The Problem: Financial Institutions Need to Comply with KYC Regulations
Know Your Customer (KYC) regulations require due diligence by financial institutions to verify the identities and risks posed by their new customers. However, manually verifying the identity of prospects is too slow, too expensive, and too inaccurate to rely on. The alternative is a technology-based solution, but even that can oftentimes be no more effective than a coin flip. How do you maintain compliance while also delivering the best customer experience?