The coronavirus pandemic has been a huge catalyst in the global trend towards digitisation in business. Digital is fast replacing face-to-face and paper-based processes altogether. A clear example is eIDV or Electronic Identity Verification. eIDV is an automated system that checks if your customer is who they say they are and that their key details are correct and verified. It’s the starting point for all efficient customer onboarding processes.
Effective or KYC (Know Your Customer) cross-checks are made against all data provided during a customer’s application process. Identity verification requires that the following data: name, address, date of birth, identification number, or phone number match reputable data streams; government agency, credit agency, and utility records.
The growing importance of eIDV is demonstrated by the European Commission considering additional proposals to regulate digital identities, leading to an improved eIDV framework.
eIDV: integral to efficient onboarding and vital for customer satisfaction
Smart, automated is critical for efficient customer onboarding. A smooth and speedy onboarding process reduces stress for customers while at the same time delivering security and risk management benefits for companies.
eIDV powerfully combines efficient verification with increased customer satisfaction. With eIDV your customers gain independence, saving them time and your company’s resources as they go through the onboarding process on the device of their choice efficiently; simple and fuss-free!
Customers’ identities are verified on their own device rapidly, reducing delay and building loyalty. Research shows that inefficient onboarding plays a key part in the 56% abandonment rate for new banking customers. Companies need to stay up-to-date with digital technologies, not only to protect their business but also to ensure a superior customer experience and strong competitive positioning in the marketplace.
protects businesses from fraud
All businesses are susceptible to fraud, the financial services sector especially so. Combining cutting edge eIDV technology with the latest developments in artificial intelligence and semantics technologies makes it easier to identify fraudulent applications and behaviour. Other industries such as eCommerce and trading have also seen the benefit of integrating eIDV into their processes to better protect both their business and their customers.
The coronavirus pandemic saw an increase in the frequency of economic crime. Global financial crime reached over $42bn in 2020 – mostly influenced by opportunists. Businesses must now more than ever reinforce digital protection at every step in their business operational model.
CR : the Cedar Rose solution
Cedar Rose, is at the forefront of digital development in the world of managing credit risk and compliance. CR Identify is our market-leading eIDV solution that places privacy and security at the heart of your business operations and onboarding processes. It provides a comprehensive and cost-effective solution to avoid the many dangers of regulatory non-compliance; all with the benefits of a fully digital, automated solution.
CR is the essential upgrade from traditional KYC compliance checks that required time consuming manual processes, - time consuming and expensive for your business to run and frustrating for your customers.
CR Identify benefits
- Fully automated, eliminating the risk of human error while also increasing efficiency compared to longer traditional verification processes.
- Offers market-leading coverage with high match rates from Cedar Rose’s global reach.
- Incorporates a flexible and customisable approach to identity verification compliant with all AML and KYC rules.
And there’s more. You can configure CR uniquely to your customer onboarding process. It also transcends borders offering a fully global approach to customer verification. CR ensures that all processes are fully compliant with the latest regulatory advancements.
There is no stopping the digitisation wave. Ride the wave with CR to automate your company’s KYC check and supercharge your customer onboarding processes.