Global financial institutions are under immense pressure to ensure customer safety, increase customer experience and reduce fraud. An identity verification platform, which helps you in identifying your customers effectively and efficiently, is one of the key technologies that can help them achieve their objectives.
Accelerate customer onboarding
The first step in protecting your financial institution from fraud and financial crimes is a smooth customer onboarding process. A good identity verification platform will help you reduce the time it takes to get new customers on board, helping with the efficiency of your business while also reducing the risk of fraudulent accounts. This can be achieved in various ways:
- Enabling faster KYC and AML checks
- Automating routine checks like background checks and address verifications
- Facilitating faster customer identification through biometric solutions such as facial recognition or fingerprint scanning
The benefits don’t stop there; using an effective identity verification platform means you’ll also be able to improve your customer experience by ensuring they receive their cards as quickly as possible. Most importantly, compliance with complex regulations becomes simple when all relevant information is available in one place—which means more time spent focusing on what matters most: growing your business.
Improve customer experience
You can enhance the customer experience through an online identity verification platform. Customers are likely to have a better experience when their information is collected and verified in a secure environment, compared to when they fill out forms with paper and pen. It also makes sense to ask for information that can’t be found elsewhere on social media or in public databases, so as not to unnecessarily expose people’s data.
You can also increase customer satisfaction by improving your service quality and reducing costs associated with providing high-touch authentication services in person or over the phone.
Comply with complex regulations
Compliance with regulations is an important part of the customer onboarding process, but it can be a time-consuming and difficult task for financial institutions to complete. Identity verification platforms provide a solution by simplifying this process and helping you meet compliance standards.
For example, if you are a financial institution that maintains accounts for government employees or representatives, you must ensure that these accounts meet strict requirements to comply with the Federal Conflict of Interests Act (FCIA). The FCIA requires disclosure of any federal employee’s financial interest in any transaction involving his/her government position.
Reduce fraud and financial crimes
Fraud and financial crimes are serious problems that affect all of us. Financial institutions need to protect themselves, their customers, and the economy at large from these risks. Identity verification is a powerful tool in this fight against fraud because it reduces false positives and reduces false negatives in terms of fraud.
You can easily see how banks and other financial institutions will be able to use this technology in the future. The global identity verification market is expected to grow exponentially over the next few years, and as more companies begin using this technology for their purposes, it will become easier for customers who need help with their finances or just want a better way of managing them.