Online onboarding is becoming even more important for the financial sector

Worldwide developments

Fintech firm Kasasa studied consumer behaviour over the past few weeks and found that online account openings at financial institutions had increased by 14.5% since social distancing was introduced. In addition, the one-day lockdown resulted in 2.5 million online registrations at the Deutsche Bank. Financial institutions have to find a secure online solution for the onboarding of new customers.

Onboarding in the financial sector

Onboarding is the process that customers go through before doing business with an organisation for the first time. Part of the onboarding process is the identification of a person and the verification of the corresponding identity document. The onboarding of new customers is mandatory according to laws and regulations, which makes it an essential part for both the customer and the financial institution. These processes needs to be set up in accordance with the guidelines of the AML*-, the CFT*-, and the GDPR* regulation.

Currently, there are several banks who execute the identification- and verification process at physical locations. Identifying and verifying remotely can be crucial to activate new customers and to offer the support that they need, especially in times of corona.

Secure and remote online onboarding

DataChecker takes care of the identification- and verification process. We’ve developed a user-friendly web app so that your organisation is able to identify a person and verify an identity document at any time.

It is possible to identify and verify remotely, which is essential for financial institutions, especially in times of corona. The processes are set up safely in accordance to the GDPR legislation. In this way, complies your organisation demonstratable with the AML- and CFT legislation.  

*AML = Anti-Money laundering

*CFT = Combatting and the financing of terrorism

*GDPR = General Data Protection Regulation