The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

How Identity Verification Makes Remote Account Opening Efficient for Banks

Identity Verification Shufti

Banks have a lot to benefit from the remote account opening service as it allows them to bring a lot more customers onboard with lesser efforts or investment. There can be many means that can be utilised to provide remote account opening service to customers but identity verification is also necessary to make sure that only verified accounts are created. Remote account opening and identity verification services, when coupled together, can be a useful tool in the hand of banking executives for robust customer on-boarding.

Challenges for Remote Account Opening

There are several ways in which Remote Account opening can pose a serious challenge for banks and their customers. The most important challenge is to choose which medium and workflow must be used to register bank accounts for users. Few of those are mentioned below:

  1. Customer service representatives fill out the paperwork on behalf of potential customers by receiving information over a phone call
  2. Customer can fill out an online form but still have to pay a physical visit to bank branch for opening an account
  3. Customer have filled online forms for opening an account and afterwards, he/she is sent a set of forms at physical address to enter further details like PIN Code, physical proof of accomodation and other related details.

At the end of the day, online services are meant to be provided quickly with an added feature of digital convenience. Studies have shown that in the absence of a user-friendly and really digital account opening service, banks have witnessed a nearly 50% abandonment ratio. It means that half of the users have preferred not to open an online account with a bank just because the process was tedious and hard to follow.

How Identity Verification is the Solution?

Although, this high ratio of abandonment might be caused by a lousy online account opening system but in many cases, it has been witnessed that banks want to ensure the identity and credentials of their potential customers. This leads them to introduce features and steps that make the remote account opening process not-so-remote. Agitation and irritation caused to end users lead to loss of revenue to banks and this potential revenue stream can easily be secured with the help of top of the line identity verification system like Shufti.

A cutting edge verification system like Shufti holds a lot of promise for banks that don’t want to compromise their customer onboarding process with fraud prone and scamming individuals. Shufti uses Artificial Intelligence in order to ascertain the identities of users and authenticity of the documents that they have provided to verify their identity. As Shufti can verify user in every country of the world and check the authenticity of credentials of documents printed in every language of the country, AI powered verification services of Shufti become a real asset for banks who want to launch remote account opening services for their clients.

Recommended For You:

Related Posts

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

The FinTech Industry: A Snapshot

What is FinTech? Financial technology, known more commonly as FinTech, is a term that refers to t...

The FinTech Industry: A Snapshot Explore More

Blog

6AMLD of EU – A detailed insight

European union’s another anti-money laundering directive is in the pipeline. And this time the un...

6AMLD of EU – A detailed insight Explore More

Blog

NFC Verification for Seamless Customer Onboarding

As more than 80% of today’s smartphones have NFC technology, different industries are working tow...

NFC Verification for Seamless Customer Onboarding Explore More

Blog

Why Payment Processors Need Mobile ID Verification?

One of the many by-products of progressing technology is payment systems that have cropped up ove...

Why Payment Processors Need Mobile ID Verification? Explore More

Blog

10 High-Risk Jurisdictions for Money Laundering According to FATF

Innovations like stablecoins and non-fungible tokens (NFTs) created quite the hype in the past ye...

10 High-Risk Jurisdictions for Money Laundering According to FATF Explore More

Blog

August 2023 Recap: Major Violations and How AML Screening Can Help

With technological advancement, scammers are revising their strategies to bypass verification sol...

August 2023 Recap: Major Violations and How AML Screening Can Help Explore More

Blog, Online Marketplace

KYC for customer on-boarding in Telecommunications Industry

Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

KYC for customer on-boarding in Telecommunications Industry Explore More

Blog

KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services

In today’s credit-thirsty world, Buy Now, Pay Later has emerged as a clear winner, forever changi...

KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services Explore More

Blog

From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs

Over the past few years, NFTs or Non-Fungible Tokens have become popular in the crypto sector. Ac...

From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs Explore More

Blog

5 Frauds in the Education Sector and How They Can be Prevented

Educational institutions have become an attractive target for cybercrime attacks in recent years....

5 Frauds in the Education Sector and How They Can be Prevented Explore More

Blog

Regulatory Compliance | The Importance of Age Verification on Betting Sites

Online betting sites and gambling platforms frequently face significant challenges in adhering to...

Regulatory Compliance | The Importance of Age Verification on Betting Sites Explore More

Blog

Crypto Regulations 2021 – The Updated Compliance Regime in France

Within the last two years, France’ cryptocurrency landscape has experienced significant milestone...

Crypto Regulations 2021 – The Updated Compliance Regime in France Explore More

Blog

OCR Solution: A Must-have for Every Business to Automate Workflows

Moving documents and files from one format to another is necessary during transactions and busine...

OCR Solution: A Must-have for Every Business to Automate Workflows Explore More

Blog

AML Screening | Fighting the War Against Terrorist Financing & Money Laundering

Money laundering and terrorist financing have become a global concern. In the US alone, approxima...

AML Screening | Fighting the War Against Terrorist Financing & Money Laundering Explore More

Blog

KYC Checks in Crypto | A Key to Secure Digital Assets

In the last thirteen years, the crypto industry has redefined the financial sector. At the same t...

KYC Checks in Crypto | A Key to Secure Digital Assets Explore More

Blog

5 Predictions on the Future of Digital KYC and eKYC

It’s 2023. Welcome to the day and age of digital KYC verification. From multiple copies of ID car...

5 Predictions on the Future of Digital KYC and eKYC Explore More

Blog

5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements

From digital payments to new regulations on preventing fraud and FINRA’s guidelines on penalising...

5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements Explore More

Blog

UN Sanctions List: What Every Business Owner Must Know

Businesses must navigate a web of rules and regulations whilst onboarding customers, as one misst...

UN Sanctions List: What Every Business Owner Must Know Explore More

Blog

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA)

One of the prime concerns of businesses today is detecting and mitigating the risk of fraud. This...

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA) Explore More

Blog

Post COVID-19 – What are the alternatives to fingerprint biometrics for identity verification?

The way things are headed, there is no doubt about the fact that the world will be a different pl...

Post COVID-19 – What are the alternatives to fingerprint biometrics for identity 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

The Crucial Role of Digital Onboarding and Ongoing KYC Monitoring

In this digital world, users expect convenience, speed, and greater security. Businesses that off...

The Crucial Role of Digital Onboarding and Ongoing KYC Monitoring Explore More

Blog

AML Compliance – Addressing the Threat of Money Laundering in NFT Marketplaces

The NFT marketplace is flourishing even though the top platforms do not always comply with Anti-M...

AML Compliance – Addressing the Threat of Money Laundering in NFT Marketplaces Explore More

Blog

Know your patient process explained [Under the GPhC’s guideline]

How to make sure that the patient qualifies for purchasing a restricted medicine?  Or  Someone re...

Know your patient process explained [Under the GPhC’s guideline] Explore More

Blog

How to Create a Wow! Fraud Prevention System with Shufti

The ever increasing threat of identity fraud skyrocketed when the coronavirus pandemic struck the...

How to Create a Wow! Fraud Prevention System with Shufti Explore More

Blog

5 Ways How AI Is Uprooting Recruitment Industry

Artificial Intelligence is strengthening its position in many industries and the recruitment indu...

5 Ways How AI Is Uprooting Recruitment Industry Explore More

Blog

Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider

Like every other sector, non-profit organizations and charities are also vulnerable to financial ...

Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider Explore More

Blog

Top 6 Practises For Your Business To Pinpoint Key Risk Areas

As global industries continue to evolve and digitise, customer risk assessment has become a criti...

Top 6 Practises For Your Business To Pinpoint Key Risk Areas Explore More

Blog

Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors

The exchange of illicit money through real estate has been the most commonly encountered method o...

Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors Explore More

Blog

E-commerce Frauds – Common types and Prevention tips

What are some common e-commerce frauds and how can you prevent them? Is the buyer on your site an...

E-commerce Frauds – Common types and Prevention tips Explore More

Blog

Protecting Crypto Ecosystem with Effective Compliance Measures and Robust AML Screening

In November 2021, the market capacity of the cryptocurrency went over $3 trillion. With the incre...

Protecting Crypto Ecosystem with Effective Compliance Measures and Robust AML Screening Explore More

Blog

Brexit to Change Sanction and Money Laundering Regulations in 2021

In 2016, the United Kingdom decided to part ways with the European Union (EU). After its preparat...

Brexit to Change Sanction and Money Laundering Regulations in 2021 Explore More

Blog

KYC in Crypto Exchanges – Hitting the Nail on the Head

A few years back, startups related to ICOs (Initial Coin Offerings) were in full swing, driving t...

KYC in Crypto Exchanges – Hitting the Nail on the Head 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

Top 5 Most Common Identity Fraud Attempts in 2021

Fraudsters in the post-pandemic world took complete advantage of rapid digitization. Bad actors b...

Top 5 Most Common Identity Fraud Attempts in 2021 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

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency

Despite volatility in the crypto sector, millions of individuals access their services worldwide....

The Role of KYC Protocols in Safeguarding the Future of Cryptocurrency Explore More

Blog

Securing Online Marketplace Through Identity Verification System

Since the Covid-19 outburst, technological advancements and emerging innovations have digitized t...

Securing Online Marketplace Through Identity Verification System Explore More

Blog

Forex Market – Are there Enough KYC/AML Regulations to Keep Perpetrators at Bay?

Regulatory pressure, hefty penalties and increasing criminal instances are some risks associated ...

Forex Market – Are there Enough KYC/AML Regulations to Keep Perpetrators at Bay? Explore More

Blog

Politically Exposed Person – An unsaid threat to Businesses

A politically exposed person or PEP is the one who has been assigned to perform prominent public ...

Politically Exposed Person – An unsaid threat to Businesses 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

Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering?

As regulatory authorities are seizing the yachts and real estate belonging to Russian oligarchs, ...

Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering? 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

Legal Entity Identifier (LEI) — What it means and how it helps financial institutions?

The need for trusted digital communication in this age is crucial due to increasing cybercrimes. ...

Legal Entity Identifier (LEI) — What it means and how it helps financial institutions? Explore More

Blog

Covid Report Verification: New Restriction for Airports

The Covid-19 cases have drastically increased over time and as of February 6, 2021, 18,262 new ca...

Covid Report Verification: New Restriction for Airports Explore More

Blog

Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions

Following the rollout of viable vaccines to combat COVID-19, the prospects of normalcy are on the...

Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions Explore More

Blog

Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay

With almost 70% of the world’s population interacting through social media platforms, businesses ...

Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay Explore More

Blog

Cryptocurrency Exchanges and negative KYC Compliance

KYC & AML Compliances are not being upheld by almost 68% of the cryptocurrency exchanges arou...

Cryptocurrency Exchanges and negative KYC Compliance Explore More

Blog

Transaction Monitoring in 2023 | A Comprehensive Guide

Scammers are searching for businesses to exploit, and financial firms with loopholes provide them...

Transaction Monitoring in 2023 | A Comprehensive Guide Explore More

Blog, Identity & KYC

7 Ways to Protect Your Children from Identity Theft

Living in the digital world, the word “Identity theft” makes us more than a little nervous. Knowi...

7 Ways to Protect Your Children from Identity Theft Explore More

Blog

KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market

The instability in the non-fungible token (NFT) sector can be seen in the record sales of $25 bil...

KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market Explore More

Blog

ID Verification for Ultimate Subscription Fraud Prevention

Cellular phones were first introduced in the consumer market in 1973 when Motorolla first introdu...

ID Verification for Ultimate Subscription Fraud Prevention Explore More

Blog

How Can 2-Factor Authentication Protect Customers Against Fraud?

Need for Customer Authentication Mechanisms Since the existence of humanity, new innovations and ...

How Can 2-Factor Authentication Protect Customers Against Fraud? Explore More

Blog

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help

Money laundering and terrorist financing are becoming a global concern. To overcome the risk of c...

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help Explore More

Blog

KYC & AML Regulations in the UK: An Ultimate Guide

Financial crimes have been around since the invention of money. Some argue that their origins are...

KYC & AML Regulations in the UK: An Ultimate Guide Explore More

Blog

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening

The internet is a key risk element for gambling because it gives the user a sense of obscurity, t...

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening 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, Business Technology

Why have IPOs started Implementing Digital KYC?

Have you heard the phrase “I’m afraid we have to go public Mark”, well then you are on right page...

Why have IPOs started Implementing Digital KYC? Explore More

Blog

e-IDV: The Key to Fraud Prevention in FinTech

After years of enormous growth, investment in the fintech market declined in 2022. Susceptibility...

e-IDV: The Key to Fraud Prevention in FinTech Explore More

Blog

How Deepfakes Deceptions are Affecting Businesses

The word deep fake comes from the terms “deep learning” and “fake,” and is a type of artificial i...

How Deepfakes Deceptions are Affecting Businesses 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

AML Compliance in the UK’s Financial Sector – What Shufti Offers

The UK is known in the global financial paradigm for being both a financial hub and the dirty mon...

AML Compliance in the UK’s Financial Sector – What Shufti Offers Explore More

Blog, Identity & KYC, Online Marketplace

Why 2 Factor Authentication is vital for Online Identity Risk Management?

Online identity risk management is becoming harder and harder on cyberspace. It is a headache for...

Why 2 Factor Authentication is vital for Online Identity Risk Management? Explore More

Blog

A Comprehensive Guide to AML Compliance [2020]

Anti-money laundering (AML) laws are the primary target of regulatory authorities. These regimes ...

A Comprehensive Guide to AML Compliance [2020] Explore More

Blog

Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19

Coronavirus took the world into clutches forcing people to adopt isolation and businesses are com...

Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19 Explore More

Blog

Strengthening digital businesses with online age verification

It is projected that by the end of 2021, 2.4 billion will buy products and services online, up 46...

Strengthening digital businesses with online age verification Explore More

Blog

Impact of California Consumer Privacy Act on Online Businesses

California consumer privacy act has been revolutionizing consumer data regulations. The act was p...

Impact of California Consumer Privacy Act on Online Businesses 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

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

Video KYC (VKYC) | Identity Verification and Fraud Prevention

In the last few years, the verification industry has experienced remarkable expansion. As our tec...

Video KYC (VKYC) | Identity Verification and Fraud Prevention Explore More

Blog

Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry

The financial industry has seen significant technological changes over the past recent years. Man...

Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry Explore More

Blog

Know your patient process explained [Under the GPhC’s guideline]

How to make sure that the patient qualifies for purchasing a restricted medicine?  Or  Someone re...

Know your patient process explained [Under the GPhC’s guideline] 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