Creating a good first impression is key in any business. For many, this means ensuring that your client onboarding process runs smoothly. Richard Spink, Director of Channel & Partnerships at GBG Plc, discusses what this means for the industry...

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Which do you think works better? A manual process or a digital one?

It’s fair to say that the processes in the corporate services, trust, and fund administration worlds appear to be more manual than digital. That said, when it comes to onboarding, the experience our clients have is that running a digital process is quicker and more cost-effective.

I use the word effective because you’ll have your own view on what this means. Your view of cost-effectiveness could be compliance, it could be reducing risk or, it could even be greater accuracy.

According to David Zruia, Chief Executive at Plus500, his straightforward view of a digital process is that: “we are now able to provide our customers a smoother onboarding process and this allows us to get more customers trading, in a faster fashion.”

Over the past 15 months, we’ve had a number of conversations with people who want to move away from Certified Copies. If you can’t meet people face to face how practical and how effective is that process?

Can your business really spot a fake passport or a genuine one? Does that Utility Bill contain genuine data? 

Even with training, it's one thing to spot a fake document in your hands. It's entirely another to do it remotely. With countless domestic and international identity documents to check, potentially on a large scale, the task becomes even tougher and this pressure increases the risk of human error. 

David Thomas, GBG's Head of Product explains: 

"The importance of spotting inaccuracies in documents is fundamental to protecting your business from fraud. Our technology is continuously trained to ensure that even sophisticated document fraud is detected."

Our solutions also allow you to build a secure and fast onboarding experience with the low level of friction that customers now demand without having to compromise your compliance obligations or attitude to fraud risks.

As consumers and businesses adapt to the Coronavirus pandemic, firms need to make sure that the remote ID verification processes they use to cope with customer demand are fit for purpose when it’s over.

Verifying customers remotely is a new and unique challenge for many businesses. Without being able to stand in front of a customer, to hold their identity documents and review their proofs of address, it’s more difficult to meet your regulatory requirements and verify that you’re genuinely dealing with the person your client claims to be.

It is not enough just to know a document is real. You need to be confident that the person presenting the document is the real owner. For that, you can use a face-matching algorithm to compare the portrait picture on the document with the face of the customer. You can now confirm, using Biometrics that the person behind the camera is in fact the person you're dealing with. 

And to go back to where we started if the experience is right and feels secure your clients will adapt to it, they will go with it even if they may be reluctant to accept it. With GBG partnering with TrustQuay, you now have access to GBG's world-class functionality in a way that's easy to deploy and roll out, giving that all-important good first impression.

If you are interested in joining us for our webinar on TrustQuay Portal, please sign up below: 

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About the Author

Richard Spink

Richard Spink is Director of Channel & Partnerships at GBG Plc