Next Steps in Tech: Why E-ID is a quick win for Customer onboarding & Regulatory Compliance

We all know the process of collecting and evaluating KYC documentation is time-consuming, repetitive and resource intensive but the consequences of making errors are becoming increasingly severe. In the last six months, the FCA (Financial Conduct Authority) has issued crippling fines to Bastion Capital London (£2,452,700) and ADM Investor Services International (a whopping £6,452,700) for failures in their CDD/ KYC process which left them vulnerable to money laundering.

This highlights the importance of ensuring you have a rigorous risk and compliance approach to KYC. Using security features such as facial recognition, liveness tests, anti-tamper analysis and regulatory quality data sources, Verify checks and checks again. It provides greater assurance that the documentation provided is recorded and genuine and that the individual is who they say they are. It further facilitates your internal risk management process, providing a comprehensive PDF report on all results and, through their open API, can be integrated into your existing practice management system for even greater ease and efficiency.

The benefits from a commercial perspective are as equally compelling. In a world where customers expect faster results at competitive prices, operational efficiency becomes a key contributor to customer satisfaction as well as to your profit margin. Simply put, the adoption of digital KYC accelerates the onboarding process, allowing earlier engagement in revenue-generating activities, reducing admin time, and driving overall company performance and profitability. It also allows your business to service customers from outside your local area, enabling a greater commercial reach that further supports business growth.

To find out more about how Verify by Tiller can transform your business, visit their website at www.tiller-verify.com and book a demo today!