When we build programming for KNOW Identity every year, KYC, IDV, and digital onboarding are among the most requested topics. At KNOW 2019 this past year, “Saner, Safer Onboarding” featuring Wells Fargo and Mitek was one of our best-attended panels. As a group, we in the KNOW Identity community clearly have some unresolved issues around all things onboarding.
And that makes sense – it’s still one of the most resource-intensive components of process flows for digital businesses. Large financial institutions, for example, still spend up to $500 million annually on KYC, and it still takes banks nearly a month to complete new customer onboarding processes. That is, for lack of a more technical term, bananas.
For fintechs, financial institutions, and payment platforms, status quo identity verification and Know Your Customer (KYC) checks are still relics of bygone days, when in-person transactions were the norm. Now that demand for remote onboarding and mobile transactions is exploding, existing procedures have created a maelstrom of customer friction, bad user experience, and poor compliance outcomes.
So, how do you actually do customer onboarding well? How are companies harnessing identification and verification as a competitive advantage and a way to actually know their customers?
KNOW Identity explores how organizations are adopting new identity insights, across both the online and offline worlds, to evaluate risk, mitigate fraud, and build consumer trust in near real-time.
This year in particular, we’re focusing on making connections between legacy institutions and the burgeoning wave of identity verification technologies that will underpin more efficient KYC. It’s one of 16 different hot topic areas we’ll be focusing on this year.
Wells Fargo, RBC, and the other major financial institutions that attended KNOW 2019 won’t be able to tackle their KYC and AML challenges without investing in innovative identity platforms and services. We want to be the forum where each of those groups gets the information they need to make those investment, acquisition, and product decisions.
Want to learn more about how to exhibit, demo, or speak at KNOW? Contact us.