The Growing Need for Digitalizing Identity Screening
Accelerated by COVID-19, work from home and the rapid changes in technology, digital transformation has become the focus of all the leading and competitive companies.
Fintech-driven innovation has made many businesses in different industries and sectors re-evaluate their digital interactions with consumers, partners, and clients. The entire world is increasingly going online. However, while the shift to fully digitalized operations has its benefits, it should not be forgotten that the move also comes with its share of risks.
For instance, the online world provides greater and more enhanced customer engagement levels, 24/7 all-year-round availability, and the convenience of handling your transactions on the go via mobile devices. But on the other hand, these same technological advancements have also created room for highly sophisticated financial criminals to operate more freely and on a scale never before experienced. It has now become imperative to protect your business from cybercriminals intent on defrauding individuals and organizations.
In the face of these growing risks, banks and other financial institutions must remain vigilant. Providing a customer-friendly environment must be coupled with robust Know Your Customer (KYC) and other compliance measures.
For this, banks and financial institutions are now turning to AI solutions capable of delivering a wide range of identity verification features, deployable with ease and providing a seamless customer onboarding.
This is why Screena is fully committed to providing an unmatched accuracy for name screening. As evidenced by reaching close to a 100% success rate with industry-leading solution in the testing of screening technologies, the pain of matching names and verifying identities in legacy solutions has become a thing of the past.
The Balance Between Compliance and Customer Satisfaction
It is now a constant battle that companies have unwittingly got themselves into. To combat fraud and prevent financial crime, they are obliged to continuously screen customers and other third-parties from the start of any transaction (sometimes even before) and throughout the relationship. AI screening is no longer a choice, it is an integrated part of any effective business and a must for any financial institution or bank which operates in highly regulated business environments.
Failure to abide by the necessary KYC/CDD obligations can result in regulatory enforcement actions such as financial penalties or even reputational damage to the business, which will most likely have a negative impact on your customers’ trust, revenue, and overall business growth.
Unfortunately, a poorly coordinated due diligence effort can be counterproductive to your business. It can also be quite challenging to implement, especially at the start of a new business relationship with your prospects. Most financial institutions typically have to contend with a balancing act when dealing with KYC matters.
Let’s look at how Screena can help you achieve this delicate balancing act between compliance obligations and customer experience.
Leveraging Science and Breaking Boundaries
AI, when it is combined with cutting-edge detection algorithms, delivers extraordinary results. For instance, hardcopy scans or ID cards can be immediately verified with visual recognition machine learning solutions, while identities and names can seamlessly be matched to a large number of KYC, AML and PEP databases.
To execute enhanced due diligence protocols, there is an absolute need to orchestrate different tools, internal processes, and vendors. Nowadays, this organization revolves around a customization of APIs, fine-tuning of threshold and filtering parameters, and the integration to the right data sources. This is where Screena excels as it offers one of the very rare self-served APIs that provides augmented screening capabilities through 150+ AI features, blended with a comprehensive set of fully controllable name matching options. AI-powered tools like Screena contribute to immediately eliminating a large portion of the negative client experiences caused by inefficient, and hence labor-intensive, customer due diligence (CDD) processes.
Keeping to old ways is not only time-consuming, costly, and inefficient but can also lead to customer frustration and loss of business from legitimate parties. Digital identity solutions offer timely ID verification and screening across all geographies and languages.
When you partner with Screena, you get comprehensive name matching solutions that help you deliver an exceptional customer experience while meeting the most stringent KYC obligations.
Contact us to get a FREE consultation with our AI and KYC experts today!