What Do You Do When KYC Drives Consumers Away?
Intersekt, 2022 Ekata Roundtable In the days of brick-and-mortar locales, Know-Your-Customer (KYC) was a simple process; the customer was standing in front of you. You could even hold their hand as they opened an account, if you so wished. No one was frustrated by multiple captcha codes and biometric scanning requirements, abandoning the checkout process. […]
Increase Thin-File Customer Acquisition Rate with Account Opening API 1.1
Customers have hundreds of choices for their banking needs — and once they choose, they aren’t likely to switch. This makes capturing customers early key to achieving revenue goals. An increasing population of thin-file customers (someone with little or no credit history) is entering the market: more than 50% of digital account applicants are 35 or […]
Ekata Executive Series, Part III: Is Fintech Facing an Existential Threat or Momentum to Innovate?
Welcome to Ekata’s Executive Series. In this series, our CEO Rob Eleveld will be outlining the dynamics we see developing in the global identity verification (IDV) market and highlight Ekata’s response to continuous market demands. Today, we write in response specifically to a recent report on the existential threat facing the future of the fintech […]
KYC, GDPR, and PSD2: Major Trends from Money20/20 2018 US
The Ekata team headed to Las Vegas for Money20/20 and meet professionals in the Payments industry, attended sessions to learn about topics such as PSD2 and KYC, and reconnected with customers. Each year, over 12,000 people attend Money20/20’s flagship conference in Vegas. It’s easy to get lost in the shuffle, but if you keep your […]
A Robust Trust, Safety and Risk Toolkit for Marketplaces
Every growing marketplace goes through stages as they make the journey from startup to profitable large company. Each of those stages brings with it different requirements for risk protection. At first, a marketplace’s emphasis is on onboarding users. Marketplaces typically start by onboarding suppliers, while the demand side grows more gradually. Because they start off […]
Why Know Your Customer (KYC) Isn’t Fraud Prevention
Banks and other financial institutions are all required by the PATRIOT Act to conduct a thorough review of new customers to undercut terrorist financing and combat money laundering. These Know Your Customer (KYC) checks are essential for regulatory compliance, but too many organizations rely on these as the sole method to verify the identity of […]