulatory compliance and customer satisfaction (Oluwaseun, 2023; Adenola, 2024).
Objectives of the Study
- To assess the effectiveness of digital identity verification systems in FCMB’s corporate banking operations.
- To identify challenges associated with system integration, cost, and data privacy.
- To recommend strategies for optimizing digital identity verification processes.
Research Questions
- How effective are digital identity verification systems in enhancing corporate banking services at FCMB?
- What challenges impede the seamless integration of digital identity verification with legacy systems?
- What measures can improve the scalability and security of these systems?
Research Hypotheses
- H₁: Digital identity verification significantly improves the efficiency of client onboarding.
- H₂: Integration challenges negatively affect the accuracy of digital verification.
- H₃: Enhanced security measures reduce data privacy concerns in digital identity verification.
Scope and Limitations of the Study
The study focuses on FCMB’s corporate banking division in Abuja, reviewing digital identity verification practices over recent years. Limitations include evolving technological standards and potential data access restrictions.
Definitions of Terms
- Digital Identity Verification: The process of using digital tools to confirm the identity of corporate clients.
- KYC (Know Your Customer): Procedures to verify the identity of clients for regulatory compliance.
- Biometric Technologies: Methods that use physical or behavioral characteristics for identification.
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