How Can Financial Companies Verify Online Customers Fast?
Prevent Identity Fraud With Electronic Identity Verification
For many financial companies conducting business online, a common question that often arises is 'How Can Financial Companies Identify Online Customers Fast? Whilst this may look like a straightforward question, in today’s online world, there is the general expectation that one can sign up for services instantly, without any delays. In addition to this users expect to be able to conduct business globally without friction wherever they are.
However, the reality does not always match the expectation. Despite technological advances that allow us to make purchases within seconds, such as booking a holiday abroad or registering for an online service, other services such as signing up with a foreign currency exchange platform to change money, can take much longer, because of the need to verify the identity of a customer when opening the account.
The experts at Selified identity verification service have outlined the main challenges financial companies face on how to quickly verify online customers and effective solutions for these challenges.
Fast Electronic Identity Verification - Why Some Companies Are Not Getting It Right.
The challenge for financial service providers is to create a seamless customer experience whilst gathering sufficient data to comply with anti-money laundering (AML) regulations. Current know-your-customer (KYC) processes typically only verify identity successfully for two-thirds of applicants.
The other third, who need to be routed through the organisation’s manual review process, may have to send in copies of their passport, driving licence and utility bills. To the customer, if there is a delay in the experience, this can seem like an onerous process. Many will give up and seek another service provider.
If this is the case with your business, it means you need to seek a more effective method for fast & efficient online verification for customers.
How to Verify Customers Accurately With Online Identity Verification
So what is the problem? Many financial institutions are getting between 25% and 50% initial failure rates with electronic identity verification (eIDV) because many people simply do not have a sufficiently established digital footprint to be verified. If you are young, mobile, live in shared or rented accommodation or have recently arrived in the UK, you are likely to fail KYC checks.
The big challenge for any financial institution is how to verify customers quickly with 100% accuracy and be able to do it in a way that still enables it to gain cost efficiencies by reducing its manual staffing levels. Getting this wrong can have dire consequences, either falling foul of the regulator and allowing fraudsters to set-up accounts, or turning away potentially profitable customers.
How Selified Can Help With Online Identity Verification
The Selified service addresses these challenges. It has been honed over time to be able to process the manual exceptions quickly and efficiently. By combining a unique blend of automation, machine learning and human guidance, the Selified customer verification service can enable the financial institution to bring onboard more customers with the same rigour and seamless customer experience, making it possible to cut their manual staffing costs.
With the Selified service, your customers can open an account seamlessly, in 2 simple steps: Take a selfie using their mobile phone and take a photo of their driving licence and submit. That's it! Watch this video to find out more http://bit.ly/2tAWGCd.
To learn more about the service or talk to a member of our team, click on this link.