Smart homes can also go one step further – they can use identity to personalize user experiences, from what temperature to set the thermostat to, to which lights and other applications to turn on. Smart homes connect all systems to deliver a seamless, personalized experience from entry to exit. They can also learn and iterate performance based on new data and user behavior, ensuring the experience and decisioning processes behind it stay at optimal performance. In much the same way, consumers expect their experiences to be seamless, giving them access to tailored financial services products while also protecting them from financial fraud. To support this consumer need and business strategy, financial services organizations need to combine data and decisioning into one cohesive solution that can provide the technology to access, analyze and action data across fraud, identity and credit decisioning processes. And, like a smart home experience, it should bring this information together to get smarter the more it’s used. 4. Optimization: decisioning that gets more accurate every time it’s used Do you know how your current risk models are performing? Or whether model drift is occurring and unhealthy? How long would it take you to respond to performance changes once they’re spotted? Homes without smart systems rely on humans and individual systems to spot performance issues or uncover any efficiency improvement opportunities. Think about how your non-smart home runs. The heating or air conditioning is set to come on at a certain time and go off at a certain time. It doesn’t consider if
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