Improving Identity Verification Process for the Digital Age

As all of our transactions and other banking activities have moved to a digital space, the need for tighter and more secure ID verification increases. Regulatory bodies worldwide keep pushing the financial industry to adhere to AML and KYC laws more strictly. To ensure security, good customer experience, and proper compliance, firms have to expand […]

Steps to Improve Customer Onboarding Experience During Sign Up

Since the pandemic, our lives have switched online. Online work, online classes, online lectures and seminars and even visiting the doctor online. The way online technology has evolved and changed our lives, there’s no going back to the old and traditional methods. The proper digital onboarding process can improve customer onboarding experience. In many situations, companies […]

Building a Successful Digital Compliance Program

One of the biggest parts of completing digital transformation is by modernizing the compliance procedure. The digital compliance process should be in response to regulations set in place to prevent fraud, money laundering, terrorist financing, and so on. The customer Identification Program or more commonly known as KYC (Know Your Customer) is a major part […]

Fighting Online Fraud with Multi-Factor Authentication Solutions

In a world that’s moving towards complete digitization, how can a business distinguish between fake and real? As a business, the need of identifying a real person from a fake one is vital. Identity authentication solutions help in verifying customer identities. Using multi-factor authentication (MFA), and knowledge-based questions, businesses can reduce the risk of fraud […]

What is KYB Compliance and How Is It Related to KYC?

Due to the increase in money laundering activities and other forms of financial fraud, countless reforms in regulatory guidelines are being made. More and more businesses understand the need for having strong regulations in place to reduce the risk of fraud and improve the customer onboarding experience. However, most individuals and organizations fail to recognize […]

How Blockchain Can Affect Traditional Banking?

Blockchain has taken the world by storm and is changing everything, from payment transactions to how money is raised to security in online banking. The main question here is, can traditional banking embrace the change or will it be replaced by something new? It is undeniable that blockchain affects banking in a number of ways. […]

how does blockchain affect banking industry

Why aren’t KBA Questions The Best Practice in Online Banking?

Knowledge-based authentication or commonly known as KBA has been used since the dawn of financial services. KBA questions have been used as a key data point by almost all organizations during customer identification programs. Basically, knowledge-based authentication questions are used to verify a customer by asking them to answer a series of complicated questions. These […]

6 Things You Should Follow While Verifying Business Documents

A business has to have documents that look official, provide accurate information, and can be scanned for verification. The editing and proofreading part of preparing a document is important. Numerous documents can be deemed labeled business documents and they help you maintain a wide range of communication internally and externally. If you’re trying to do […]

Best Ways to Reduce Friction During Customer Verification Process

Businesses have to verify hundreds or even thousands of customer identities every single day for several reasons. To reduce fraud of all kinds, e-commerce organizations, banks, hospitals, and other financial institutions have to verify customer identities. The most obvious reason for doing customer identity verification is identity fraud. Although a strict customer identity verification process […]

Identity Theft and Cybercrime: Key Statistics & Facts

Identity theft is without a doubt one of the biggest concerns for consumers. Fraudsters develop and employ new technologies that assist them. Research conducted by the Javelin Strategy & Research in 2019 showed the number of victims of identity fraud fell down to 14.4 million in 2018 as opposed to a staggering figure of 16.7 […]

Blogs

Building the future of fintech.