As the pandemic accelerated the shift among Australians to digital and mobile financial services, digital identity verification technology became more commonplace and valuable than ever. Instead of having to navigate the complexities of a lockdown and trying to get access to financial services at the branch, consumers explored and took into stride new l options to onboard financial services and perform financial transactions digitally.
However, this shift has not been as simple as it sounds for financial institutions (FIs). FIs of all sizes and types are still required by Austrac to perform KYC and AML checks as part of their onboarding processes. Simultaneously, consumers’ expectations of FIs’ customer experiences have significantly grown, and onboarding processes that take too many steps, require too much administrative work, or simply take too long lead to a push to try out competitive products and resulting in lost customer lifetime value in many cases. Customers are increasingly critical on which FIs they do and do not trust, and one poor customer experience is now enough for them to disconnect from a service provider forever.
Consequently, FIs have been challenged with balancing complex compliance needs with consumer demand for fast and frictionless eKYC processes and customer experiences.
This month, GBG expanded our flagship identity verification solution, greenID, to help Australian FIs with this exact challenge. Building on our homegrown market-leading solution that has been successfully helping both large and small businesses address KYC/AML regulatory and compliance requirements since 2005, the new greenID Digital Identity Verification Platform offers a complete end-to-end suite of biometric and document verification, data matching, and data intelligence to streamline and accelerate the eKYC process.
One of the biggest advancement in the greenID platform, helping to bridge the digital customer experience, is the availability of facial biometric verification within the platform. Commonly seen in facial biometric technology is active liveness, where users are compelled to perform a number of actions like nodding, frowning, or be exposed to multiple flashing lights. What consumers desire is a non-intrusive and natural process that demands as little on them as possible. GBG has responded to this need by integrating passive liveness single image technology into the facial biometric solution in greenID; a user is only required to take one single selfie to determine if the user matches the photo on the ID and is live and present during the onboarding process. The use of neural network artificial intelligence is the main driver behind this sleek technology. With the expectation for a faster onboarding process, passive liveness facial verification is 10 times faster than active liveness. In addition, with lesser demand for consumers to gesture and perform, FIs enjoy a lower abandonment rate by 50%.
Carol Chris, Regional General Manager for Australia and New Zealand, recently spoke with TechDay about why GBG is continuing to innovate in the digital identity verification technology sphere, the expectations of consumers today, and how the end-to-end greenID Digital Identity Verification Platform drives better customer experience.