Regulated financial institutions, such as traditional banks and brokers, must perform Know Your Customer (KYC) and anti-money laundering (AML) checks before establishing a business relationship or onboarding new clients.
ID document and selfie authenticity checks, proof of address, and electronic signatures help protect both businesses and clients against fraud. But they can also be a huge source of friction during client onboarding.
Onboarding is a make-or-break moment. Do it well, and you have a new client; do it badly and you risk ending the relationship before it has even started. The good news is that a robust, detailed, and accurate KYC flow needn’t come at the cost of conversion. In this article, we will explore how Fourthline’s optical character recognition (OCR) technology can help you remove friction from the identification and verification process, ensuring you retain high conversion rates at this critical stage in the client journey.
