Spain
Fintech
Customer Identity Verification & KYC — verifies customer data in real-time
KYC
Mobile banking gains more and more popularity — but it means more fraud and cybercrimes. Is there a way to make online banks more secure for everyone? Ask us.
ABOUT THE CLIENT
A Spanish bank asked us to create a simple and user-friendly KYC app plugin. Their customership is mostly seniors and students — not the most tech-savvy audience in general. Our client didn’t want customers to go to brick-and-mortar banks for a simple verification procedure. But they were also worried about their older customers who would find mobile verification too hard to complete.
THE CHALLENGE
KYC stands for Know Your Customer. It’s a policy that prevents money laundering, tax evasion, and other financial crimes. KYC is implemented in financial organizations and includes verification — banks need to make sure that the person who creates or owns the account is who they claim to be. But the verification process is often too complicated — especially for older clients who are not tech-savvy.
THE SOLUTION
We created a know your customer verification app plugin that allows clients to complete the verification process in seconds. We reached two objectives at once — followed the banking compliance and simplified the verification flow by reducing it to three steps.
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