Talking Tech: Improving the identification experience

When their customers are not physically present for identification purposes, achieving fast, engaging, compliant and cost-effective onboarding is a continual challenge.

It is not always convenient for the customer to attend a meeting, armed with all of the relevant paper documentation during business hours. During the onboarding process, it's a struggle for employees and customers to efficiently capture and record the necessary information. Customer engagement plummets as a result and additional requests for information and evidence keep on coming.

Much has been discussed in relation to various technical solutions to business challenges: the next “big thing” in technology - that product that will solve an organisation’s problems is always just around the corner. The reality is, it is hard to know where to begin when it comes to defining your business requirements, that is before you begin to think about engaging a Regulatory Tech business who might be able to help.

Over the past few years, businesses have had to deal with increased regulation and this has led to larger compliance teams who are under increasing pressure to fulfil their obligations and ensure risk is managed in an appropriate manner, to the satisfaction of their board and regulators. We have created the perfect storm. Compliance professionals are in high demand and short supply and business leaders therefore need to consider alternative options when it comes to compliance and risk management.

We know that technology doesn’t necessarily resolve business process problems on its own, but technology is good at many things such as undertaking repetitive tasks, searching large volumes or data and processing in an efficient manner. It allows us to reduce the time taken on essential but routine tasks in order that compliance professionals can focus on more complex matters, which require human insight and intelligent thought.

We also recognise not all tasks can be automated. There is enormous value in the skills and experience of our compliance professional community. If they are also armed with the appropriate solutions, compliance professionals should be able to reduce the manual processing elements of their roles and focus on solving complex cases and scenarios.

At Vaiie we have worked with leading industry specialists to build products which solve problems and provide solutions for everyday compliance challenges. We know our clients want to enhance the way their compliance teams operate. They need to reduce the time it takes to onboard customers, ensuring that they have all of the relevant documentation required to satisfy identity verification or regulatory requirements.

Vaiie has developed a product that provides a digital experience to support businesses in meeting their regulatory obligations. We understand today’s evolving, global regulatory environment and recognise the challenges faced, both by the client and customer when it comes to onboarding. We have developed a product called Identify, which provides technology to support compliance professionals with identity verification. Our intelligent technology can drastically reduce onboarding time, cost and abandonment rates. It can also provide enhanced document analysis capabilities to reduce the risk of fake documents being accepted. Identify is not just a risk management and productivity tool, it enables businesses to manage how their customers interact digitally with their brand.

Vaiie’s Identify product verifies customer identities in minutes with fast, secure and easy to use ID authentication, facial recognition and liveness checking. By providing a simple mobile-first experience to the client, Identify allows you to control your own - branded - customer onboarding experience and enables the client to follow a simple and secure process to submit all of the relevant documentation required.

Over the next few weeks, we will be engaging industry experts and business leaders to host a panel discussion in relation to the challenges businesses face and how we can work together to provide customers with a seamless onboarding experience. We will be sharing details of how to access the podcast across our social media channels over the next few weeks. Our team is also able to meet with you to demonstrate how Identify would work for your clients and to support your compliance teams.

Do get in touch if you would like to find out more.