Chris Hooper

Gone are the days of rifling through paperwork; now, it's all about the click of a button and the flash of an ID. With online onboarding, you can access a world of financial products without ever leaving your couch. From bank accounts to credit cards, the possibilities are endless.

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Discover how digital onboarding in financial services is revolutionizing customer experiences and streamlining processes for greater efficiency.

Discover Digital For Onboarding Financial Services | Veriff.com

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 Digital onboarding for financial services: key insights

Onboarding

Fin Murphy

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. 

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. 

Finserv

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 process for customers, but the right approach can actually improve the onboarding experience. 

How IDV Improves Onbaording for Brokerages | Veriff.com

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How IDV can improve the trading and brokerage user onboarding experience

Identity Verification

Trading and brokerage platforms are targets for criminal or even terrorist elements, who seek to launder money from their illegal activities or commit various forms of financial or identity-related crimes. The sheer volume of transactions and cash that platforms process, combined with the international nature of the business and the rise of multiple trading options for individuals and organizations, makes it a target for crime.

Veriff has always worked in highly regulated sectors, from gaming to crypto to fintech. We know what it takes to strike the right balance between security and the optimal user experience (UX). 

If customers don’t feel safe, you’ll face a serious reputational hit. On the other hand, if the onboarding process is slow and frustrating, customers could take their business elsewhere. 

Our approach is based on a three-stage process, which aims to make life as easy as possible for the customer, while providing the highest level of security. First, the customer takes a photo of their ID and a selfie. Next, we verify the document’s authenticity, confirming their liveness and their similarity to the photo. Finally, we return our data and decision to the platform in question. 

What goes into this process? We offer four essential advantages:

Unmatched document coverage: Your customer base is international, so your IDV tools must be global in outlook. With more than 11,300 government-issued ID types in our database, we can support onboarding for customers in more than 230 countries and territories and in 48 languages and dialects.

Fast but secure decisions: Our 98% check automation rate means customers pass through in about six seconds. 

Simple experience: We provide real-time user feedback through technology like Assisted Image Capture (AIC), guiding customers through the process. This means there are fewer steps involved, with 95% of users going through on the first try. 

More conversions: With superior accuracy and an enhanced user experience, you can expect up to 30% more customer conversions. 

Our process is inclusive, working across iOS, Android, native software development kits (SDKs) and beyond. We have a dedicated in-house team of specialists from more than 60 countries, able to help resolve queries when a human contribution is necessary, while the final decision uses AI to avoid any potential bias.

Above all, we are adaptable. We offer not just the best security and customer experience – we tailor it to your needs. Through combining security, flexibility and simplicity, trading and brokerage firms can seize the opportunities that IDV can offer.

Identity verification (IDV) is now essential for trading and brokerage firms, protecting broker dealers and their customers from money laundering, fraud and other crimes. With Veriff’s AI-powered solution, platforms combine robust security with the highest levels of customer experience. 

The Veriff Advantage For Trading And Brokerage Firms | Veriff.com

The Veriff advantage for trading and brokerage firms

It compares the person’s selfie with Veriff’s existing session data, quickly identifying the user and activating their re-authentication preferences, eliminating friction and facilitating a smoother user experience.  

There is a current market demand for strong customer authentication and continuous KYC across all businesses online. As the cryptocurrency sector thrives on the concept of frictionless digital currency exchanges, verification continues to be a necessity for organizations operating in this space as the need for real end-user security grows. 

Veriff’s AI-powered Face Match technology confirms that a returning user is who they claim to be by using biometric analysis to identify and mitigate fraudulent activities such as account takeover and identity theft, eliminating user friction in the process. 

“For the past six years we’ve been working to build the most accurate verification service on the market,”  said Kaarel Kotkas, Veriff founder and CEO. “Now we are ready to launch a continuous authentication Face Match product that represents another step in the identity workflow. It enables biometrics to secure accounts throughout their whole lifetime making account takeover fraud history.”

Users of Veriff’s enhanced Face Match solution will receive:

Increased protection against account takeovers. Face Match will need to verify user actions such as a new bank account being added, a large withdrawal request, or a suspicious login from a different region.

Reset credentials via a secured and trusted solution. If users need to reset their crypto account credentials, Face Match ensures only the account owner is accessing existing accounts.

Maintained user security through one single set-up of the solution. Avoid time-consuming re-authentication processes with existing users and customers.

Increased asset protection.  Veriff's biometric analysis increases safety across the board in a simple, secure, transparent and trustworthy manner.

To learn more about Veriff’s offering, please visit the Biometric Authentication page.

Veriff has released a newly enhanced version of its Face Match identity verification solution utilizing facial biometrics to match the returning user. 

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We have released a newly enhanced version of its Biometric Authentication identity verification solution. This latest version of Face Match accelerates the user authentication process, utilizing facial biometrics (via the use of a selfie) to match the returning user. 

This blog is about a newly enhanced version of its Face Match identity verification solution.

Face Match identity verification solution

Veriff enhances Face Match with new authentication capabilities

Biometric Authentication

In Onboarding Business, discover a range of educational content about the most pressing onboarding and UX issues facing businesses in all sectors - and learn how they are overcoming them to onboard more customers.

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Latest Resources

Digital onboarding for financial services: key insights

How IDV can improve the trading and brokerage user onboarding experience

The Veriff advantage for trading and brokerage firms

Veriff enhances Face Match with new authentication capabilities

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Onboarding Business

Latest Resources

Digital onboarding for financial services: key insights

How IDV can improve the trading and brokerage user onboarding experience

The Veriff advantage for trading and brokerage firms

Veriff enhances Face Match with new authentication capabilities

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