Save both time and money with online identity verification

Marc Andreessen penned his famous “Why Software Is Eating the World” essay in The Wall Street Journal in 2011. Today, the idea that every company needs to become a software company is commonplace.

Perhaps in no other industry is this more true than financial services. New regulations introduced in the years following the financial crisis, along with advancements in security, identity and payments technology provided the catalyst for a period of intense digital innovation.

Meanwhile, the proliferation of smartphones and apps for almost every aspect of our lives has shifted consumer expectations of the products they use for services such as banking, loans, insurance and investing.

For a company to retain a competitive edge in today’s digital marketplace, they must consider themselves equal parts technology firm and financial services provider.

At ZealiD we provide the tools, expertise and support to make this vision a reality. Here’s three of the ways we can help you improve customer acquisition and retention rates, cost effectiveness and the overall efficiency of your financial services business.

1. Automated registration

Meeting every new client in person is no longer a viable option. To increase adoption, registration for the services your business offers needs to be fast, remote and regulatory compliant. Providing automated registration requires the use of technology that is compliant with anti-money laundering (AML) requirements on remote identification (KYC), without creating a barrier to entry for the user.

On average, businesses using ZealiD with properly-implemented automation technology will save at least one man-hour per registered customer in comparison to a manual process. And by streamlining and simplifying the user experience, you will begin to see positive conversion effects immediately.

2. Seamless authorisation

Regular engagement is key to retaining and growing customer usage of your products. In the financial services industry, that engagement needs to be highly secure in order to protect personal data and assets.

At ZealiD we believe that by simplifying authorisation and storing sign-in credentials and e-signatures, a service can become significantly more competitive. So much of financial services and customer engagement involves consent, and streamlining this process throughout the product lifecycle delivers numerous benefits.

By providing the technology to enable seamless authorisation, sign-in and consent, ZealiD enables businesses to save valuable time for their customers and relieve internal support staff from labour-intensive manual processes.

3. FaceID-enabled document signing

Financial services providers can increase document signing speed, enhance security and lower transaction costs - often by tens of euros per customer each year - by migrating to digital contracts.

Full integration of e-signatures into your business also reduces costs by removing the need for a document signing presentation platform, because you will no longer require their screening or signing capabilities.

At ZealiD we see customers saving as much as €5 per signed document by using eIDAS-compliant e-signatures, powered by advanced FaceID technology.

Digital technology will continue to drive profound evolution in the financial services industry in the coming years. Connectivity, artificial intelligence and automation will underpin virtually every product and service available to customers in this increasingly competitive market. Let ZealiD ease your transition to a digital-forward future.