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

    us

    18.97.14.83

    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, Financial Crime / AML

    Challenges of AML Compliance under FinCEN

    AML Compliance for US based Cryptocurrency companies has been tightened by Financial Crimes Enfor...

    Challenges of AML Compliance under FinCEN Explore More

    Blog

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses

    Most of our processes, including financial and business dealings, have now shifted to online plat...

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses Explore More

    Blog

    Shufti Marks 4 Years of Streamlining KYC and AML for Global Businesses

    October 2021 marks four complete years since the launch of Shufti. As years begin to stack, t...

    Shufti Marks 4 Years of Streamlining KYC and AML for Global Businesses Explore More

    Blog, Fraud Prevention

    Looking for Online Fraud Prevention: Here Is What You Can Do

    In an increasingly digital world, it is extremely important for online businesses to identify fra...

    Looking for Online Fraud Prevention: Here Is What You Can Do Explore More

    Blog

    Digital KYC – Protecting All Generations from ID Fraud

    From baby boomers to Gen Z, identity fraud is the problem of all generations. Studies suggest tha...

    Digital KYC  – Protecting All Generations from ID Fraud Explore More

    Blog

    Know Your Investor | Simplify the Onboarding Process

    Businesses at any stage need to onboard credible partners and investors who bring in capital and ...

    Know Your Investor | Simplify the Onboarding Process Explore More

    Blog, Reg Tech

    How Identity Verification Services make Regulatory Compliance Easier?

    Financial institutions and banks have ended up in a loop of dumping billions of dollars because o...

    How Identity Verification Services make Regulatory Compliance Easier? Explore More

    Blog

    5 Key Questions about Facial Recognition Answered by Experts

    Technology has definitely made life convenient but comes with a gazillion concerns from anyone wh...

    5 Key Questions about Facial Recognition Answered by Experts Explore More

    Blog

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020

    Facial recognition has grown by leaps and bounds with the arrival of the sophisticated pattern-ma...

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020 Explore More

    Blog, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Data Breaches – Types, Sources, and Preventive Measures

    A large number of well-renowned companies are under the threat of high-scale data breaches. After...

    Data Breaches – Types, Sources, and Preventive Measures Explore More

    Blog

    Enhance Time Efficiency with Shufti’s KYC Solution

    The Past Quick and secure e-KYC verification might not have been of importance in the days prior ...

    Enhance Time Efficiency with Shufti’s KYC Solution Explore More

    Blog, Online Marketplace

    Fraud Protection services for Online Retail Businesses

    Online Marketplace faces Chargeback issues Fraud Protection Services are an integral part of reta...

    Fraud Protection services for Online Retail Businesses Explore More

    Blog

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024?

     In today’s data-driven, digitized world, various business processes have been automated...

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024? Explore More

    Blog

    Online Payment Fraud and the Role of AML Transaction Monitoring

    Imposing travel restrictions worldwide after the COVID-19 pandemic led to an unprecedented surge ...

    Online Payment Fraud and the Role of AML Transaction Monitoring Explore More

    Blog

    AML Compliance – Global Watchlists that Businesses Need to Consider

    Coordinated sanctions after the Russian invasion of Ukraine have made the headlines due to their ...

    AML Compliance – Global Watchlists that Businesses Need to Consider Explore More

    Blog, Fraud Prevention

    ID Verification Trends to Curb Online Frauds

    Automated Identity Verification Can Play a Significant Role in Fraud Management Fraud management ...

    ID Verification Trends to Curb Online Frauds Explore More

    Blog

    Romance Scams: The Dark Side of ChatGPT and How to Stay Safe

    The voice one hears on the other end of a telephone call may not be an earthling, the person one ...

    Romance Scams: The Dark Side of ChatGPT and How to Stay Safe Explore More

    Blog, Reg Tech

    3 Reasons why RegTech is the Future of Innovation?

    Regulatory Technologies, commonly referred to as RegTech, is an innovative use case of Financial ...

    3 Reasons why RegTech is the Future of Innovation? Explore More

    Blog

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA

    Switzerland is historically famous for being a global hub for gold. However, the new digital gold...

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA Explore More

    Blog

    The Looming Threat of Deepfake Apps for the Financial Industry

    Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

    The Looming Threat of Deepfake Apps for the Financial Industry 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

    Biometric Technology, Blog

    4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans

    Biometric verification is smartphones was introduced nearly five years ago when iPhone launched i...

    4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans Explore More

    Blog

    New Regulatory Initiatives to Revamp the US Crypto Landscape

    With digital currencies gaining prominence, the US financial landscape has seen major transformat...

    New Regulatory Initiatives to Revamp the US Crypto Landscape Explore More

    Blog

    ETSI Identity Proofing Standard – How to Meet the New Regulations

    Rapid digitization trends have led banks and financial institutions into competition for providin...

    ETSI Identity Proofing Standard – How to Meet the New Regulations 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

    Top 4 Reasons that will Increase Money Laundering Risks in 2022

    Unlike other frauds, like like tax evasion, drug trafficking, extortion, and misappropriation of ...

    Top 4 Reasons that will Increase Money Laundering Risks in 2022 Explore More

    Blog

    Prevailing Crimes in Ride-Hailing Services – How Shufti can Make the Change

    In the ride-hailing arrangements, passengers connect with drivers through cell phones or websites...

    Prevailing Crimes in Ride-Hailing Services – How Shufti can Make the Change Explore More

    Biometric Technology, Blog, Business Technology

    Speed Up customer Onboarding with Online Facial Recognition

    Banks are spending loads to digitize their operations. The competition is mounting, plus, people ...

    Speed Up customer Onboarding with Online Facial Recognition Explore More

    Blog, Identity & KYC

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry

    Know Your Patient: The healthcare industry is more prone to data breaches than any other industry...

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry Explore More

    Blog, Online Marketplace

    Verify ID For a Secure Travel Experience

    Since we are using the Internet for a great many things including shopping to online booking of f...

    Verify ID For a Secure Travel Experience Explore More

    Blog, Fraud Prevention

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season

    With the holiday shopping season in full swing, e-commerce fraud risk is a glaring reality that n...

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season Explore More

    Blog

    The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing

    In this modern globalized era, money launderers, terrorist financiers and other criminal elements...

    The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing Explore More

    Blog

    Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector

    Regulated entities must be aware of who they are interacting with. Validating the real identities...

    Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector Explore More

    Blog

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

    A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

    Blog

    How Can Businesses Detect Arbitrage Sports Betting?

    Various gamblers have investigated and exploited potential weaknesses in betting markets for mill...

    How Can Businesses Detect Arbitrage Sports Betting? Explore More

    Blog

    What To Consider When Implementing Forensic Document Verification Services

    As the demand for digital products and services has skyrocketed, so does the need for verificatio...

    What To Consider When Implementing Forensic Document Verification Services Explore More

    Blog

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification

    Social media was a simple place for interaction a few years back. People valued it for its securi...

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification Explore More

    Blog

    Identity Proofing – 7 Reasons Why Businesses Need it Now!

    Modern-day cyberspace has effortlessly diminished the boundary between the real-life and digital ...

    Identity Proofing – 7 Reasons Why Businesses Need it Now! Explore More

    Blog

    Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution

    The term e-commerce was tossed back in the 1960s, with the rise of electronic commerce in which t...

    Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution Explore More

    Blog

    Identity Fraud in Coworking Spaces – How Shufti’s Facial Biometric Authentication Helps

    With more and more companies embracing remote work, the trend of coworking spaces is picking pace...

    Identity Fraud in Coworking Spaces – How Shufti’s Facial Biometric Authentication Helps Explore More

    Blog

    How identity verification can help prevent Medical Identity Theft?

    Digitization is reshaping the future of healthcare. With the healthcare industry, having more res...

    How identity verification can help prevent Medical Identity Theft? Explore More

    Blog, Online Marketplace

    Demand for KYC & ID Verification in Higher Education

    I remember a friend of mine, Jack, from high school he was one of the most non-serious people I k...

    Demand for KYC & ID Verification in Higher Education Explore More

    Blog

    Facial Biometric Authentication for Online Dating Platforms – Building Trustworthy Relationships

    Online dating apps have altogether transformed the concept of socializing, and people are now int...

    Facial Biometric Authentication for Online Dating Platforms – Building Trustworthy Relationships Explore More

    Blog, Online Marketplace

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

    The travel industry is a unique business category servicing clients from various destinations and...

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? Explore More

    Blog

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions

    On September 23rd, the 2021 UK NRA (National Risk Assessment) was published as part of the govern...

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions Explore More

    Blog

    The Top Use Cases of Optical Character Recognition (OCR) Technology

    Optical Character Recognition (OCR) technology has transformed how businesses collect, process, a...

    The Top Use Cases of Optical Character Recognition (OCR) Technology Explore More

    Blog

    Why online alcohol industry needs robust age verification solutions?

    “Can I see some ID?” The question brick and mortar booze stores ask or at least should ask to ver...

    Why online alcohol industry needs robust age verification solutions? Explore More

    Blog, Fraud Prevention

    Identity Theft Frauds – How can you stay a step ahead?

    Identity theft is ‘a hot potato’ these days. Every day we come across news of online fraud that h...

    Identity Theft Frauds – How can you stay a step ahead? Explore More

    Blog

    Implementation of AML compliance – Challenges and fundamentals

    With the advancement in security controls, financial businesses are becoming fraud and stress-fre...

    Implementation of AML compliance – Challenges and fundamentals Explore More

    Blog, Financial Crime / AML, Identity & KYC

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector

    Banks and other financial institutions are often the first line of defense against financial crim...

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector Explore More

    Blog

    A Brief Overview of 2021 AML Trends

    Over the last decade, regulatory scrutiny on Anti-Money Laundering (AML) compliance has remained ...

    A Brief Overview of 2021 AML Trends Explore More

    Blog

    Identity Verification Isn’t Just for Compliance Anymore

    Identity verification solutions are well-known in regulatory compliance environments, particularl...

    Identity Verification Isn’t Just for Compliance Anymore Explore More

    Blog

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help

    Whether you’re an e-commerce store that needs to verify delivery addresses or a bank that has to ...

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help Explore More

    Blog

    Top 6 trends in Anti-Money Laundering for 2020

    To enhance the scope of AML compliance, new regulations were brought into force throughout last y...

    Top 6 trends in Anti-Money Laundering for 2020 Explore More

    Blog

    The ‘What’, ‘How’ and ‘Why’ of Sanctions Screening | A Basic Guide

    International collaboration and cross-border transactions have become the norm in our interconnec...

    The ‘What’, ‘How’ and ‘Why’ of Sanctions Screening | A Basic Guide Explore More

    Blog

    A Detailed Insight Into Canadian Gambling Industry [2022 Update]

    Even though Canada is not among the world’s gambling capitals, this business thrives there. The c...

    A Detailed Insight Into Canadian Gambling Industry [2022 Update] 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

    Balancing UX and Security in the Finance Sector with Biometric Authentication

    The global coronavirus outbreak transformed financial operations and forced retailing banks to te...

    Balancing UX and Security in the Finance Sector with Biometric Authentication Explore More

    Blog

    How Will Simplified Due Diligence SDD Help Industries in 2024?

    For businesses, the due diligence process is an integral part of the Know Your Customer programme...

    How Will Simplified Due Diligence SDD Help Industries in 2024? Explore More

    Blog

    Anti-Money Laundering Challenges Faced by the Fintech Industry

    Since the implementation of the bank Secrecy Act (BSA) in 1970, the United States government has ...

    Anti-Money Laundering Challenges Faced by the Fintech Industry Explore More

    Blog

    Disruptive Fintech Trends 2020

    Fintech has changed the way consumers access their finances. From mobile payment apps to insuranc...

    Disruptive Fintech Trends 2020 Explore More

    Blog

    International ID Day – An Overview of the 2021 Identity Landscape

    The International ID Day is not marked on everybody’s calendar but is of significant value for ma...

    International ID Day – An Overview of the 2021 Identity Landscape Explore More

    Blog

    How biometrics in visa process reduce travel difficulties

    Biometric technology is enhancing the travel industry in many ways.  Factors that drive the secur...

    How biometrics in visa process reduce travel difficulties Explore More

    Blog, Identity & KYC

    Online Age Verification Keeps A Tight Rein On Minors

    According to The Newyork Times, online age verification is a daunting task, even for experts. How...

    Online Age Verification Keeps A Tight Rein On Minors Explore More

    Blog

    Transaction Monitoring: Going Beyond AML Screening

    Whether you are an accountant in Wall Street or a developer for Google, money laundering will not...

    Transaction Monitoring: Going Beyond AML Screening Explore More

    Blog

    Facial Recognition Kiosks: A Modern Innovation in the Food Industry?

    Background of Technological Advancement Technology is regarded as a new way of thinking or doing ...

    Facial Recognition Kiosks: A Modern Innovation in the Food Industry? Explore More

    Blog

    Identity Verification vs Authentication: The Key Differences

    Organisations today face significant concerns regarding data breaches and identity theft. Nearly ...

    Identity Verification vs Authentication: The Key Differences Explore More

    Blog

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help

    In the highly digitized world, businesses are partnering with each other to serve mutual interest...

    Ensuring Compliance and Securing Business Reputation – How Shufti Can Help Explore More

    Blog, Online Marketplace

    Why age verification matters to online businesses?

    Identity verification services are fast becoming a business norm for companies that are enthusias...

    Blog

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti

    Businesses deplete millions of dollars each year on outdated technologies, employee training, and...

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti Explore More

    Blog

    Debunking the Top 5 Misconceptions about KYC Compliance

    Know Your Customer (KYC) compliance suffers from the issue of unintentional secrecy. Businesses h...

    Debunking the Top 5 Misconceptions about KYC Compliance 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

    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