Every fintech knows how much it costs to onboard a new client—and how much they’ll lose by relying on bad data to do so.

Bad data leads to a poor onboarding experience, and users will take their business elsewhere before they submit further proof of their identities. Even worse, fintechs relying on this shoddy data are failing to comply with Anti-Money Laundering Laws and risk incurring hefty fines.

Electronic Identity Verification (eIDV) eliminates these problems. By relying on high-quality data, eIDV keeps companies in compliance with AML laws and streamlines the onboarding process for users by verifying their identities within a matter of seconds.

As a result, fintechs earn $412 for every one dollar invested in onboarding new clients.

Currently, financial services are caught amidst a perfect, digital storm. While account opening has traditionally been the final hoop that individuals had to jump through in order to become a customer, the onboarding process has transformed into the last mile of a customer acquisition funnel and financial institutions can no longer assume that individuals will see it through. 

Investing in technologies such as electronic identity verification (eIDV) can eliminate unnecessary friction and help financial institutions land the customer. In fact, a dollar spent on onboarding with eIDV is worth $412 in Customer Lifetime Value. 

This report, created alongside Liminal (formerly OWI), will show you how to make sure you are getting the most out of your onboarding funnel eIDV process.

The Report Includes:

• Insight into digitisation as the future for financial services
• The increase in the importance of Bank from Anywhere (BFA) and why that matters
• Consumers’ digital demands
• Neobanking explained
• Common Know Your Business (KYB) onboarding pain points
• Repositioning identity verification as a customer acquisition cost
• How to get the most ROI in your digital onboarding process

In this eBook, we will discuss the common misconceptions and challenges surrounding eIDV in markets outside of the U.S. and how you can adjust your verification strategy to achieve the best match rates globally.

Gambling Moves Online

Despite an enduring popularity among most of the general population, gambling has historically been painted as a somewhat shameful vice. In the modern era, these ancient moral standards have led many jurisdictions to enact incredibly strict laws and regulations limiting legal gambling, in some cases even attempting to end the practice altogether.

This has not stopped gambling from becoming a worldwide phenomenon. While there has always been widespread public interest in gambling in one form or another, the digital revolution brought new ways for consumers to play and made it easier and more comfortable than ever before. This attracted new types of players and helped normalize gambling as a respectable pastime.

In most industries, being compliant in one jurisdiction typically means that you can succeed another because of international trade laws and agreements. For online gaming, however, this could not be further from the truth. To date, and despite the ever increasing cross-national collaboration and globalisation, there is no international legislation for gaming. Instead, gaming operators need to look at each country individually.

This whitepaper explains how varying levels of stringency contribute to the regulatory landscape of online gaming as a whole. 

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. 

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.  

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.

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.