Businesses in the financial sector are, undeniably, some of the most sensitive right now. All it takes is one major data breach to cause irreparable damages that can ultimately take your business down. That’s where identity data verification comes in. Since one of the main concerns that banking customers have is the safety of their financial information and money, you want to invest heavily to meet their expectations.

Here’s a quick look at the reasons why real-time identity data verification is a great investment for your banking business:

1. Mitigates Fraud and Financial Crimes

Fraudulent activities like identity theft, phishing, and account takeovers have been on the rise more than ever before. If you’ve not been paying attention to these risks and the solutions you need to mitigate or avoid them altogether, it’s probably only a matter of time before you become part of the statistics. Well, we’re not trying to scare you into action, but that’s just the grim reality of the 21st century.

With real-time verification solutions for Identity data by Trestle, you can avoid the risks associated with synthetic IDs and other fraudulent tactics. This not only assures you that your customers’ funds are safe, but it also gives you the peace of mind to focus on your core business operations.

2. Increase Customer Satisfaction

Never underestimate the effect that customer satisfaction has on the competitiveness and overall success of your business. Traditional identity verification methods like submitting physical documents aren’t ideal for a seamless customer experience, which is why you want to invest in real-time identity data verification solutions.

Real-time verification means your customers can open accounts or complete transactions without coming to the banking hall. This boosts their satisfaction by a huge margin, and that’s clear from a Mastercard survey which revealed that 93% of consumers prefer biometric authentication over traditional techniques.

3. Ensuring Regulatory Compliance

Financial institutions have to observe strict regulations such as Anti-Money Laundering (AML) laws and Know Your Client (KYC) standards. Such laws and standards are there to minimise and even prevent terrorism financing, money laundering, and other financial crimes. It’s important to ensure your banking business is compliant to avoid hefty fines and a damaged reputation.

Real-time verification solutions would be a great investment in this case since they not only ensure you’ve got accurate data, but you can also use them for your data enrichment efforts.

4. Cost Savings and Operational Efficiency

Automating your identity data verification processes eliminates the need for manual reviews which lowers operational costs. For instance, if you’re automating the onboarding process, expect the costs to go down by as much as 90%, depending on the situation. What’s more, real-time verification solutions are a great investment when it comes to dealing with costs related to fraud and legal disputes.

In the end, you can be sure that your real-time identity data verification tools will have a great return on investment (ROI), so if that’s something you pay a lot of attention to before implementing a solution, you’ll be on the safe side.

Real-Time Identity Data Solutions You Can Rely On

The bottom line here is that real-time identity data verification is not an auxiliary investment for businesses in the financial space. It’s a vital requirement that can make or break your business depending on how you handle it. With so many real-time data verification solutions in the market, you want to pick a solution that has all the right features and is up whenever you need it.

Trestle’s Identity Data APIs are built with that and more in mind. So, if you’re looking for identity data verification solutions you can depend on, you may want to check out what Trestle has in store for you.