It’s been a busy year for Financial Institutions worldwide. And even though the regulatory landscape began to clear due to ongoing dialogues between regulators, examiners, and businesses, financial organizations still have challenges to face when it comes to bridging the gap between their brick-and-mortar operations and the newer digital channels.
Ever since we started working on Digital Identities in 2012, our focus has been knowing and mitigating the risk of transactions. There is the risk in:
- Financial transactions (payment, deposits, transfers) where there is movement of money
- Onboarding transactions (new customer) where you need to understand whether you should do business with an individual or an organization
- Activity transactions (logins, password changes) where mundane actions may indicate larger concerns
Recientemente regresamos de K(NO)W Identity Conference 2017 organizada por One World Identity, la primera conferencia enfocada principalmente en identidades digitales y sus aplicaciones.
We recently returned from the K(NO)W Identity Conference hosted by One World Identity, the first major conference focused on digital identities. For years identities have been taken for granted, while most business leaders didn’t realize that they sit at the center of every business transaction in the digital era. Our friends from One World Identity not only recognize this, they also understand that education and collaboration are necessary to unlock the value of digital identities for businesses, regardless of the industry.
Acquiring more customers and generating more revenue is the goal of all businesses. And, while the Internet has made this easier, not all sectors have moved forward at the same pace. For instance, ecommerce companies have led the charge, while Financial Services institutions are still catching up.
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.
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.
We recently organized a webinar with a panel of industry experts regarding Know Your Customer techniques. You can access the recording of the webinar here. Our panel covered KYC best practices, strategies, and procedures. The panelists shared their experiences dealing with KYC, and answered a variety of questions from the audience.
In case you missed it, we've compiled 22 of the most important takeaways gathered during the webinar, and developed the “KYC Compliance Fundamentals Guide” that you can use to verify the quality and strength of your KYC processes and procedures.
Remittance, and the technology powering it, is evolving faster now than it has in the last 40 years. As a result, the way Know Your Customer (KYC) is performed has and will continue to change.
Day 2 of Inside Bitcoins was very focused on the future of Bitcoin. Sessions centered on how to take the technology to the next phase, how to solve real business problems, and how to influence consumers and businesses to achieve mass adoption- the key to it's success. We've included our highlights from the sessions below.