Just over a decade ago, investment and commercial bank failures started a chain reaction that forced the U.S. government to intervene into how many financial firms conducted business. This fallout led to sweeping changes in the banking industry, and many banks are still struggling to integrate these changes into their customer journey in a seamless and user-friendly way.
Today, banking is the most highly regulated sector, inundated by strict requirements and procedures. The most critical processes mandated by governing bodies are Know-Your-Customer (KYC) checks. Banks must follow detailed guidelines for verification, identification, and authentication of their customers. The question remains: How can banks collect the correct information while maintaining a stellar customer experience?
In this white paper, we will provide a solution to this common challenge.