Last month, SVP of Business Development at TransUnion and iovation founder, Greg Pierson, joined PassFort’s Head of RevOps Tom Andrews on PassFort’s Best Practice podcast to discuss how to best fight fraud within the financial services sector while solving complex Know Your Customer (KYC) challenges.
Their discussion focused on how banks and financial service providers are advancing their thinking when it comes to digital-first strategies, especially during customer onboarding. In 2019, 61% of TransUnion transactions came from mobile, supporting the notion that customers are expecting faster and mobile-friendly experiences.
With customers continuing to increase online usage, so are fraudsters, as they evolve their strategies of masking their digital identities. It’s no surprise, then, that these ongoing digital transformations come with compliance changes that banks need to comply with. So while it’s important for financial institutions to adopt digital KYC for the customer experience, it’s also critical for ensuring that they are in regulation.
Learn more about determining and solving for KYC challenges by accessing the podcast on-demand: The path to digital transformation of KYC for banks.