If the identity management system is broken, it's not for lack of vendors offering solutions.
Banks have been on a mission to find the right technology to verify mobile and online customers in a way that is highly secure, yet "frictionless" (quick and painless for the consumer). Many banks have rolled out voice, fingerprint, iris, and facial recognition software during the past year. Time will tell whether any of these prove to be the answer. But solutions are needed more than ever, given the rise of mobile banking and the amount of personally identifiable information that's been stolen or is openly available on the Internet for fraudsters.