Take onboarding practices with traditional banks, this involved visiting a local branch to verify who you are with ID documents. Not anymore, so remote access to services via a customer’s device will be critical.
With most countries across the globe implementing stay-at-home policies, we now see banks and telecommunication firms, even governments, moving beyond traditional verification and investing in remote digital onboarding using biometrics. Organizations that fail to offer simple and safe remote customer onboarding will fall behind.
Digital-first and challenger finance providers in developing regions from Southeast Asia to Africa have been early adopters, banking the unbanked and bringing microfinance and responsible lending to millions. Their experience demonstrates that onboarding, the process of capturing and verifying a new customer on a digital platform, must be effortless and seamlessly integrated into a bank’s existing infrastructure to maximize efficiency.
With the market for digital onboarding becoming increasingly crowded, it is difficult for banks and other finance providers to assess the right remote identity verification partner.
The key is to look in-depth at the technology being used. Can it be customized and scaled? Has it been benchmarked and certified? Will it be compliant with local data, financial, and anti-money laundering regulations? More importantly, is the technology user-friendly and intuitive? The most important element here is to adapt technology to humans and to efficiently address digital age business needs.
Trustmatic is an identity verification platform that helps businesses establish trust with their users and fight fraud of any kind. Powered by industry-leading AI and biometric algorithms, Trustmatic enables users to verify their identity in seconds using just their ID and a selfie while maintaining a seamless user experience and a high level of security.
The platform includes face biometrics, liveness detection, and supports the reading of over 10,600 identity documents in more than 140 languages.