Press Release

ArtPro avails KYC services from Shufti Pro

Ashley Williams
September 27, 2018
4 minutes read
1460

(Bath, United Kingdom – September 27th, 2018) ArtPro has partnered with Shufti Pro to avail ID verification and KYC registration services. ArtPro will be utilising identity verification services from Shufti Pro in order to perform authentication of client credentials for its upcoming ICO. Shufti Pro’s Artificial intelligence based verification services were considered perfect match for the specific needs for this blockchain based startup that intends to transform the way artwork is bought by investors and secured from copycats in modern age.

ArtPro intends to engage multiple benefits of Blockchain in order to revolutionize art market by not only securing the interest of artists but also supplying original works to investors and buyers. Transactional safety was also a major aspect of the business model introduced by ArtPro. In order to allow for in-app purchases, ArtPro wanted to hold an ICO for a virtual token. They were searching for an identity verification service that can validate the credentials of potential investors in least possible processing time for pre-ICO and crowdsale stages. Superior quality of Shufti Pro’s services and real time verification results brought together both the companies. Commenting on the joint partnership between the 2 companies, an executive of ArtPro said that

“We’re really excited about working with Shufti Pro; the decision to appoint them to oversee our KYC verification was not one we took lightly. We looked into a number of different providers but the approach from Shufti Pro stood out from the moment we made contact with Victor. They understand the importance of cost management for a business like ours as much as the processes they are undertaking. It was important to us to be able to offer our investors a safe, fast but cost effective way of working with us.”

Shufti Pro quickly understood the specific needs of ArtPro and customization required in their different modules to match the verification needs of their client. Victor Fredung, CEO of Shufti Pro explains the significance of the partnership in following words:

“Shufti Pro is itself based on futuristic technologies and that’s why we fully appreciate efforts of companies like ArtPro to make art world free of copycats and fraudsters. We really look forward to play our role as premier verification service to secure the precious artwork created by talented artists.”

Shufti Pro will not only be involved in customer onboarding process during Pre-ICO and Crowdsale but Post fundraising as well. Shufti Pro will provide kyc services to ArtPro on an ongoing basis to assist with the creation of their online market place. ArtPro will create a marketplace with buyers, sellers, authenticators and art specialists all of whom will be verified in order to interact with rating based system of ArtPro.

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About Shufti Pro

Shufti Pro is an emerging name in verification services and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here:

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About ArtPro

As the first blockchain supported online marketplace, we are really excited to introduce this technology and a fresh take on the somewhat cloistered art market. Traditionally, art has been bought and sold in an unrecorded fashion with a gentleman’s handshake sealing the deal. ArtPro is the first Blockchain powered online art market, providing verifiable art to the masses. The use of blockchain for provenance and smart contracts for transactional safety, ArtPro will be the go-to marketplace for collectors and investors alike.

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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How can banks ensure their customer onboarding process is seamless? What are the factors to be considered to provide an ideal onboarding experience to customers?

Digital customer onboarding in seconds is the answer!

What is the digital customer onboarding?

Why is the digital customer onboarding process important?

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Identity verification – Making digital onboarding secure

What an ideal onboarding experience look like?
Over the last few months, banks and financial institutions have witnessed a rapid transformation in their customer onboarding process due to COVID-19 pandemic. These unforeseen challenges have existed already and the industry started revamping their processes. According to Ron Shevlin, “digital account openings surged long before the pandemic”.

Banks have started recognising the prodigious potential of digitisation. Financial institutions are rapidly adopting advanced measures with a stronger focus on their online presence to cater to the customer needs as they go digital. In all this, digital customer onboarding has attained quite a popularity in the banking world.

What is the digital customer onboarding?

Digital onboarding is the online process of procuring new customers online by ensuring that they have complete access to all the services and products provided by an institution, conveniently and quickly. Through onboarding, banks begin their official consensual relationship with the client.
Why is the digital customer onboarding process important?

Most of the enterprises lose their potential customer at initial stages because of an inefficient process in place when it comes to onboarding. Customer onboarding is the official beginning of the customer-business relationship. It is the first step of interaction between a customer and the bank. What if your onboarding process is tedious and time-consuming? Do you think the customer would want to continue? Of course, not.

Think of the onboarding process as bidding, the better your customer service the more clients will be inclined towards your institution in initiating the relationship, otherwise they always have an option to find a better institution. With digital customer onboarding, banks can streamline their customer acquisition process with enhanced customer experience. Unfortunately, traditional processes are no more reliable since the customers are more interested in digital account opening.

Why traditional customer onboarding is not reliable?

Customers are shifting their interest to the digital sphere and require solutions that can fit their needs. Traditional onboarding is affecting organisational workflow, and hence a low conversion rate.

Here are some reasons why traditional onboarding is not an option these days

The process requires the customers to be physically present during the onboarding process and submit their identity documents, which is quite cumbersome.

The whole onboarding process is time-consuming and can take up to weeks due to involvement of multiple stakeholders.

It involves paperwork and therefore, can be prone to manual error.

The whole process can cripple service delivery and customers are likely to abandon the process middle way.

Customer Onboarding and KYC in banks

Know your customer (KYC) and customer onboarding are inter-related terms in the banking industry. Banks and financial institutions are obliged to ensure KYC checks during the customer onboarding process as part of KYC and AML regulations. Identity verification is the fundamental part of KYC and that’s what banks do in their customer onboarding process.

Customer onboarding is a crucial process for financial institutions because of stringent regulatory obligations. Apart from verification, banks are required to conduct due diligence of customers as well to analyse the associated risks with them. If a customer fails to verify their identity or has high risk-factor then banks can reject the account approval request.

Identity verification – Making digital onboarding secure

Digital onboarding is now becoming new normal. Neglecting the need for a better and enhanced onboarding process is not even an option. With the increasing trend of financial crimes and frauds, banks are under the continuous scrutiny of the global regulators. Onboarding criminals and identity thieves can taint the bank reputation leading to monetary penalties. Therefore, they need to be very vigilant in verifying the identity of their customers during the onboarding process.

With AI-powered identity verification solution in place, banks can securely and efficiently verify the true identity of their customers in real-time. ID verification eliminates time-consuming manual KYC process and allows banks to onboard customers within seconds. With identity frauds on the rise, organisations are facing immense losses and damaged brand reputation.

New account fraud is quite hard to detect since fraudsters use either legitimate yet stolen information of real individuals or synthetic identities to open a new bank account. Traditional methods are not efficient to detect fake customers. But, with ID verification solution including document verification and biometric authentication, enterprises can identify fraudsters in real-time.

Incorporating identity verification for KYC ensures that the identity is real along with the assurance that the client applying for a new bank account is actually the same person owning the identity being claimed.

What an ideal onboarding experience look like?

You never get a second chance to make a good first impression; the same saying goes with client onboarding experience as well. If you are not providing your customers with exceptional experience in the first go then, they will abandon services middle way. While designing the onboarding process some points much be checked to provide an ideal onboarding experience. These include:

Speed – The process has to be fast enough to verify the customer in real-time

Digital – To eliminate the branch visits

Global – To onboard customers from anywhere, anytime

Paperless – No paper contracts to sign or form-filling; everything must be online

Fully Complaint – To fulfil KYC & AML regulatory requirements

Secure – To combat fraudsters and keeping the consumer’s data safe

It all boils down to…

With Fintech already providing seamless customer experience, digital customer onboarding is something every bank needs in order to survive the competitive financial world. Now banks can onboard customers in real-time with Shufti Pro’s KYC – identity verification solution. Shufti Pro provides secure and quick digital onboarding through government issues ID document verification.

Have more questions on how Shufti Pro can help you? Share your concerns with our team and get a solution as per your business needs!

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ArtPro avails KYC services from Shufti Pro

About Shufti Pro

About ArtPro

Why is the digital customer onboarding process important?

Why traditional customer onboarding is not reliable?

Customer Onboarding and KYC in banks

Identity verification – Making digital onboarding secure

What an ideal onboarding experience look like?

It all boils down to…

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

United Kingdom

Sweden

Latvia

Cyprus

Dubai

ArtPro avails KYC services from Shufti Pro

About Shufti Pro

About ArtPro

What is the digital customer onboarding?

Why is the digital customer onboarding process important?

Why traditional customer onboarding is not reliable?

Customer Onboarding and KYC in banks

Identity verification – Making digital onboarding secure

What an ideal onboarding experience look like?

It all boils down to…

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.