BAI Featured Innovation

Digital identity verification

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The financial industry has a complicated set of regulatory requirements for verifying customers' identities. KYC, KYB, and AML have significant fines for non-compliance, as well as reputational risks. Banks also bear substantial competition from other financial institutions and emerging fintechs, whose new approaches lead to rapidly evolving user expectations around streamlining the onboarding process.

The white paper examines the banking industry's unique challenges of balancing business and regulatory needs with building a frictionless customer journey.

Key learnings include:

  • Why diverse, transparent data is central for effective digital identity verification.
  • How identity verification solves for pain points specific to the banking sector.
  • Why a multi-layered approach to identity verification is critical for financial institutions.
  • How identity verification impacts a consumer's preference for financial institutions.