LibraryblogHow IDV can improve the trading and brokerage user onboarding experience

How IDV can improve the trading and brokerage user onboarding experience

Trading and brokerage firms must embrace identity verification (IDV) tools to combat the threat from fraud and other forms of crime. IDV might seem like an onerous extra process step for customers, but the right approach can actually improve the onboarding experience. 

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Fin Murphy
August 15, 2023
Identity Verification

Onboarding is a crucial process for trading and brokerage firms, enabling you to introduce new customers to your platform and giving them their first taste of your service. However, it brings with it some well-known challenges.  

The right IDV should deploy an AI-powered approach, making it quick, simple and safe for customers to join your platform, while reducing the potential for fraud, money laundering and other crimes. This has clear benefits from a security perspective. 

However, it also addresses some broader challenges in the onboarding process:

  • Speed: Onboarding can be a frustrating process for even the most patient customers. However, technology like AI and machine learning (ML) can slash the time involved. For example, Veriff’s technology provides accurate results in an average time of six seconds. The use of biometrics, meanwhile, quickly ensures that the person in the session matches the owner of the document. 
  • Usability: Onboarding must be as smooth as possible or you risk losing customers to other providers. Veriff provides live feedback to customers through tools like Assisted Image Capture (AIC), deploying autonomy to smoothly guide your users through the process. 
  • Data dividends: By extracting and verifying data from documents, you can pre-fill forms for customers, easing their experience. At the same time, our tool offers the highest levels of data protection at rest and in transit, assuring you meet regulatory demands like the EU’s General Data Protection Regulation (GDPR).
  • Self-service: By automating your self-service onboarding capability in the right way, you create a faster and more efficient process. You can ensure the security of high-value transactions, all while empowering customers to oversee the process themselves in a quick and easy way. 

If you choose the wrong IDV solution, it could quickly grow into one of your problems, not a solution. For example, you may rely on a manual approach, using human analysts alone. That could take days – even weeks - to verify new users. In the meantime, your potential customer could well have taken their business elsewhere.

At Veriff, we offer a hybrid approach to IDV, combining manual validation (with a selfie) and AI algorithms. With this approach, you can make the onboarding process relatively painless, while keeping bad actors at bay. 

Get more details

To learn more about how Veriff’s IDV technology helps businesses grow and prevent the risk of fraud, discover our work in financial services today.

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