Companies in highly regulated industries may need to verify official documents when onboarding new customers to meet KYC and other regulations. However, this can be a time-consuming, manual
process for the business that wastes time and money, involving legacy systems and manual reviews. For customers, it can also be arduous and annoying to upload these documents and wait for them to be approved, which can cause abandonment
and user churn.
Users expect a seamless digital onboarding experience. Couple
this with a steady increase in identity fraud, and businesses have the challenge to provide an easy onboarding experience to customers while maintaining compliance and stopping fraud. Companies need an easier and more user-friendly way to verify onboarding documents.
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