The development of new technologies and emergence of FinTechs changed customer expectations of financial services. However, along with FinTech growth, there has been growth in money laundering and terrorist financing. To limit financial institutions vulnerability to such crimes, they are required to have AML and KYC programs in place…
Change is coming. In a survey regarding client onboarding in banks 40% of consumers stated to have abandoned bank applications and 39% of those abandonments were due to the lengthy process. Additionally, more than a half declared that they would be more likely to apply for a financial product if the process was fully online. These results give a glimpse into the shift in clients expectations regarding financial services and products in recent years. This transformation in customer expectations is a result of many different factors. One of them is digitalisation and the overwhelming impact of big companies like Google, Facebook…
Onboarding is your first main contact between your company and your new customer, and is often viewed as the foundation for what dealing with your company will be like. Building loyalty and customer satisfaction right at the beginning of this relationship may be a crucial step in future collaboration. Therefore, onboarding should not be confusing or frustrating for the customers. It is no secret that manual KYC reviews can be inefficient and costly. They are more time-consuming and not as accurate as automated solutions for identity verification. A complete identity verification should consist of: – matching the person’s face with…
The volume of online interactions between businesses and consumers is constantly increasing. As digital commerce becomes increasingly more widespread, the demand for technological solutions to deal with the problem of identity verification and how to create trust also rises. Fraud losses are growing. In the last 12 months, 63% of businesses have experienced either the same amount or an increase in online fraud. This growth intensifies the need for quick and easy verification processes. The need for solutions that have little impact on the customer experience is great. 75% of businesses, surveyed by Experian in 2018, expressed…
If you think you’re immune identity theft, let me set things straight. There have been almost 17 million cases reported in 2017. And I’m not talking about the whole world. Only the US. Moreover, the alarming part is that the number of reported cases has been steadily on the rise since 2014. Every year these fraudsters are scamming consumers of billions of dollars. But, it’s not just the consumers who are at risk. Rather, identity theft poses a far greater threat to businesses. And so, we’ve decided to shed some light on identity theft. How common is Identity…
Ever since the advent of the internet and the smartphone, our identities have been recreated in the virtual world. From online banking to online shopping, there’s plenty of place that require our personal information. Any unwarranted usage of our identity information could have catastrophic results on your savings and even your life. We have witnessed some terribly shocking and disappointing tales of identity theft in the past, but the specter of identity theft and a lack of privacy is only growing. With new applications of wireless technology and other functions like the Internet of Things (IoT), our virtual…