The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    Fintech Trends – Unlocking the Unmapped Potential

    Fintech Trends Unlocking the Unmapped Potential

    Fintech, a blend of two words Finance and Technology, represents the collision of two worlds that how technology is revolutionizing the finance world. This industry has significantly evolved over the past few years. According to The Fintech Ecosystems report, it has reached to a new height in 2018 hitting the market value of $32.6 billion.

    The investors are already in the race of reaching to the top by overcoming the gap between technology, incumbents, and ever-growing customer expectations and demands. They are continuously launching new products and services to diversify technology scores, eventually earning tremendous investments. Several studies and researches are being conducted to analyze the upcoming potentials associated with financial technology and how it would reshape the landscape. 

    4 Segments of Fintech

    Finance and technology are firmly gripping each other to come up with a strong market presence. The aggregate investment figures reported in 2018, encompasse different patterns of developments. The financial technology industry covers a range of industry models operating in different niches, segmented into four distinct variants. 

    • As new Entrants

    Financial technology start-ups look forward to adopting the latest technologies and approaches to enter financial services. Such firms target a particular niche or product with an intent to develop an economic model similar to banks’.

    • As Incumbent Financial Institutions

    These institutes significantly invest in technology to improve their performance, user experience, and meeting hostile threats. Moreover, the aim of these institutions is to capture competitive partnership and investment opportunities.

    • As Ecosystems

    Financial Technology as ecosystems systemized by developed and large-scale companies offer financial services not just to enhance the existing platforms but also to monetize current user data and relationships. For example, “AliPay” supports Alibaba’s e-commerce platform. Leveraging robust user-engagement, such financial technology organizations offer relatively less customer acquisition cost as compared to other firms.

    • As Infrastructure Providers

    These institutes offer/sell services to other financial institutions for digitizing their technology stacks and risk management and improving customer experience. 

    Challenges for Fintech Variants

    The future holds something big for these financial technology variants and of course, the hurdles are going to be there to reach their ultimate goals. For example, currently analyzing the market, the success of the infrastructure providers depends on the product and technical capabilities. Whereas, customer-oriented startups firmly focus on customer acquisition costs.

    For Incumbents, the most challenging part is related to organizational skills and practice just like investing in technology. Convincing an employee, comfortable with traditional methods, to shift to digital can be agonizingly slow. The established technology businesses trying to enter the financial technology ecosystem may face regulatory challenges (KYC and AML compliance etc.). Unlike the advertising industries, the financial industries are quite timorous in adopting the “move fast and break things” approach. which makes them conscious about developing such integrated financial services.

    Cloud-Based Solution to Settle the Fintech Market

    Cloud computing is now helping financial institutions like banks to digitize their operations and become more accessible to customers, eventually reducing overhead costs. The main advantage is that it eliminates the need for specific and dedicated hardware and software and other resources required to maintain it, overcoming investment costs. As per the study, the cloud-based solutions are all set to lay foundations for how banks and other financial institutes are going to manage, conduct and grow their business in the future.

    The organizations are now integrating and using cloud-based SaaS (software as a service) applications to enhance and innovate their non-core business processes e.g HR, CRM and accounting. Moreover, the cloud has paved its way into areas like KYC verification and AML screening for security analytics. In fact, according to digital trends 2018 report, the fast-paced financial institutions are three times more likely to invest in cloud-based solutions and technology. To say, cloud solutions are going to settle the financial technology market offering greater flexibility and efficiency won’t be an understatement.

    Artificial Intelligence to Address Complex Issues

    The buzz surrounding AI-powered applications and services in Financial Technology is intense. Traditional financial institutions are leveraging this advanced technology to enhance their operations. Approximately 20% of the organizations have already started utilizing AI, and more than 40% are looking forward to implementing it in the near future. Furthermore, up to 25% of the banking activities and operations are expected to be performed by AI-powered machines. One example of such a leading player is JPMorgan Chase. It is utilizing the COIN- Contract Intelligence machine learning program to automate the legal documentation reviews and reducing the human-effort and cost. 

    Similarly, other institutions are also using AI-based identity verification and KYC services to speed up the onboarding process and eliminating frauds. AI is certainly a great influence on the customer’s experience and potentially reducing the cost of certain operations. Financial technology industries will see more usage of advanced machine learning and modeling techniques in upcoming years to deal with more complex business processes.

    Investors are becoming more Selective

    With the financial technology boom gaining ground, investors are becoming cautious and selective. Though there is no impact on overall funding, however, the investments in early-stage startups have significantly decreased by more than half between 2014 and 2017. The technology investors are looking for more reliable, later-stage financial technology institutes that can promise substantial scale and profits. This will give a tough time to startups and companies with no defined path for monetization, to meet with the rising funding demands.

    Some institutions are no doubt, successful in raising sums but still, they are facing hurdles in monetizing their products. The reason is customer adoption of innovative business models takes time. For instance, blockchain start-ups are attracting customers and venture capital because of new payment infrastructure. However, because of being in prototype mode and leap to revenue-generation, the incumbents are cautious about blockchain startups. 

    User Experience is not enough

    The explosion of technology has pushed banks and financial institutes toward digitization. Looking back to the days of traditional banking, financial Technology captured the market by building a decent mobile application with great user experience (UX). But now it isn’t easy anymore since most organizations have transformed their user experience. Now every bank is offering a fully remote, mobile functionality with a classy design to win over customers. 

    Customers now want more reasons to switch to new financial technology offers rather than great user experience.

    The partnership between Global Banks and Fintech expected to grow

    As technology is rapidly advancing, the thin line between financial technology and financial institutions is blurring due to their increasing partnerships. The increasing trend of financial technology has raised an unknown fear in global financial institutions. They could lose a significant market share to financial technology innovators. To cope up with competitive pressure, global banks are looking for ways to invest in financial technology companies. In fact, with direct collaboration, the partnership between global banks and fintech is expected to grow in the upcoming years.

    Related Posts

    Blog

    NFC – Building New Grounds for Identity Verification

    Near Field Communication (NFC) is based on the famous RFID technology. In 2002, Nokia was the fir...

    NFC – Building New Grounds for Identity Verification Explore More

    Blog

    Japanese FSA to Beef Up AML Systems from Fiscal 2021

    Growth in South Asia has far exceeded that in any other country over the past few years and digit...

    Japanese FSA to Beef Up AML Systems from Fiscal 2021 Explore More

    Blog

    4 WAYS AI is Shaping KYC and AML Compliance for Businesses

    The role of Artificial Intelligence (AI) is rapidly increasing in businesses and the emergence of...

    4 WAYS AI is Shaping KYC and AML Compliance for Businesses Explore More

    Blog

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman

    About Lisa Kleinman Dr. Lisa Kleinman, Ph.D. is a UX leader, researcher and design strategist who...

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman Explore More

    Blog

    Safeguarding the Art Market with Shufti’s AML Screening Solution

    Non-fungible tokens (NFTs), blockchain-powered title deeds tied to a virtual or physical asset, h...

    Safeguarding the Art Market with Shufti’s AML Screening Solution Explore More

    Blog

    The Significance of Age Verification in the Digital Space

    With the innovation of technology, digital services among younger audiences are becoming increasi...

    The Significance of Age Verification in the Digital Space Explore More

    Blog

    KYC Isn’t Enough: Get Ready for the Future of Verification

    Over the past few years, companies have been looking for more sophisticated identity verification...

    KYC Isn’t Enough: Get Ready for the Future of Verification Explore More

    Blog

    Key Takeaways from Shufti’s Global Identity Fraud Report 2020

     After the rollercoaster year 2020, Shufti hopes this year will be less distressing for every...

    Key Takeaways from Shufti’s Global Identity Fraud Report 2020 Explore More

    Blog

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps

    There is no doubt that social media has its benefits in contemporary times. With the growing tech...

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps Explore More

    Blog

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud

    Throughout the United States, an emerging scam has taken the nation by storm. Unemployment Insura...

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud Explore More

    Blog

    Synthetic Identity – A New Form of Identity Fraud for 2019?

    Synthetic identity fraud (SIF) is a comparatively new form of identity theft that has gripped the...

    Synthetic Identity – A New Form of Identity Fraud for 2019? Explore More

    Blog

    Biometric Authentication: The Importance, Use Cases & Myths

    Today’s business owners rank security among the highest priorities. As hackers continue to ...

    Biometric Authentication: The Importance, Use Cases & Myths Explore More

    Blog

    Evaluating the Potential of Digital ID Verification Systems in 2022

    Identity fraud and synthetic identities are skyrocketing and collectively account for a loss of ​...

    Evaluating the Potential of Digital ID Verification Systems in 2022 Explore More

    Blog

    Replay Attacks – Another Rising Threat for Businesses in 2021

    As technology advances, more and more solutions are available for making lives convenient. Unfort...

    Replay Attacks – Another Rising Threat for Businesses in 2021 Explore More

    Blog

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution

    During the coronavirus pandemic, the e-commerce industry has witnessed a significant increase in ...

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution Explore More

    Blog

    Supplementing blockchain with KYC offers endless possibilities

    While you may be tempted to think that decentralized and anonymous blockchains are safe because t...

    Supplementing blockchain with KYC offers endless possibilities Explore More

    Blog

    Breaking the KYC Remediation Cycle through a Risk-based Approach

    Banks have paid more than USD 30 billion over the past few years due to ineffective policies to c...

    Breaking the KYC Remediation Cycle through a Risk-based Approach Explore More

    Blog

    10 Fraud Signals Every Industry Must Monitor

    Gone are the days when businesses paid attention to customer verification only. Today, organizati...

    10 Fraud Signals Every Industry Must Monitor Explore More

    Blog

    Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status

    Proof of income is a vital requirement in many financial and professional contexts. Recently, the...

    Proof of Income: The Most Common Types of Documents Used to Determine a Client’s Financial Status Explore More

    Blog

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud

    Identity theft is the most prominent cybercrime which has raised alarms for global law enforcemen...

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud Explore More

    Blog

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution

    Historically, the measures to curb money laundering and terrorist financing had only been only im...

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution Explore More

    Blog

    An inside look at the need for AML in the e-gaming industry

    Data analytics and trends show the penetration of the population into console-based online video ...

    An inside look at the need for AML in the e-gaming industry Explore More

    Artificial Intelligence, Blog

    What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud?

    Criminals and organized crime groups have become creative and sophisticated in concealing sources...

    What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud? Explore More

    Blog

    AML compliance checklist for efficient AML screening in 2020

    2019 brought a plethora of AML regulations for businesses and non-compliance is no more an option...

    AML compliance checklist for efficient AML screening in 2020 Explore More

    Anti Money Laundering, Blog, Financial Crime / AML, Reg Tech

    EU’s Sixth Anti-Money Laundering Directive (AMLD6)

    Summary: Sixth Anti-Money Laundering Directive (AMLD6) highlights a stringent framework to combat...

    EU’s Sixth Anti-Money Laundering Directive (AMLD6) Explore More

    Blog

    MiCA Goes Global: How to Stay Ahead with a Future-Ready Compliance Strategy

    What Is MiCA? At the end of 2024 and just weeks after the crypto market reached an all time high ...

    MiCA Goes Global: How to Stay Ahead with a Future-Ready Compliance Strategy Explore More

    Blog

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

    Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans Explore More

    Blog

    Five Solutions to tackle business verification challenges

    Know Your Customer (KYC) is critical for verifying the clients before doing business with them, b...

    Five Solutions to tackle business verification challenges Explore More

    Blog

    Top 10 Biometric Technology Trends to Watch For in 2022

    Biometric innovations in present times have manifested various technological advancements and the...

    Top 10 Biometric Technology Trends to Watch For in 2022 Explore More

    Blog

    Top 5 Cryptocurrency Trends to Look Out for in 2023

    2022 has been one of the most turbulent years for the cryptocurrency sector. For starters, Bitcoi...

    Top 5 Cryptocurrency Trends to Look Out for in 2023 Explore More

    Blog

    COVID-19 pandemic turning into a financial crime threat

    A few months back when the World Health Organization (WHO) declared coronavirus a “pandemic” it l...

    COVID-19 pandemic turning into a financial crime threat Explore More

    Blog

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering

    Recent inquiries and cases against major Australian casinos have raised questions about the measu...

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering Explore More

    Blog

    Securing Identities in the Age of AI with Facial Recognition Technology

    Although the digital revolution has brought us unprecedented levels of connectivity and comfort, ...

    Securing Identities in the Age of AI with Facial Recognition Technology Explore More

    Blog

    Stablecoin Market and the Role of AML in Safeguarding Digital Finance

    With the rapid expansion of the cryptocurrency market, stablecoins have swiftly emerged as a popu...

    Stablecoin Market and the Role of AML in Safeguarding Digital Finance Explore More

    Blog, Business Technology

    What Due Diligence Means for Your Business

    Due diligence is a process that helps banks and individuals to get to know in detail who they are...

    What Due Diligence Means for Your Business Explore More

    Blog

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC Explore More

    Blog

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance

    With technology evolving every day, online gambling is one of the sectors that has revolutionized...

    AML Screening for Online Gambling Platforms – Placing the Bets on Regulatory Compliance Explore More

    Blog

    On-Premises vs Cloud Services – Two Sides of the Same Coin

    With the advent of technology, industries are streamlining all their processes and ensuring highe...

    On-Premises vs Cloud Services – Two Sides of the Same Coin Explore More

    Blog

    Risks of Vaccine Verification Apps & What IDV Industry can Offer

    COVID-19 has brought enough changes to make the world smarter. Businesses and customers migrating...

    Risks of Vaccine Verification Apps & What IDV Industry can Offer Explore More

    Blog

    The Importance of KYC Remediation to Prevent Financial Crimes

    If we talk about financial institutions including banks and their processes, one can freely argue...

    The Importance of KYC Remediation to Prevent Financial Crimes Explore More

    Blog

    KYC screening vs One time passwords – what’s good for your business?

    Customer due diligence sometimes tests the nerves of strategists and compliance officers. With mu...

    KYC screening vs One time passwords – what’s good for your business? Explore More

    Blog

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill

    Being the largest economy in Southeast Asia, Indonesia is experiencing enormous growth in the dig...

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill Explore More

    Blog

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps

    There is no doubt that social media has its benefits in contemporary times. With the growing tech...

    A Brief Insight into Social Media Scams – How Shufti’s IDV Solution Helps Explore More

    Blog

    Reshaping Travel and Tourism with Instant Facial Recognition

    Few technologies have sparked much debate as much as facial recognition. Today, it is considered ...

    Reshaping Travel and Tourism with Instant Facial Recognition Explore More

    Blog

    Deutsche Bank’s Epstein Fine – Lesson for Financial Institution

    High-risk clients pose a serious threat to banks. Over the past few years, a significant number o...

    Deutsche Bank’s Epstein Fine – Lesson for Financial Institution Explore More

    Blog

    ICOs blocking investors from USA and China – Why and How?

    Initial Coin Offerings, more commonly known as ICOs, are all the rage in modern day financial wor...

    ICOs blocking investors from USA and China – Why and How? Explore More

    Blog

    The Advantages of Know Your Business (KYB)

    Know Your Business (KYB) policies are a recent innovation in the field of fraud prevention. Since...

    The Advantages of Know Your Business (KYB) Explore More

    Blog, Identity & KYC

    Digital ID Verification

      The Current Situation Digital ID Verification is the key to securing your business in thes...

    Digital ID Verification Explore More

    Blog

    The Emerging Threat of DeepFakes and the Role of Video KYC

    With technological advancement, cybercriminals are revising their strategies to commit fraud. Cri...

    The Emerging Threat of DeepFakes and the Role of Video KYC Explore More

    Blog

    Perpetual KYC: The Future of Due Diligence in the Financial Industry

    Digital transformation is paving the way for quick growth in the compliance sphere. However, regu...

    Perpetual KYC: The Future of Due Diligence in the Financial Industry Explore More

    Blog

    Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks

    Did you know that by 2021, a ransomware attack is projected to occur every 11 seconds, costing co...

    Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks Explore More

    Blog

    KYC Services For ICOs – Why you need to have them now?

    KYC services play a vital role in conducting an ICO in more than one way. They can make the entir...

    KYC Services For ICOs – Why you need to have them now? Explore More

    Blog

    Gambling Regulations in Germany Lay Ground for Robust Player Verification

    User engagement towards digital platforms has been growing at an exponential pace for the past fe...

    Gambling Regulations in Germany Lay Ground for Robust Player Verification Explore More

    Blog

    China’s New Data Security and Personal Information Protection Laws [2022 Update]

    For the purpose of identification, interdiction, and prevention, many governments, regulators, an...

    China’s New Data Security and Personal Information Protection Laws [2022 Update] Explore More

    Blog

    Synthetic Identity Fraud: Fake Identities for Criminal Activity

    An increase in financial crime has been predicted by economic downturns during the previous two d...

    Synthetic Identity Fraud: Fake Identities for Criminal Activity Explore More

    Blog

    The ‘What’ and ‘How’ of Address Verification Service

    The rising number of chargebacks and other fraudulent activities has led organisations to develop...

    The ‘What’ and ‘How’ of Address Verification Service Explore More

    Blog

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE

    As the Middle East’s financial hub, the UAE offers several enticing free trade zones that a...

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE Explore More

    Blog, Identity & KYC

    Digital ID Verification

      The Current Situation Digital ID Verification is the key to securing your business in thes...

    Digital ID Verification Explore More

    Blog

    The Vital Role of AML Compliance for P2P Lending

    Archiac banking traditions saw loan applicants held in suspense, waiting for lengthy periods of t...

    The Vital Role of AML Compliance for P2P Lending Explore More

    Blog

    20 Facts and Statistics About the Global Finance Sector

    The finance sector makes up around 20 to 25% of the global GDP. With the market capitalization re...

    20 Facts and Statistics About the Global Finance Sector Explore More

    Blog

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution

    Historically, the measures to curb money laundering and terrorist financing had only been only im...

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution Explore More

    Blog

    Major Fines in the Gaming and Gambling Industry and the Role of e-IDV

    The outbreak of Covid-19 has changed how we do business. Many firms that used to operate physical...

    Major Fines in the Gaming and Gambling Industry and the Role of e-IDV Explore More

    Blog

    Replay Attacks – Another Rising Threat for Businesses in 2021

    As technology advances, more and more solutions are available for making lives convenient. Unfort...

    Replay Attacks – Another Rising Threat for Businesses in 2021 Explore More

    Blog, Identity & KYC

    Biometric Identification is On the Rise in Education Sector

    An acceptable method of identification i.e. biometric technology is hitting the education industr...

    Biometric Identification is On the Rise in Education Sector Explore More

    Blog

    Protect Your Business Against Identity Theft with Face ID Check

    The efficacy of biometric authentication becomes questionable in the face of facial ID checks. It...

    Protect Your Business Against Identity Theft with Face ID Check Explore More

    Blog, Business Technology

    Identity Verification Fuels Growth of Ride Sharing Industry

    The ride-sharing industry is growing at a huge pace. As per Orbi’s research, the ride-shari...

    Identity Verification Fuels Growth of Ride Sharing Industry Explore More

    Blog

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help

    Using gold for financial crimes has a long history and in many countries, jewellery is not only c...

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help Explore More

    Blog

    What Makes the Automotive Industry a Vehicle for Money Launderers

    The automobile industry is the world’s biggest revenue-generating sector. In the global aut...

    What Makes the Automotive Industry a Vehicle for Money Launderers Explore More

    Blog, Business Technology, Financial Crime / AML, Identity & KYC

    AML Technology Eradicating the Perils of Money Laundering

    In the past few years, we have seen a substantial increase in the number of legislations regardin...

    AML Technology Eradicating the Perils of Money Laundering Explore More

    Biometric Technology, Blog, Online Marketplace

    Why a Business would need Biometric Consent Verification?

    Biometric consent verification is a unique solution from Shufti that enables businesses and c...

    Why a Business would need Biometric Consent Verification? Explore More

    Blog, Reg Tech

    Effect of the Amendment to the FINMA Compliance on IDV Service Providers

    In the first quarter of the year 2018, the Swiss Financial Market Supervisory Authority rolled ou...

    Effect of the Amendment to the FINMA Compliance on IDV Service Providers Explore More

    Blog

    e-IDV | Electronic Verification Checks For Ultimate Fraud Prevention

    The first paper-based photo identity document was in May 1876, developed by William Notman for th...

    e-IDV | Electronic Verification Checks For Ultimate Fraud Prevention Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started