Resources

Downloadable identity verification whitepapers, case studies and more.

A Guide for Financial Institutions: Augmenting AML With eIDV    

Thanks to developments in modern technology, it has never been easier to move money around the globe. As a result, it has also never been more difficult to combat money laundering, which is currently happening at a near unprecedented scale. The United Nations Office on Drugs and Crime estimates that as much as $2 trillion is laundered globally each year. This represents 5% of the global GDP.  

Money laundering is conducted by the largest criminal organizations in the world, people who engage in Illegal arms sales, smuggling, drug, and human trafficking, embezzlement, terrorism, and other large-scale illegal activities that result in huge, ill-gotten profits. These criminals are experts at what they do, which is why financial institutions need to become experts at how to detect and stop money laundering in its tracks. 

Download our guide and learn how Global Data Consortium’s Worldview platform can assist financial institutions in protecting themselves from money laundering bad actors both now and in the future as well.  

Resources

Downloadable identity verification whitepapers, case studies and more.

Buy Now, Pay Later Firms Significantly Reduce Response Times While Boosting Marketplace Positions With GDC    

Through another year of economic uncertainty, we’ve seen BNPLs continue to provide financial flexibility to consumers. In 2020, BNPLs accounted for 2.1% – $97B – of all global e-commerce transactions.  

BNPLs are not only struggling with the always-present issue of fraud, but also to verify the identities of their most engaged user base, millennials. GDC’s eIDV solution can help increase the onboarding percentage of often thin-filed millennials and reduce fraud allowing for more trustworthy transactions.  

Download the report to learn how GDC can help you increase your BNPL onboarding rates and reduce fraud.   

Resources

Downloadable identity verification whitepapers, case studies and more.

How Electronic Verification Creates a Seamless and Cheaper Onboarding Experience 

Every company knows what its Customer Acquisition Cost (CAC) is: the total amount of money the firm spent to earn a new client, including marketing, sales, infrastructure, headcount, and other costs related to onboarding. A CAC can range from $7-395 per person, and those costs are, in part, driven by the processes, tools, and employees needed to review documents to verify a potential customer’s identity.

We believe fintechs need to expand their understanding of CAC to include the cost of onboarding a new client. Fintechs can’t just have good marketing strategies and not think about what it takes to verify a customer so they can open an account. If the onboarding process feels cumbersome, then customers won’t open accounts and those earlier initiatives won’t matter.

GDC believes Electronic Identity Verification (eIDV) provides fintechs with a critical advantage. It creates a seamless experience for new clients, eliminates customer dropout rates, and lowers a firm’s CAC. 

Download our report to learn more about the impact of effective eIDV. 

Resources

Downloadable identity verification whitepapers, case studies and more.

Identification in an Anonymous Industry: How eIDV Reduces User Abandonment in the Verification Process   

Within the Fintech space, Cryptocurrency companies are struggling to adopt a verification process respecting customers’ wishes for privacy and the need to comply with very specific regulations. Global Data Consortium’s electronic identity verification (eIDV) solution will allow them to do that.  

In this report, we’ll do the following:   

Profile who crypto investors are and where they live  

Explain why traditional KYC verification procedures are often too long to keep potential customers progressing through the onboarding process 

How nations are regulating KYC verification procedures  

The customer lifetime value (CLTV) impact of using eIDV versus traditional verification  

By understanding what causes investors to leave an onboarding process, fintechs can make crypto investors happy and avoid losing potential clients before they ever had a chance to do business.  

Download the report to learn more.  

Resources

Downloadable identity verification whitepapers, case studies and more.

What to consider before investing in eIDV    

 

Electronic Identity Verification (eIDV) is a proven approach for eliminating customer dropouts in the onboarding process—but how should companies choose which solution to use?

Companies need to consider multiple factors before adding a new layer to their onboarding process. What’s the total cost? Is the data used in compliance with Know-Your-Client (KYC) regulations? And then there’s the most important question: will it actually help the company keep new customers in the onboarding funnel?

In this article, we want to help fintechs understand how to choose an eIDV solution. We’ll explore why companies might find it hard to adopt a new solution, what they should know going into the process, and how they can measure the new onboarding process to ensure it lives up to its investment.

Download the report to learn what to consider before investing in eIDV.   

Resources

Downloadable identity verification whitepapers, case studies and more.

Why Customers are Leaving Your Onboarding Funnel

Is your onboarding funnel increasing sales for your company – or your competitors?

Despite best efforts, fintechs haven’t created easy-to-use funnels to secure new clients. The application process is too long, demands too much, or wasn’t built for modern audiences. Potential customers will take their business elsewhere because they don’t want to stick with a cumbersome application process. 

The good news: you can eliminate customer dropout rates by adopting electronic identity verification (eIDV) in your onboarding funnel. 

We’ll show you why people abandon your onboarding process and explain the common reasons why your company continues to employ those methods.  We’ll also demonstrate how eIDV creates a seamless experience customers expect and will complete. 

Fill in the form to the right to learn more.

Resources

Downloadable identity verification whitepapers, case studies and more.

A Seamless Onboarding Process Leads to Greater Customer Lifetime Value

Reliable, Accurate, and Independent: How eIDV Bolsters Fintech Onboarding and Compliance

Every company knows what its Customer Acquisition Cost (CAC) is: the total amount of money the firm Fintech companies are caught between the need to seamlessly onboard potential clients and the necessity of adhering to Know Your Client (KYC) regulations. Take too long to onboard and clients could take their business elsewhere. Cut corners to finish the onboarding process and firms expose themselves to potentially catastrophic fines.

Electronic Identity Verification (eIDV) is the solution enabling fintech firms to adhere to an increasing set of regulations while creating an efficient onboarding experience that doesn’t lose customers. Improving the customer experience can potentially double your revenue in 36 months. 

Download our whitepaper to learn how you can avoid some common onboarding pitfalls.  

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AML Compliance Trends in 2022

What Fintechs Should Expect—and How They Can Prepare 

Fintechs can expect increased scrutiny from regulatory agencies in the coming years. The good news: those same institutions can use this time to strategize for how they’ll adhere to those new laws. 

Members of GDC’s Compliance Advisory Board (CAB) recently gave an interview on how financial institutions can cope with a changing regulatory landscape with concern to anti-money laundering (AML) laws and data privacy. The CAB is comprised of compliance leaders who previously worked for Visa, PayPal, Square, and other global companies. 

Some regulators gave financial institutions some leeway during the COVID-19 pandemic, but fintechs shouldn’t expect that to last much longer. Those same regulators want to know the “new normal” is also well managed, says James Philip, a Governance, Risk, and Compliance professional who serves on the CAB. 

“We’re seeing regulators coming forward and saying, ‘Look, we’ve given you breathing space to keep your doors open, but we expect you to be able to demonstrate that you’re still doing all of the right things,’” says, Philip, who specializes in enterprise risk management and AML / terrorist financing. 

As more stories emerge of institutions failing to do the “right thing”, regulatory bodies will respond by issuing more specific guidance to respond to problems as they become public. 

“What we can be sure of is, we will see more breaches,” says Joacim Andersson, a risk management professional and product manager for GDC. “We will see more leaks. We will hear of more scandals, all of which are going to expose flaws—flaws in interpretation of the law, flaws in the control mechanisms, flaws in the law itself—which is going to lead to more scrutiny.” 

How can fintechs prepare to operate under greater scrutiny? For starters, they can take a risk-based approach to their operations and fix key areas of weakness. 

“If these institutions themselves are working proactively with identifying and mitigating any risks that can stem from money laundering—but even internal things like fraud or financial loss or data leaks—there is very little that can happen from a regulatory standpoint that will change what your risk profile looks like,” Andersson says. 

Without a risk-based approach, companies may not fully understand where their biggest areas of liability are. As a result, they might invest their resources in fixing the wrong problems and still leave themselves open to penalties.  

“On the success side, they won’t know where the finish line is and could potentially be overinvesting in the wrong parts of their business and compliance program,” Philip says of these companies. “The organization could be putting good money in less risky places, as opposed to focusing on its true existential risks.” 

Fintechs have time to prepare to meet new guidance after it’s announced, says Malgorzata Skowronska, who specializes in AML regulatory compliance, CDD, electronic verification, and operational compliance. The European Union, for instance, usually gives a two-year window for institutions to adhere to new regulations after they’re published in a journal. 

“As complex and changing as the regulatory landscape can be … those changes don’t happen overnight,” she says. “Quite often, there is a sufficient period to adjust to them, as long as companies don’t delay analysis and implementation” 

One thing Institutions might consider to improve regulatory responsiveness is to appoint a “data czar”, responsible for the collection, organization, and protection of data. Having one person in that role will reduce internal conflicts between departments. Phillip believes such a person should be a generalist who also has proven experience in building operations. 

“It’s all about the data,” he says. “To inoculate itself and to be more responsive to the changes that are coming, I think financial institutions have an opportunity to identify a data czar—someone who is responsible, from beginning to end, for customer data which is typically siloed or lacks clear ownership by a C-suite leader in most organizations” 

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GDC founded the Compliance Advisory Board to help current and prospective clients navigate identity verification while complying with AML/CTF, data privacy, and other regulations. Learn more about CAB here.