Reduce Friction and Cut Compliance Costs with Digital ID Verification - ERP Spain.com - España y América Latina

The latest EU Anti-Money Laundering directive will significantly increase the frequency with which financial service providers need to conduct ‘Know Your Customer’ (KYC) checks. To maximise the effectiveness of digital transformation initiatives, financial services and other regulated industries must find effective digital identity verification solutions. Current methods for identity verification checks place an enormous cost burden on banks, payments processors, and lenders, as most methods rely heavily on manual processes. Furthermore, these processes are cumbersome for users, driving away potential customers. Figuring out how to balance the competing needs of compliance and costs against the expectations of today’s digital native users is key to any financial service provider looking to win and retain new customers.