The Challenge For
The fourth industrial revolution and more recently the Covid – 19 pandemic, is driving retail banking institutions towards remote digital customer onboarding away from legacy paper based and costly manual processes. These legacy systems result in some 40% of customers abandoning this process, as the digital economy raises customer expectations, forcing organisations to review and transform their digital strategies.
Comcorp’s suite of solutions enable our clients to enhance their digital onboarding processes, which provides more value to the end consumer by providing access to relevant data and information. Comcorp’s range of solutions provide organisations with the ability to derive the following directly from trusted sources:
- Income and employment data
- Transactional banking data
- True Identity of individuals and organisations
By obtaining and uploading data directly, the financial services industry now has the opportunity to onboard consumers more efficiently and reducing fraud losses, as they deploy the latest digital strategies.
One would think the whole process of applying for a home loan would be immune to fraud. Not only does the bank providing the mortgage bond send an assessor to check the property, there is also a buyer, seller, estate agent and at least one lawyer involved – and there’s the bond registration process at the deeds office.
Source: Moneyweb – Article by Adriaan Kruger
Access to Bank Statements
By accessing bank statements in data format directly from the bank in real time, IDX enables straight through processing and provides assurance that the data can be trusted. IDX also provides convenience to loan applicants and enables lenders to close deals faster.
Access to Payslips
By accessing payslips in data format directly from the employer in real time, SPX enables straight through processing and provides assurance that the data can be trusted. SPX also provides convenience to loan applicants and enables lenders to close deals faster.
By using our tools to verify identity biometrically, our customers can go on to perform KYC, collect POPI compliant consent and prevent ID impersonation fraud.