According to a report by Signicat, financial institutions are losing almost 40% of applicants during digital onboarding.
Regulated companies must follow Know Your Customer (KYC) procedures, gathering relevant information from applicants as part of anti-money laundering (AML) laws.
Biometric identity proofing with liveness detection is one way to ease compliance with KYC regulations while removing unnecessary user friction in banking and other industries’ digital onboarding. These don’t just simplify the user experience, but also help identity and stop fraud.
More institutions are relying on government issued identification as a trusted source. Face biometrics enables an identity check to ensure the user applying is a match. Liveness detection is critical in the digital onboarding process because it verifies that the user is present, not using a high quality photo, cut out or video representation of the real user in an attempt to fool the system.