Many financial institutions and insurers overly focus on identity features like multifactor and risk-based authentication, neglecting the deeper identity frameworks needed to achieve long-term security and business outcomes. Talent shortages and organizational inertia hinder progress, and business leaders often favor visible customer-facing upgrades over foundational investments. However, strategic identity capabilities require long-term executive sponsorship and multiyear planning. CISOs are becoming key budget holders in this area, with workforce identity remaining a top priority. A lack of public digital ID standards in the U.S. also complicates adoption of modern identity features.

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