Crypto
One of the biggest issues facing cryptocurrency onboarding is fraud prevention while maintaining the integrity of user anonymity.
This problem persists because many onboarding processes struggle to find the balance between verifying the identity of the user while not requiring the input of excessive amounts of information. To solve this, strides in AI and machine learning capabilities allow the implementation of automated techniques to recognize fraudsters more easily. Through our usage of AI, we identify patterns in the fraudsters’ methods such as repeated access from the same terminal to shut them out completely. These capabilities are constantly evolving to keep up with fraudsters and ensure safe and reliable data onboarding for cryptocurrency platforms.
Lending
The onboarding process for Lending companies has a primary issue of gathering data in real time while ensuring an efficient KYC process.
Due to most processes relying on outdated techniques, lenders have a hard time normalizing all of the data gathered while also ensuring their authenticity to avoid fraudulent users. To solve this, we implement account aggregation which allows access to all necessary and relevant information for a secure onboarding process. As this data, such as financial statements and bank details, is cultivated in real time, it allows a quicker onboarding process. Through this aggregation of user detail, their identities can also more easily be authenticated by ensuring consistency across accounts to help further back the dedicated KYC process that requires a selfie or other direct identification.
Neo Banks
With the introduction of Neobanks has come a new set of challenges such as promoting rapid growth in the industry while still keeping it secure for its users.
As Neobanks are a largely new form of banking, their main goal is new customer acquisition in order to begin competing with traditional banks. When trying to onboard as many new customers as possible, the risk for fraud rises significantly. In order to combat this, we implement automation of the process through AI and machine learning capabilities that distinguish genuine users from fraudsters. Through the automation of the process for real users, onboarding times decrease significantly while more dedicated manpower can be used to handle potential fraudsters.
BaaS
As BaaS continues to increase in popularity, their primary issue to tackle is managing customer loyalty and security.
As BaaS acts as an intermediary between banks and nonbanks, ensuring the transferral of the customer’s sensitive information is of utmost importance. To ease this problem, we are able to simplify the onboarding process through user account aggregation from the banks and AI-backed automation, making it as quick as possible to maintain customer loyalty. Their security also remains protected through the mandatory KYC check to ensure user authenticity for the usage of their financial information.
InsurTech
As all consumer industries shift towards digital, insurance platforms are no exception.
Due to the permanent effects of the coronavirus pandemic, the insurance industry must fully adjust from its traditional lengthy onboarding process to a digital one that is essentially instant while still keeping in mind how diverse each insurance policyholder’s needs are. To make this problem manageable, we redirect the formerly manual system of traditional insurance onboarding into one that is automated through machine learning processes that can address claim processing, document digitization, underwriting, and support. This allows an extremely efficient onboarding of authentic policyholders that can now be catered to for their specific insurance needs without having significant wait times for automatable processes under the former system.
Payments
Merchant onboarding’s primary issue is speed; customers want to be onboarded as fast as possible.
To compete with software companies that have onboarding times of <5 minutes, traditional acquirers need to dramatically increase their onboarding process speeds. To address this, we automate the boarding process to clear applicants as quickly as possible while adhering to KYC principles to ensure their authenticity. Through data source collections, much of the manual input required by merchants in the traditional method can be sourced automatically. This allows the onboarding to become significantly more efficient without compromising the security of the user as the same extent of KYC verification is required.
KYC
Due to the permanent effects of the Covid-19 pandemic, KYC has become more vital than ever as the number of remote workers has doubled in the past year.
The success of identity verification continues to increase in importance because this influx of workers also increases the chance of fraud. Increasing the level of KYC is complex as simply requiring more checks or documents can be detrimental to the customer experience whereas making no changes opens up firms to a higher likelihood of fraud. We are able to address this issue through advanced mechanisms in the form of AI and machine learning. As these methods revolve around constant improvement, their capabilities of fraud prevention will be constantly evolving to keep up with more sophisticated fraudulent behaviors. Through these technologies, the increase in workers can be handled and rates of fraud can be kept low in terms of KYC efficiency.