Article 3 min

Comprehensive Identity Verification Can Fuel Financial Services Growth

Identity Verification Financial Services

April 19, 2023  

Financial services organizations should not have to choose between security and speed when onboarding customers.

When organizations strike a balance between the two, they position themselves for growth and ensure their compliance teams can meet Know Your Customer (KYC) regulatory requirements. A global identity platform can provide that balance with customizable identity and business verification workflows that easily adapt to changing market conditions, shifting regulations and different customer risk profiles. 

The Right Fit for Financial Services

Financial services face a broad range of digital threats, including money laundering, fraud and third-party risk. Automated identity and business verification tools and services that leverage artificial intelligence and machine learning can form a sophisticated response that achieves regulatory compliance.

Organizations, though, face the challenge of finding the verification tools that meet their needs. But there are questions to ask that can help them get to the right answer.

  • How quickly can the verification tools adjust to new markets?
  • How much staff time is needed for integration?
  • How easily do workflows adapt to new compliance requirements?
  • Does the customer experience meet expectations for speed and convenience? How does it affect conversion rates?
  • How robust are the automated processes? How often are manual processes necessary?
  • How is data stored, processed and analyzed? What data security procedures are in place?
  • How can different tools and services work together to add value to the entire system?
  • How audit-ready are procedures, reports and data?
  • How easy is it to check analytics and gather insights?

Verification Technology Promotes Financial Services Growth

Organizations often view identity verification and other compliance, fraud and risk tools as costs. But that same technology can deliver growth.

An automated digital identity platform can amplify risk mitigation by quickly collecting customer data and analyzing it for anomalies. Organizations can expand confidently knowing their risk controls are robust.

Robust risk mitigation also can streamline new service launches. When financial services organizations apply best practices for risk mitigation, internal teams can put more focus on providing the products and services customers need.

Identity verification that delivers fast, smooth customer onboarding and strong match rates around the world can decrease abandonment and enable organizations to expand their global reach.

The World’s Identity Platform

Trulioo enables comprehensive identity and business verification needs through one global identity platform, one contract and one integration. With access to hundreds of data sources around the world, financial services organizations can expand into new countries and markets, meet evolving regulatory requirements and mitigate risk with:

Organizations can connect directly to the services they need through an API or build, launch and optimize custom verification workflows through a no-code workflow builder. Companies can easily integrate third-party services, such as Docusign and Salesforce, into their verification workflows.

Financial services organizations can adapt to new regulations, launch new services and expand into new countries without building entirely new workflows. The Trulioo platform empowers financial services to achieve compliance now and expand confidently anywhere in the world.

Read the industry sheet

Identity Verification in Financial Services: Ensuring Compliance While Winning Customer Trust

Learn how a comprehensive, agile digital identity platform can help financial services organizations keep pace by adapting quickly to regulatory changes and striking the right balance between security and efficient onboarding.