It's time to reinvent your approach to risk management

In order to optimize digital banking experience for your prospects and customers, it is essential that financial institutions improve mobile banking. Why? More than 70% of consumers want to open bank accounts digitally, but only 8% of new account applications started on a mobile device are being completed in a single digital session.

Risk management requirements may be the culprit. You should consider how risk and compliance requirements are creating friction, and re-think your institution’s approach to Know Your Customer and Customer Identification Program (CIP) requirements by:

Using the latest technology to digitize risk management

Go beyond the basics with additional sources of identity data

Strengthen behind the scenes controls with real-time fraud analytics

Read this article to keep KYC regulations from killing your career in digital banking. It’s time to reinvent your approach to risk management.

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