You can have an amazing product or service, but without customers your offering won’t survive. In order to have access to your offering, new customers must be onboarded. To make sure you have the right customers, their information needs to be validated. However, the more tests you have to validate customers, the higher the likelihood of customer abandonment - a.k.a. quitting the onboarding process before they’re finished.
The ability to add new customers online while protecting your business from fraud and meeting regulatory requirements is both a necessity and a competitive advantage to any company providing financial services. Traditional financial institutions, remitters, and FinTech companies on-board clients online; especially considering that globalization allows all companies to expand their client base, foregoing the geographical and brick and mortar boundaries that once upon a time constrained your business from growing. Document verification is fundamental to address the identity verification requirements to serve millennials, foreign nationals, foreigners, etc.
Following the 2008 Global Financial Crisis, regulators and policymakers set out to prevent future similar financial crashes. The initiative, however necessary and noble, had unintended consequences, exponentially increasing the compliance burden of financial institutions, increasing the industry requirements and making it difficult for it to serve consumers as intended. Enter Regulatory Technology or RegTech.
FinTech is all about solving financial services problems in new ways. Some of these problems may be about providing access to financial services to groups in which banks have previously shown little interest. Or maybe it is about taking a typically clunky loan process and simplifying it to the point where customers can be instantly approved while sitting in their favorite chair at home. Or maybe it is about moving financial services to a more convenient place like an app on a mobile phone.
Two weeks ago we were granted a patent in our core technology, Electronic DNA™, eDNA™ for short, the engine behind the creation of Trusted Digital Identities. We are thrilled!
This week is a pivotal one for US remitters. Presidential Candidate Donald Trump has said the country of Mexico will fund the $5B-$10B cost of a 'border wall' or he will use the USA PATRIOT Act to halt all US remittances to Mexico. Mexico is the largest beneficiary of US remittances, receiving $24B or slightly more than 18% of all remittances sent from the United States.
Topics: money transfer
Money 2020 in Las Vegas brings you 10,000 participants from over 75 countries, 500 speakers, and 3000+ companies. By bringing in disruptors and innovators across financial services, payments, and e-commerce, Money 2020 promises to deliver some of the most productive days on the industry calendar.
This year, LendIt Europe brings together some of the most important people and largest companies in the space. There are over 150 speakers from 25 countries representing banks, online lenders, P2P lenders, law firms, and media. Of all of the sessions, listed below are the ones we found most interesting.