The financial services industry needs a collaborative identity validation service to speed recovery in the post Covid-19 world. NOW.
By Adrian Cannon, a founder of Finch Global and CEO of Omnio Group
As financial institutions and organisations come to terms with the challenges of the post-Covid-19 world it is obvious that regulated businesses urgently need a new, more efficient, fast and secure way to onboard new customers and re-energise their existing customer base. They also need to add value to their existing customer relationships. It is important to create a shared service that makes it easier to take out financial products, reduces time and resources spent on compliance and reduces risk in the banking system.
KYC–AML processes and operational efficiency needs to do away with the inefficient, repetitive, paper trail of the existing Know-Your-Customer, Know-Your-Business and anti-money laundering checks.
There is inefficiency experienced by individuals, businesses and regulated service providers when signing-up for and maintaining access to services that require KYC, KYB and AML checks. Buying any regulated service, or simply maintaining your right to use it, requires an inefficient paper-chase and often the emailing of sensitive information over unencrypted channels.
Shopping around for a good value product can involve repeatedly sending this information to several providers that will have to validate it independently before confirming they can provide the service. In the digital age that is hugely inefficient, and that is why a digitalised solution is the way forward.
This was posted in Bdaily's Members' News section by Nicholas Newman .