How an identity restoration service can help financial institutions differentiate their services

If you’re part of a financial institution, delivering additional value to your customers is likely central to your long-term success. There are many ways institutions seek to do this, such as supporting customers in managing their day-to-day finances, making access to funds more convenient, or helping customers pursue goals like starting a business or purchasing a home.

But with so many organizations offering similar financial services, it’s essential to differentiate what you offer to keep your current customers happy—and attract new ones.

Think this is easier said than done? Consider an identity protection solution, an effective way to differentiate your organization and offer customers a service that provides real value.

First, address any gaps in service

For the average consumer, identity fraud presents a serious risk. In 2024 alone, there were 18 million victims, resulting in over $27 billion in losses. What’s worse, a notable chunk of these victims may not have anywhere to turn to fix it. Their financial institution might handle any fraudulent charges that appear on their credit accounts, but identity theft can go far beyond unauthorized purchases or account access. It can damage your credit, your financial stability, or even jeopardize your employment or healthcare records.

When losses reach that level, are your consumers left out in the cold, or do they have meaningful support to help them recover?

With 41 percent of dissatisfied customers indicating they wish their financial institution had been more supportive following identity‑related issues, there is a clear opportunity for institutions to enhance how they address customer needs, including through identity protection services.

Then, discover how to differentiate your services

Apart from closing a gap in financial services, offering an identity restoration product provides several opportunities to differentiate your organization from your competitors, including:

Prioritizing customer care

Offering an identity restoration service doesn’t just provide customers with additional value. It also sends a message about how you care for your customers.

By providing a service that helps customers when they’re dealing with an incredibly stressful situation, you’re making it clear that you care about more than just their business—you actually care about their wellbeing and ensuring they get the support and resources they need.

Providing an essential service that reduces your team’s workload

Recovering from identity theft isn’t a simple process. It can require days, weeks, or even months of making phone calls, filing paperwork, and more. With a reliable identity restoration service, your customers will have an experienced restoration specialist that handles their recovery effort from start to finish.

In addition to providing value to customers, identity protection services can help streamline how customer inquiries related to identity theft are handled, allowing employees to remain focused on delivering core customer services.

Protecting your customers’ financial wellness

Contributing to your customers’ financial wellness is a central pillar of delivering more value to them. And identity theft can have a devastating impact on a victim’s financial wellness. Almost 37 percent of Identity Theft Resource Center victims reported losing over $10,000 in an identity theft incident, and when you consider that Americans have a median of only $8,000 in transaction accounts, that kind of impact can have long-term effects on your customers financial goals.

By offering an identity restoration service, you can help better protect your customer’s finances with coverage for many of the costs related to identity theft, such as legal fees, lost wages, and stolen funds. An identity restoration service also helps to protect your customers from further identity theft incidents by allowing customers to secure the information that was exposed during the incident.

To learn more about how an identity restoration service can impact your financial institution, visit our Business Hub.