Retail Banking | Consumer Finance | Peer Lending | Stock Trading | Mobile Payments | IFAs
Retail banks, consumer finance providers and financial advisors are looking to sell purely online as consumer demands for convenience and ease drive the growth of the digital and mobile marketplace.
miiCard directly addresses the key pains the financial services industry faces today so that businesses can realise both seamless customer acquisition and fraud reduction through a trusted Identity as a Service (IDaaS) solution.
High risk, data-driven background checks are being used to increase acquisition and onboard customers more efficiently, resulting in increasing fraud rates caused by identity theft due to personal information being widely available through data bureaus, public records and social networks.
When applications for financial services start online and move to offline to meet Anti-Money Laundering and Know Your Customer requirements, the dropout rate can be as high as 70%.
The cost to process identity verification on a regulated financial product can be between $20 for a simple document form for a credit card up to $100 for more complex products like loans and mortgages. Processing time takes anywhere from one business day to two weeks.
Identity Proofing + Strong Authentication
A complete identity solution, miiCard combines identity proofing with strong authentication to provide the highest level of assurance in the online identity and its assertion.
- Identity Proofing: miiCard establishes proof of identity to passport/ photo ID standard, providing Level of Assurance 3+ purely online.
- Strong Authentication: layering hard and soft tokens, biometrics, location and device authentication are added as required to protect miiCard accounts and ensure true assertion of the identity.
Understanding that each situation requires a different level of assurance in a consumer’s identity, the miiCard LoA3+ policy engine allows you to escalate the required level of trust that you need for each situation.
- Online Identity Proofing
- Daily Revalidation
- AML & KYC compliance
- Multi-Factor Authentication
- Supports eSignatures
- Customer driven
- Remove manual processing
- Easy integration