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People's United Launches Service to Monitor Digital Identity

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People’s United Financial’s (PBCT - Free Report) banking subsidiary, People's United Bank, N.A, has launched a digital identity and credit protection service — AlwaysChecking — in partnership with Experian, an Irish consumer credit reporting company.

The service will allow customers to monitor one’s and their family members’ digital identity from a single dashboard. Notably, the bank is offering the service free of cost to its existing personal checking account customers. New account openers will also be eligible for the free service.

The company launched the service to deal with problems related to the dark web, as with the rising dependency on digitization, data breaches and the use of personal data for unlawful means is rising.

Jack Barnes, CEO of People's United Bank, said, "Banking has evolved, and it's no longer simply about safeguarding our customers' monetary assets, but it's more important than ever to monitor their digital identities as well.”

With AlwaysChecking, customers can view their digital identity and manage it from any mobile or computer device, where they can register their credit cards, family's internet profile, and even license and passport and monitor it in real-time.

In case of fraud or breach, customers will receive an alert with the details from AlwaysChecking. Further, the platform will help clients with educational materials and guidance on how to deal with the situation. Also, the company has set up a dedicated AlwaysChecking call center, with facilities to guide customers on mitigation steps seven days a week, 24 hours a day.

"We know it can be stressful and confusing for victims of cybercrime, which is why it was important to provide access to Identity Care Specialists who can determine if an identity theft event has occurred and guide users through any necessary restoration activities," Barnes added.

Our Take

People’s United continues to benefit from a healthy business portfolio that has grown inorganically over time. Also, it has diversified its revenue sources, which are likely to keep supporting the bank’s financials. However, low rates and elevated cost base remain concerning.

Shares of this Zacks Rank #3 (Hold) company have lost 31.2% over the past six months compared with the industry’s decline of 33.5%.

 

 

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