How to be compliant and ensure a frictionless onboarding customer experience without dying in the attempt?

Approaching KYC in Europe requires several considerations concerning law. The regulation requires banks and financial institutions companies to focus on the national, but also EU level.

While in the EU the regulation is a more standard one since it states that banks and finance
companies must adhere to AMLD 5 (coming ALMD6), AML requirements at the national level
vary in and out the EU. For instance, in the UK, banks, and institutional finances are allowed to
use automated solutions to perform a KYC, but in Germany, the regulation requires a video-based
solution.

It’s undeniable that being compliant is mandatory, but a good user experience can not be
disregarded, as conversion rates can vary significantly depending on a satisfactory customer
experience. Understanding the many aspects of the customer or user experience is critical when
choosing a suitable onboarding service. At SignD we are fully aware that a good user experience
is characterized by several factors and attributes, such as efficiency, help and support, error
prevention, and consistency, so we have created a KYC solution that not only adheres to local
and regional regulations but also provides with the features that enable banks and financial
institutions to offer an appealing onboarding user experience.
But why does our solution ensure a higher-level user experience?

In our Quantum platform, a white label solution is available, companies to customize their
onboarding process, with their logo, brand colors, etc., providing exclusivity and reliability, which
will also help the customer feel more comfortable and, therefore, complete the onboarding process. All of this, taken together, also reduces abandonment rates. Furthermore, we offer one of the broadest document coverage, a quick process, and integration.Finding the right balance between compliance and frictionless customer experience is a key differentiator.

The digital financial services industry is becoming increasingly competitive, and providing
customers with a seamless, innovative, and relevant user experience is fast becoming a crucial
factor as this determines profits. Anti-money laundering requirements, specifically KYC and customer identification, have historically been a cumbersome, manual, and time-consuming process in physical and digital onboarding and therefore run the risk of disrupting what is an exceptional user experience.

However, our automated and innovative KYC solutions are increasingly being used across
Europe to meet AML and other compliance requirements, but offer seamless onboarding, with
innovative solutions that align with forward-thinking brands. These solutions are beneficial for
the bank or financial company, for the customer, and for keeping the financial services industry a
safer place.