3 Things that Best CAN do for Banks
Several industries have been quick to embrace KYC services whether it is e-commerce or cryptoverse but the banking industry has failed to bring on board top ID verification solution. Despite the fact that identity frauds and digital scams have been haunting the banking industry for a long time, banks have been reluctant in integrating their in-branch and online services with a reliable KYC service provider.
A KYC process steps have everything to offer - and even more- that a banking organization requires to cut down on their losses resulting from bank account takeovers, regulatory fines, and credit card frauds. AML fines that banks have to pay every now and then, ranging into millions, can also be reduced significantly with the help of some of the best KYC software for banks. We have listed down 3 things that ID verification solution can do for a bank that can be hugely beneficial.
Reduced Credit Card Frauds
Identity verification services are just not about collecting personal information of the end-users and then authenticating them with the help of an official identity document. There are many exceptionally developed KYC process flow that can even check the authenticity of identity documents including credit cards and debit cards. This can reduce the ever-rising number of credit card frauds and can help save millions for banking organization and make the customer experience smooth for credit card holders. Presence of a credit card can be ascertained by a KYC verification software, even if a banking organization does not want to use face verification or handwritten note verification as offered by Shufti Pro.
Remote Account Opening
Best KYC software for banks are not just good for in-branch verifications but most of these identity verification services also have an integration format that allows them to be helpful in remote account opening services as well. Comprehensive Know Your customer checklist are designed in order to make sure that only credible and authentic customers are able to register for a banking account or use an online banking service.
Eradicate AML FInes
Now, most ID verification solution are not able to secure their banking customers from financial risk with their KYC for banks solutions. But only the best KYC software for banks have even integrated features and services that enable them to perform a risk assessment for incoming users and only a few can perform that assessment on a continuous basis for every customer. AML fines are slapped on banks every now and then for extending their banking services to customers that were blacklisted because of their financial activities. A KYC service provider checks the credentials of an incoming user for their involvement in any of such activities.
Shufti Pro offers identity verification services that are perfect for banks as it can perform ID verification for more than 225 countries and supports over 150 official languages. Advantages of KYC from Shufti Pro extend to AML checks as well that are performed alongside identity verification checks. Shufti Pro performs MAL screening with the help of a large databank containing information from 1000+ watchlists and 3000+ databases.