Downfalls in Fintech Onboarding: How Good Data Leads to Better Onboarding and Fewer Compliance Risks

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.