Identity Verification

KYC in financial and banking services

The financial services industry is a wide-ranging term for businesses that deal with money management. These businesses include banks, credit unions, insurance companies, accountancy firms, and investment banks. The financial services industry is made up of thousands of public and private companies that collectively manage trillions of dollars in assets every year.

The industry is undergoing significant transformation. The impact of technology on how customers access financial products and manage their finances has revolutionized the sector and created new growth opportunities. KYC policy and remote identity verification process are a huge part of that transformation.


Industry Transformation

New regulations, such as GDPR, Payment Services Directive2, and AML (Anti-money laundering), are increasing both customer expectations and the threat of cybercrime. 

In this competitive market, your digital channels must be fast and secure. However, traditional authentication solutions don’t meet the requirements of modern banking systems or the constantly developing malicious activities.

In this new economic environment:


  • Customers want to access products faster than ever with as little friction as possible 
  • Increased regulations are making Know Your Customer (KYC) processes more complex.
  • Digital solutions are needed across all levels of banking to create a seamless user experience from KYC through all stages of banking operations.
  • Banks must address cyber security threats, including identity theft and money laundering, which haven’t had many solutions. Protecting accounts’ data security and complying with regulations such as GDPR is becoming imperative.

Maintain a high level of security and customer experience

Security is a key component of the customer experience for financial services firms. Customers expect to do everything online—and they want companies to meet those expectations without compromising the security—whether it’s checking account balances or accessing retirement accounts.

This is particularly true as digital transformation initiatives open new ways of interacting with customers more efficiently and effectively.

The comfort of real-time verification

It is more important than ever for businesses within the financial services industry to verify customers online in real-time with a high level of confidence. In an age when cyber-attacks and fraud are increasing, it’s critical that your business can eliminate fake accounts and bots from accessing your site, therefore protecting you from financial losses and damaging your brand reputation.

Comply with evolving regulations

Fully-Verified provides a range of solutions to help you comply with the evolving regulations and requirements surrounding customer identity verification. Our solutions are designed to keep your organization compliant, so you can focus on growing your business.

Eliminate human errors

Collecting information on your customers at the start of their relationship with you and as part of periodic reviews is critical. You can automate these checks to improve the customer experience, reduce discrepancies and errors in manual processes, and eliminate human errors. This automation will also ensure compliance with regulations and standards.

Increase profit

By helping to create a more secure banking system, you can increase trust and protect your users’ accounts. This leads to higher customer retention and increased profit for you. In addition, customers will feel confident about their banking systems. When users know that quality security measures protect their information, they’ll gain peace of mind. Your customers will appreciate the positive user experience and find it easier to conduct business with you if they’re not concerned about cybercrime.

You can maintain security and reduce fraud through Fully-Verified's cutting-edge digital identity verification solutions.

With Fully-Verified, you can achieve a competitive edge with real-time user authentication. This allows your business to eliminate fraud. There are the main benefits of using Fully-Verified’s identity verification solutions:

Security and compliance

Our Live-Verify, Auto-Verify and  Self-Verify solutions meet the most rigorous security standards so that your client’s personal data is safe from fraudsters and hackers. We also make sure that our solutions comply with all applicable laws, regulations, policies, and principles—something that’s especially important in such a strictly regulated industry as financial services!

Flexibility and adaptability

Thanks to the API-based architecture, you can choose to integrate or not integrate your own solutions. You can also start small with Manual KYC, screening solutions against sanctions and PEPs, or Proof of address check and scale as needed; you don’t have to implement all of Fully-Verified’s features at once.

Ease of use for both you and your customers

Fully-Verified’s user interface is intuitive and easy to navigate. Our user experience makes it simple for you and your customers to interact with the system without worrying about complicated processes or technical glitches along the way.

KYC platform for global customer onboarding

Decrease onboarding costs up to 46% Improve pass rates up to 26% Complete verifications in less than 15s.

Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.