CLICK TO WATCH : ‘ IDNOW IDENTITY-AS-A-SERVICE SOLUTION DESIGNED FOR THE NOW ECONOMY ’
63 terminate any transaction before signing on the dotted line . In addition , the challenge for businesses as they digitise their services is to quickly and confidently verify customer identity . Online banking is governed by special regulations , such as the Know Your Customer ( KYC ) standards set out in the EU ’ s Third Anti-Money Laundering ( AML ) Directive . This means that handling online transaction processes in the financial sector is considerably more challenging than it is in other sectors . Since the 2008 financial crisis , global institutions have been fined US $ 26bn for violations relating to AML and KYC regulations . With this in mind , it ’ s imperative that businesses adhere to regulations while still providing a fast and convenient service . This , after all , is why customers have chosen to sign up online in the first place , rather than visit a traditional institution .
Artificial Intelligence ( AI ) powered technology , with tools such as facial recognition , allows organisations to address these concerns . These
www
. fintechmagazine . com