Why you should not use a DIY solution for identity verification – and what you can gain by outsourcing the process.

According to “Account Opening and Onboarding Benchmarking Study” by Digital Banking Report “at some banks customers abandon up to 90% of new account applications prior to their completion”.

Short KYC Guide – explaining the regulations and how they are going to affect your company

What is the relation of AML to KYC? 4 steps of KYC compliance 1. Identifying the customer and verifying their true identity.2. Assessing customer risk.3. Identifying the beneficial owner and taking measures to verify that person’s identity.4. Ongoing monitoring and record keeping. Customer Due Diligence Risk-based approachWhat is the difference between SCDD and ESDD?Simplified CDD

Video KYC is now an allowed method of identity verification in India

 Video KYC now available in India RBI (the Reserve Bank of India) has now permitted fintechs, banks, and other financial institutions to use new customer onboarding methods. The focus is predominantly on video based solutions as these provide the most security. Video Based Customer Identification Process (V-CIP), as the RBI refers to video KYC, is

What can FinTechs teach banks about the importance of user experience – and how to deliver fast and secure customer onboarding

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

7 Fraud Prevention and KYC Tips for online businesses in 2018

If you are among the three-quarters of businesses who recognise their need to improve in this area, then the following fraud prevention and KYC tips should help to make you aware of some of the key areas that you need to address.

What is identity theft and what are its repercussions?

What is identity theft and what are its repercussions? 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

10 Types of Identity Fraud and Theft

10 Types of Identity Fraud and Theft 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