According to Biometric Update, the report, called Top Considerations for Online Onboarding in Financial Services, explores how financial institutions can make the onboarding process as simple as possible for customers, while still preventing fraud and complying with Know Your Customer (KYC) regulations.
Moreover, the partnership with Rabobank is used as a case study, with the creation of a mobile app for onboarding, the integration of ID document checking technology from InnoValor, and iProov’s biometrics, including Genuine Presence Assurance, while authenticating the applicant’s identity.
Rabobank adopted the new onboarding process after realising that its legacy branch-based process does not appeal to 18-year old customers signing up for their first adult bank account, and is currently onboarding 300 customers a day with biometrics through mobile processes, while 80% of them using NFC.
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