Identity verification is fundamental to the digital account opening process. Know Your Customer (KYC) laws require that financial institutions verify that customers are who they say they are. There are two ways financial institutions can meet KYC/BML compliance.
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Financial Institutions possess enormous amounts of private, sensitive, and unique data on their users, such as spending habits, income, balance and net worth, mobile and online device use, age, and more. An overall trend towards democratizing such data can be leveraged to improve not only the overall financial health of its users, but also the impact of the Financial Institution.Read More
Consumers increasingly expect online interactions to be seamless, intuitive and immediate. Financial Institutions seeking to improve and expand their digital functionality face many challenges when it comes to providing an integrated user experience across an array of siloed services.Read More
Understand why requesting a driver’s license during digital account opening may not be necessary and the impact this decision has on conversion and fraud statistics.Read More
FinTech companies are converging to deliver banking like services. Financial institutions must act quickly to stay relevant or run the risk of missing an entire generation of users that increasingly exhibit digital-first behavior.Read More
A new threat to financial institutions exists - deposit-taking Financial Technology (FinTech) companies. Financial institutions must focus on delivering a more impactful set of banking functionality to establish "emotional" relationships with the end-users.Read More