Real Customers Are Fed Up with Your Clumsy KYC

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Smart Document Capture (SDC) can change the game for your business with its picture-perfect touchless document capture, biometric capabilities, and authentication rates up to 90% higher than your competitor’s. 

Digital onboarding is identified as the biggest area of weakness and missed opportunity for businesses. How you handle Know Your Customer (KYC) processes can make or break your customer relationships.  

Picture this scenario: A seasoned account holder with multiple ties to the US receives a new credit card to replace an expired one. With years of diligent updates to her account information, she expects a smooth activation process. But as she calls in from a non-US number, she faces a series of frustrating identity verification steps. Even after entering her PIN, the system fails to recognize her as a legitimate cardholder. This saga continues with a transfer to anti-fraud, unwieldy document scans, and a blocked card. It’s a big-name credit card issuer, but its outdated technology costs it a loyal customer. 

In contrast, another major card issuer understands the value of Smart Document Capture (SDC) technology. Instead of going through a frustrating verification experience, our account holder reverifies another credit card with a seamless activation process through a mobile app. A quick identity check via the smartphone camera, and the card is ready to use. This card issuer knows that frictionless customer experience is critical to retaining business. 

So, what’s the secret behind SDC technology? It simplifies and accelerates identity verification by automating data extraction from documents like IDs and passports. Its touchless document capture sets it apart, catering to users worldwide. Anyone can hover over their identity document using their smartphone or camera, and SDC’s advanced algorithms swiftly extract the necessary information, regardless of the document’s origin or format. Built-in photo accuracy means less “do-overs” and a better user experience.  

Another standout feature is its utilization of biometric technology to detect liveness and prevent spoofing and deepfakes. When users perform an identity check via their smartphone camera, the technology not only extracts data but also verifies the liveness of the individual. This means that the system can detect whether a live person is presenting their identification, making it extremely difficult for fraudsters to use static images or deepfake videos for impersonation. 

Here’s why SDC is a must-have for your KYC process: 

  1. Enhanced verification rates end to end. 
  2. Higher pass rates within user journey: SDC’s built-in image quality control means you can convert more documents because they are high-quality images. Recent data shows that integrating smart capture’s automatic technology can boost pass rates by 30%.  
  3. Higher authentication rates: In a recent Request for Proposal (RFP) study, businesses using smart capture achieved authentication rates 38% to 90% higher than their competitors.  
  4. Accuracy and compliance: Fully automated data extraction, and verification minimizes errors tied to manual data entry, aligning perfectly with compliance standards, and ensuring the integrity of customer data. 
  5. Enhanced user experience: SDC’s convenience and agility enhance user onboarding and reverification, facilitating smoother customer interaction and fewer drop-offs. SDC also gives the user feedback – the user is guided through the process to ensure they get it right the first time around. 

Are you ready to streamline your KYC processes with SDC technology? Discover how it boosts authentication rates, ensures accuracy and compliance, improves operational efficiency, and, most importantly, enhances the overall user experience. 

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