Revolutionizing the Banking Industry with Automated Identity Verification

Key takeaways 

Automatic identity verification is crucial for banks and neobanks to combat fraud and comply with regulations.

Didit offers a free, unlimited KYC solution that includes document verification, facial recognition, and optional AML Screening.

The benefits of Didit's solution include enhanced security, improved user experience, and cost efficiency.

Regulatory compliance in KYC and AML is essential for financial institutions to operate legally and securely.

Identity verification (KYC) is fundamental for the banking industry. The reasons? The demanding regulatory framework that financial companies must face and the continuous increase in fraud. That's why banks and neobanks must offer their users an automatic identity verification or KYC system that helps the industry comply with current regulations while not hindering the user experience.

Neobanks are the best example of this new need. In this niche, identity theft in neobanks is a growing problem due to the service's characteristics. By primarily offering remote services, they need an identity verification system fully adapted to their needs: a problem that traditional KYC solutions couldn't solve. Why? Because new customers require immediacy, security, and a good user experience.

The Revolution of Automated Identity Verification in the Banking Industry

Automatic identity verification allows for revolutionizing KYC in the banking industry. How do these solutions work, enabling banks and neobanks to comply with regulations and provide an excellent user experience? Document verification, facial recognition, and AML Screening enhance protection and regulatory compliance.

• Document verification allows companies to ensure the authenticity of documentation used during the KYC process, as well as extract necessary data.
• Facial recognition helps ensure, through biometrics, that the documentation owner and the person trying to verify are the same. This test includes a liveness test and advanced algorithms to prevent deepfakes.
• AML Screening, to ensure that verified identities comply with regulations related to money laundering prevention.

All of the above allows banks and neobanks to offer a robust, remote identity verification system that respects regulatory compliance.

Regulations for Identity Verification (KYC) and Anti-Money Laundering (AML)

Regulation in the financial world is continuously advancing to end fraud. It's not enough to just offer an efficient solution; it's essential that it complies with regulations related to KYC and anti-money laundering (AML).

Moreover, solutions must look to the future and be committed to guidelines issued by main regulatory bodies, such as the European Banking Authority (EBA) or the European Commission.

How Can Didit Help the Banking Industry? What Benefits Does It Offer?

Didit is the ideal partner for the banking sector. We offer a free, unlimited, and forever identity verification solution so that both banks and neobanks can comply with KYC-related regulations without burdening their bottom lines.

Our solution is based on document verification and facial recognition, enhancing security and regulatory compliance with optional AML Screening. How can we offer a free, unlimited, and forever KYC service? We tell you everything in this article.

Thus, banks and neobanks that integrate our solution can benefit from:

• Greater security and fraud prevention: Thanks to document verification and facial recognition, the possibility of fraud (or human error) is reduced to almost zero.
• Better user experience: With verifications in less than 30 seconds, customers enjoy an excellent user experience, as well as being able to reuse their verified credentials.
• Efficiency and cost reduction: With the automation of this process, efficiency is much higher (especially compared to traditional methods), and costs are optimized, allowing for budget improvements.

Are you ready to revolutionize your identity verification (KYC) system? Contact our team through the banner below, and we'll answer all your concerns.