Download this report to understand how consumer behaviour, operational and regulatory imperatives, and technology are all now converging to make a digital-first approach to identity verification vital for Australian financial institutions. The report illustrates how GBG, an AML & KYC category leader, offers an end-to-end digital identity verification platform that can help financial institutions onboard genuine customers faster while meeting regulatory obligations.
of consumers see no resumption of branch usage post pandemic
prefer to digitally apply for a credit card or savings account
of FIs see ID verification as most challenging factor inhibiting digital transactions.
The COVID-19 pandemic can be accredited with accelerating the digitalisation of processes and experiences in financial services that was already underway. It has reinforced the realisation that customer experience and cost efficiencies could be enhanced by digitisation and has amplified the rate of change.
KYC/AML represents a key part of the customer onboarding process for financial institutions and contributes significantly towards the overall customer experience. Just like in other areas, COVID has reinforced the view that digital capabilities will be at the heart of KYC/AML long past the end of pandemic. A digital first approach to identity verification and KYC/AML compliance ensures the best possible outcome for both customers and financial institutions.
GBG has partnered with RFi Group to produce this report. The report illustrates why institutions should continue on the path towards further digitalisation and the key learnings as they do so. It demonstrates that institutions that lead in this area can simultaneously provide differentiated customer experiences, enjoy operational efficiencies and minimise risk.
GBG (AIM: GBG) is a global technology specialist in fraud and compliance management, location and identity data intelligence with offices in 17 locations worldwide. For over 30 years, GBG has been accessing and verifying identities, to the standards set by financial regulator. GBG works with over 20,000 customers across 70 countries, and has a network of over 270 global partnerships connecting to more than 510 datasets to provide data with accuracy and integrity.
GBG is ranked as a global category leader across KYC, AML and enterprise fraud, and manages the entire customer journey from KYC/AML to digital onboarding to ongoing transaction monitoring. In the identity verification category, GBG provides a complete and integrated suite of digital identity verification solutions from biometric, document, data verification to data intelligence. In Australia, GBG is the market leader in identity verification with our acquisition of VIX Verify and the greenID solution, and is an approved DVS provider. Some of our customers include Suncorp, Ubank, Latitude, National Australia Bank, Western Union, Pointsbet, and Optus.