Every year luminaries from financial institutions, risk organizations, and credit bureaus gather at the Vision Conference to discuss challenges and identify real-world strategies for growth.
"The Vision 2014 Conference reveals a deeper understanding of the current state of the market by uniting the brightest minds and the latest trends and technology, providing a dynamic picture of what the future holds for our industry," explains Lloyd Parker of Experian, which presented the event.
This year the conference focused on the power of data, analytics, and technology. Vision 2014 was headlined by former US president Bill Clinton who spoke on behalf of his foundation, the William J. Clinton Foundation, as well as his initiatives dedicated to promoting sustainable economic growth and combating climate change. The main theme Clinton addressed in his inspirational talk was regarding creative cooperation and the need for innovation in fast growing emerging economies like Africa.
"Keep in mind that most of the unbanked people are working people, honorable people and if you shut them out of the credit market then it is a constraint on growth," said Clinton. “Banking the unbanked will lift people out of poverty while allowing companies to continue to make money.”
Opening up emerging markets with innovative solutions is also a key driver for Vancouver-based ID Verification startup Trulioo. Trulioo founder and CEO Stephen Ufford appeared on stage at Vision to present his company’s Global ID verification solutions and discuss trends in technology and fraud along with other experts from Zumigo and Victrio.
The panel discussed advancements in technology and consumer experience for the next generation of user authentication. Specifically, new areas including social media, biometrics, mobile location services, and mobile enrollment and how these areas are reshaping the industry. Traditional methods of identity verification, such as credit reports are effective in curbing fraudulent users; however in emerging markets such India, parts of China or Turkey, this information is often not available to verify a user, according to Ufford. Trulioo is the first global identify verification provider, enabling businesses to confidently engage online by verifying their users in real time.
Trulioo recently surpassed 100 million online identity verifications.
"As highlighted at Vision this year, trust continues to be the number one problem to solve when it comes to fostering increased trade between first world and emerging markets in today’s online world," Ufford says. "Companies are struggling to find solutions that address the constantly evolving and challenging needs of the international marketplace."
Photo: Wayne Leidenfrost, Vancouver Sun