The need for digital transformation of compliance processes is well known. Even before the global pandemic and countrywide lockdowns took hold, financial services firms were moving to digitise customer lifecycle processes in droves.
This was in recognition of the need to speed up compliance checks and automate risk management to deliver the types of on demand, online experiences customers want.
Tolerance for delays is non-existent
The accelerator was just hit harder on this digital transformation of KYC and customer due diligence in financial services when COVID-19 hit. The tolerance level for delay is now at an all-time-low and competition at an all-time-high.
Consumers aren't willing to wait for a KYC or onboarding process to play out. They want what they want and they want it now.
Anyone in lockdown that's ordered something online will tell you the frustration of having to wait for their package to arrive. Consumers see no difference between ordering a bottle of gin and ordering a new credit card - they just want it and want it fast.
Supporting speedy compliance checks?
What's the answer for financial services firms that want to complete compliance processes digitally and within faster timeframes?
We spoke to Charles Gaddy, co-founder of GDC (Global Data Consortium). His philosophy is to enable international firms to complete the necessary electronic identity checks with velocity, accuracy and coverage. Compliance isn't compromised, but neither is speed.
The consortium is a network of local data providers that specialise in different data sets. These data sets could include everything from credit data in Brazil to driving licence data in France to commercial and consumer data in Vietnam and Singapore. The list goes on.
The different types of data from all over the world allow GDC to verify the identities of individuals - confirming they are who they say they are and doing it at speed.
The thing we bring that is particularly compelling for PassFort's clients is velocity, accuracy and coverage.
It's all about how in an automated manner and with velocity and accuracy you can move people through an onboarding process. We fit nicely into what PassFort is doing because our APIs verify identities at velocity.
The number of data sources GDC brings to bear allows financial services companies to comply with different regulatory guidelines in different markets all around the world.
GDC on velocity in electronic ID checks
You can listen to the complete recording made with Charles, which is the latest in our best practice podcast series.
If you're interested in tuning into other episodes, visit our events page - we look forward to welcoming you!
Get in touch
If you are preparing for digital transformation of your compliance processes, including onboarding, risk monitoring and off-boarding, get in touch with us anytime, we would love to hear from you.