Prospective clients expect a seamless experience throughout their whole journey. This begins with their initial onboarding, which sets the tone for the rest of the relationship. And today, thanks to excellent standards set by fintechs and neobanks, they expect their new accounts to be opened and ready to use immediately.
However, on the other side of the onboarding process, are the financial service providers who must perform thorough Know Your Customer (KYC) checks to keep fraudsters out and prevent money laundering. For them, compliance is crucial to the KYC process. But it cannot come at the cost of conversion. The key lies in developing an onboarding flow that is not just compliant but also delivers an excellent customer experience. And there is a huge opportunity for those that get the balance right.
There are multiple building blocks and they vary from market to market but identity verification and ID document checks are needed in all of them - which is why they’re so important.
In this article, we’ll explore what efficient document fraud detection looks like and how you can leverage it to increase conversions during customer onboarding.
