Automated KYC for financial services

Simplify, digitize, and automate user onboarding processes so customers can sign up in minutes, without needing to visit a branch. 

Customer attitudes have shifted based on their security concerns and their desire for fast and responsive digital experiences. If your institution relies on manual, paper processes and forms, it can leave customers waiting days to access your service. 

Meet customer expectations using a digital identity verification solution that addresses concerns around security, efficiency, and ease-of-use. 

Streamline operations to improve cost efficiencies. AI-powered automation at onboarding can help to reduce manual processes and paperwork, avoid errors, and increase data integrity. 

KYC checks will usually involve assessing an identity document to ensure it’s genuine. In an online environment, this becomes extremely challenging. Identity documents are complex - and there are hundreds of thousands in circulation. Trust purpose built AI, trained by world-leading experts to process global documents, so you can seamlessly scale to new markets without needing to retrain teams.

Mitigate sophisicated types of identity fraud, ranging from impersonation to synthetic, through greater fraud detection, insight, and analysis. 

With more business moving online over the last few years, fraudsters have been more successful in exploiting immature digital processes. Our fraud report shows that identity fraud has increased 44% since 2019, with the biggest increases in the retail and financial services industries. 

Proper onboarding processes are essential in stopping fraud from impacting your business. If a fraudster gets through, they can have a long-lasting impact, especially if they’re able to build a trusted profile, which opens the door to money laundering and financial crime. 

But traditional approaches to preventing fraud fall short. This is where a robust identity verification approach as part of KYC comes in. 

Knowing your customer is non-negotiable. Keep up with evolving KYC and AML regulations, sanctions, PEPs, and adverse media without impacting your user experience or harming conversions. 

Build tailored workflows in Onfido Studio to deploy the right check for your global users, and navigate the diverse regulatory landscape from one platform.