Won’t You Be My Neighbor: Empowering Community Banking with eKYC and AML

Won’t You Be My Neighbor: Empowering Community Banking with eKYC and AML

As a banking operative, you have the reputation of helping individuals and families establish and meet their financial goals.

Whether it’s assisting a college-bound student with their first savings account, helping a young couple invest safely in their starter home, or supporting a recent retiree as they plan the tropical vacation of their dreams, the accessibility of your bank’s services directly impacts your company’s reputation. While you want to preserve the stellar interpersonal banking experience that you’ve upheld for years, you should also consider how your client base and their unique needs are evolving, by introducing KYC banking. As tech-natives are becoming a larger part of your clientele, they are used to consuming information digitally through their computer and mobile devices. They want to work in a way that works for them, including their banking– that’s why you need a powerful AI-powered eKYC / AML solution.

Banking should be a frictionless experience for your customers.

Deloitte found that 43% of Gen Z’ers and 30% of Millennials are working multiple jobs to make ends meet, living paycheck-to-paycheck to compensate for increasing expenses and low wages. Customers take notice when their time is being valued, and they will be more inclined to embrace eKYC processes that save them time and that are simple to use. Identomat’s AI-powered ID verification solution improves the activation process for your customers, saving them the trouble of collecting documents and registering in person, and effectively onboarding them remotely in mere minutes while providing trustworthy results. Most importantly, you can utilize other features of our remote solution while still preserving a sense of community, no matter the size of your institution.

Expanding your digital presence means opening up to a global market while investing in the business health right in your local community. 

Share of Loans by Community Banks 

77%

Agriculture Loans

50%

Small Business Loans

Don’t underestimate your power: a Harvard Kennedy School study found that community banks provide 77% of agricultural loans and over 50% of small business loans. 

With so much personal information being easily accessible online, KYC and AML regulations are becoming even more prevalent and overarching. Your bank needs to verify the identities of your customers while improving the user experience, and you can greatly benefit from our eKYC and AML solution each and every day. By offering digital lending services, you can make an impact right in your own community, fueling the economy and growing small businesses like yours.

Our system detects a truthful client profile and can verify and onboard without complications, no matter where your customers are located.

Identomat’s solution can do this all the while protecting you and your innocent clients from a breach. Offer your customers digital lending benefits with trusted remote identity checks, and you will be able to make safer, faster business decisions about commercial and investment banking loans. COVID-19 is to blame for a 238% increase in cyberattacks against banks, so with bad actors becoming more confident and efficient than ever, spoofing and identity fraud detection and aversion are vital.

Identomat can help you become proactive in your response and block out an attack before it even infiltrates your systems. These looming threats directly affect your bank’s reputation, so it is important to prioritize privacy and never underestimate a bad actor’s skill set. Identomat can provide full identity proofing across the globe, anywhere at any time, and our system recognizes over 8,000 ID types from across 200+ different countries and territories. Understand the importance of KYC in the banking sector, you can’t afford to take the risk of being unprotected.

Cyberattacks can result in costly and, sometimes, irreparable damage and many institutions do not realize the severity of a breach until it is too late. Many businesses believe that they are too small to be affected by a cyber incident, but that is simply not true. In fact, small financial service firms are 300x more likely to be targeted than other companies, according to the Boston Consulting Firm. Forbes states that 35% of all data breaches impact the financial services industry. Investing in cyber security is necessary– a breach can result in the theft of valuable, sensitive data, but it could end up costing your bank a lot more than that.

The National Small Business Association shows that the average cost of cyber attacks has risen significantly, from $8,699 in 2013 to $20,752 last year—an increase of almost 140 percent in just one year. 

Bad actors are not slowing down, and our services protect your notoriety and preserve your customer’s livelihood and dreams. Industry leaders trust Identomat’s fraud protection for detecting impostor attempts and suspicious accounts. Our system can be used for the verification process altogether or alongside verification experts, all while ensuring seamless KYC and AML compliance in banks. 

You’re selling, but do you know who you are selling to?

Our services can align with your business goals while providing an effortless onboarding experience for your customers while keeping them safe and satisfied. With Identomat, you can still play a role in the verification process by configuring our tools toward your industry-based KYC and AML needs. Don’t allow bots to break your bank. We can make digital-native customer account origination and recovery fast, safe, and reliable for your bank, no matter the size. Schedule a demo today to see how you could benefit from our AI-powered identity verification solution.

Identomat Can Help

Book a meeting to learn more about how to effectively onboard customers, stop fraud, and navigate compliance requirements worldwide
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