The past decade has witnessed the emergence of cryptocurrency, with a wide array of over 1800 digital currencies and numerous trading platforms. Despite its promise, the widespread adoption of cryptocurrency poses several challenges.
The primary concern for cryptocurrency users revolves around trust, primarily due to the absence of a central regulatory authority. This lack of regulation creates hesitancy among consumers to share their personally identifiable information (PII) or invest in the system.
To tackle the trust issue in cryptocurrency, it is crucial to enhance the security of investments and PII. The industry needs to establish improved security standards and implement measures that effectively prevent fraud and hacking incidents. By doing so, trust can be built not only among users but also with regulatory bodies.
Failure to meet these demands will only perpetuate skepticism and scrutiny towards cryptocurrency, impeding its global acceptance. However, successfully addressing these concerns has the potential to revolutionize our approach to financial transactions and management.
The challenges of skepticism and scrutiny surrounding cryptocurrency will persist unless these demands are adequately addressed, thereby making it difficult for widespread acceptance. Conversely, if these issues are effectively tackled, they have the power to transform the way we conduct transactions and manage our finances, leading to a more decentralized and easily accessible financial system for everyone.
While it is true that efficient onboarding procedures can result in time and cost savings for businesses, it is essential to emphasize the significance of customer retention. To accomplish this, it is necessary to adopt a customer-centric onboarding strategy that centers around addressing customer requirements and complying with regulations. Furthermore, it is crucial to maintain transparent communication with customers throughout the entire onboarding process to manage their expectations and keep them well-informed. By striking a balance between customer retention and streamlined onboarding procedures, businesses can enhance customer satisfaction, foster loyalty, and generate positive recommendations.
You can protect your service and increase trust by utilizing multilayered fraud protection
Make onboarding seamless for applicants around the world
With in-house legal support, stay on top of regulatory changes and expand into new markets
A complex and time-consuming registration process can result in reduced customer engagement and higher rates of customer abandonment during the onboarding phase, which ultimately leads to financial losses.
Step 1: Streamline your customer onboarding process by minimizing the number of forms, fields, and identification requirements. In Germany, KYC regulations allow for the verification of a single government-issued ID, simplifying the approach.
Step 2: Verifying a customer's identity may sometimes necessitate more than just their name, address, or government ID. Additional data points, such as date of birth, the last four digits or full social security number, or telephone number, might be required. These data points can be utilized to authenticate the customer's identity with an accuracy rate ranging from 70% to 99% in certain cases.
Our verification solution is designed to facilitate a seamless onboarding experience for your customers, progressively collecting their Personally Identifiable Information (PII) step by step. By incorporating one or more supplementary data points, we can authenticate your customers with a success rate ranging from 70% to 99%. Our solution simplifies the process by typically requiring customers to provide only one or two pieces of PII for successful identity verification.