Major security challenges still exist as everyday banking continues its migration to online transactions and services.
As everyday banking continues to shift online, the importance of having the most efficient and effective Know Your Customer/Customer Identification Program (KYC/CIP) solutions in place has never been greater.
From just a cellphone, customers can open accounts with banks, brokerage firms and many financial institutions. They can apply for credit and invest in stocks by opening an app. And thanks to innovation in compliance technology, they can do so safely and quickly.
Here is a look at some of the biggest challenges that still exist when it comes to KYC/CIP.
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