KYC regulation and compliance are top priorities for most financial institutions. However, banks are attempting to balance the need for security and authentication with the trend toward fast and convenient onboarding for customers. Confirm’s electronic ID verification service not only enhances a bank’s KYC compliance, but also increases consumer account opening conversion rates.
"Confirm’s ID verification fulfills KYC requirements and keeps consumers happy."
Arik Keller, Chief Product Officer
The starting point for any KYC process is a Customer Identification Program (CIP) deployed by a financial institution. This program requires all individuals who are conducting financial transactions to verify their identity. Most banks are still struggling with a simple consumer experience to collect, verify, and keep record of identification information, not to mention authenticating and securing this information as well.
In most cases, onboarding a new customer requires a visit to a phyiscal location and the presentation of ID documents such as a driver's license or passport. As with most business models, a shift to the on-demand economy and the pervasiveness of mobile has driven consumers to seek convenient, secure, and instantaneous mobile solutions in the financial industry as well, such as mobile banking and check depositing. The traditional, in-person onboarding experience hasn't caught up. Handling physical IDs is error prone, time consuming, and most importantly, a terrible experience for the consumer.
Confirm’s ID verification is safer and more cost effective than processing physical ID documents. Consumers want a better process that meets their on-demand needs. Confirm’s mobile ID verification SDK and API can be deployed in hours, enhancing KYC compliance and achieving a superior consumer experience for identity confirmation.