Financial technology, always shortened to FinTech, is the new technology and innovation. FinTech is for competing with traditional financial methods in the delivery of financial services. For instance, mobile banking, investing services are parts of financial technology. FinTech uses its new technology to improve customer experience and the quality of financial services.
On the one hand, FinTech business has to face the risk of financial frauds. Nowadays, identity theft has become big business for criminals in the world. Every year, there are numerous cases about identity theft, including driver’s license fraud, debit card or credit card fraud and so on. The use of FinTech requires higher technology protection and customer identification. There is a fraud case at the 1300 block of Virginia Avenue on Feb. 4 at 7:51 a.m. The victim reported numerous unauthorized purchase made with her debit card. For those identity thefts, it’s easy to commit to fraud through financial activities.
Because of more online operation, it is much more difficult for FinTech business to identify its customers. They cannot verify who the person is behind the Internet, and they don’t know if the person’s identity is real as the person says. There would be a huge risk for FinTech business. For example, identity theft can commit to financial fraud and crime, which result in huge financial loss.
The most important factor is the online account opening process. For customers, they will feel impatient and give up using such a financial service product if the online opening account needs much time. For FinTech business, the initial objective is to improve financial service, which means the use of high technology will create the better customer experience. Therefore, FinTech business has to attach importance to decrease the time of opening account and create a streamline operating process.
In order to solve the problem and protect business and customers, KYC and AML compliance will play an important role in the FinTech industry.
The operating process is much easier than manual identification, no matter for business or customers. For business, you are supposed to integrate our developer to your server, and you will start the online identification experience. For customers, sending pictures and profiles or scanning documents is acceptable and not so complicated. One solution can solve two problems, which are preventing financial frauds and simplifying operating process to increase the retention rate.
Currently, reducing financial frauds has become the need of most FinTech businesses. If your business is also facing the same problems, if you desire to prevent frauds and improve customer experience, if your business also needs to comply with KYC and AML requirements, just get in touch with us and book a demo now!
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