As the economic outlook changes, how can businesses remove barriers to genuine customers and new business? Multi Bureau offers a simple and speedy solution to customer due diligence at onboarding.
As the cost-of-living crisis continues around the world, everyone will face financial pressures. With soaring energy bills and rising inflation, circumstances are changing for people and brands. From baked beans to bank accounts, consumers will be looking for a bargain. This combined with increased phishing emails and bogus promotions targeting vulnerable people and a likely cost-of-living increase in identity theft means that now more than ever consumers and businesses need to establish trust at that first interaction.
As the economic outlook changes, however, there will be genuine opportunities. Among money-saving deals and sign-up promotions, the best incentives will see people switching from one brand to another. In banking and financial services especially, a recession-led boom in bonuses and incentives targeted at new customers is likely to gather pace. So, while brands shouldn’t drop their guard or deviate from customer due diligence in these uncertain times, customer onboarding should not be a barrier to new business.
All regulated businesses, or any business establishing trust between a business and a customer, recognise there’s a balance to be struck between safety and customer experience. Put up too many barriers to new business and people won’t bother. In the past year, a quarter of customers we spoke to have abandoned signing up for a new online account because it simply took too long. A smooth onboarding process is essential. To maintain compliance, that means maximising the number of customers passing straight through onboarding KYC checks first time.
Data-orientated digital identity verification optimises your Know Your Customer (KYC) checks by collecting and verifying customer identity data and matching it against authoritative sources. Comprehensive and trusted government or credit reference agency data, covering the highest number of individuals, set the standard for compliant data sources in most countries.
In the United Kingdom, a double credit header match against credit reference agency data is a trusted measure for compliant KYC checks. Matching with customer identity data against two separate credit records, such as a mortgage, credit card or bank loan.
Checking the records of more than one agency increases the chance of a match, however it also runs the risk of double-matching the same credit record with a different agency, a costly complication that can also inadvertently open the door, allowing synthetic identities to slip through.
So, we came up with simple solution. Multi Bureau looks for customer matches in all three of the UK’s credit reference agencies, Experian, Equifax and TransUnion. This innovative new feature of our ID3global identity verification solution, maximises the number of verified credit records a business can access, delivering more matches and maximising the number of customers passing straight through with confidence onboarding first time.
Multi Bureau can be configured to match only on certain credit records, like mortgages or bank accounts and its intelligent de-duplicating technology flags credit records that exist across multiple sources, so matches are unique and can be counted. Businesses can be confident of real double header matches and incur costs only for matches that matter for compliant customer onboarding.
To prevent access to fake identities that may have infiltrated data sources, Multi Bureau deploys a sophisticated scoring model that analyses and contextualises credit bureau data using key criteria to generate a GBG Score for genuine identity as a further barrier against synthetic identity fraud.
By taking a data-oriented approach to digital identity verification, Multi Bureau speeds up customer due diligence and reduces friction at onboarding with a fast pass or refer result with the added authority of a trusted GBG score for identity.
By adding Multi Bureau to its customer onboarding process, the cross-border payment and foreign exchange specialists, CurrencyFair have increased customer match rates by 21%. Meanwhile, the fast-growing financial super app Revolut has added Multi Bureau to its customer due diligence process reducing the time it takes to pass by 97% . Multinational wealth management business, St James's Place is also using Multi Bureau to maintain compliance and grow its customer base, dramatically increasing their direct customer onboarding rate.
Tough economic times will bring threats and opportunities for people and brands. But by giving business access to all the UK’s most authoritative credit data sources Multi Bureau, strikes a balance between safety and customer experience, delivering a fast and compliant route to onboarding new customers. More than a match for businesses seeking to grow.
Multi Bureau is part of the GBG ID3global digital identity verification solution, giving direct search access to all three major UK credit bureaus. It discovers discrete credit record matches, de-duplicating records held by more than one agency and delivers a double credit header match, setting a high standard in customer due diligence compliance.
Can I use Multi Bureau if I am an existing customer?
To mark the launch of our upgraded Multi Bureau solution we are offering a selected group of our valued customers an exclusive one-month free trial to put our match rates to the test.
Set-up is simple. During the trial, Multi Bureau is silently activated within your GBG ID3global profile. It will not affect your existing onboarding journeys and will enable you to see how your match rates (and onboarding rates) would improve with greater bureau coverage.
So, if you are interested in a free, no fuss and no obligation trial to boost your match rates, let us know and one of the team will be in touch.
Regulated businesses must carry out customer due diligence at onboarding ensuring prospective customers pass Know Your Customer (KYC) checks. As a data-driven digital identity verification solution and single point of access to all three major UK credit bureaus, Multi Bureau passes customers who match up at speed. Businesses using Multi Bureau typically see pass rates improve by 5 to 10%.
What is digital identity verification?
Digital identity verification is the process of proving that an identity is real without ever having to meet someone face-to-face. It helps to confirm that a person is who they say they are and that the personal information they have provided isn’t fake or stolen (identity fraud).
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