We have listed down 3 modern day technological resources for the banking industry to earn greater profits and even showcase enhanced performance against competitors from Fintech domain as well.

RegTech

Regulatory compliance takes a huge chunk of revenues earned by banks by having to hire large staff of compliance officers that make sure that operations of the banks are within the guidelines of the national and international regulators. Each transaction is monitored, each user account is properly vetted and data transfer is closely followed. This is also a time-consuming process with an added disadvantage of being-not-so-foolproof.

Regulatory technology is available with some of the best AML software for banks making sure that funds deposited by every client are free of financial risk or threat of money laundering.

Fraud Prevention

Several surveys point towards a rising tide of credit card fraud and account takeover complaints making up the major chunk of online frauds and scams. Banking accounts have been compromised by the frequent data breach which leads to vital personal and financial information landing in the black markets running day and night on the dark web.

To ensure that no user is able to take over the bank account used by authentic customers or that the ability to perform off-the-branch transactions with the help of online banking sources should not be exploited, digital fraud prevention tools are available. KYC verification can be performed with the help of AI-based solutions such as Shufti Pro. The financial risk attached to a person’s identity can be examined with the help of Best AML software for banks. Transactions are being performed by original users can be easily authenticated with the combination of biometric and handwritten note verification, some even call it biometric consent verification, to ensure that you have legitimate proof of each transaction performed beyond a certain limit in case of an offsite of out-of-branch funds transfer.

Remote Account Opening

There are several API based technological solutions available that can act as a remote account opening service on behalf of banking organizations. Data can be sent to banking databases in real-time while the customers can be allowed to have a bank account with limited amount of services and can be asked to visit a bank bracnh in case of full access to banking services is required.

This technological aspect of online banking can help banks to counter the onslaught from Fintech companies that make it easy to open a checking account for their would-be customers. Live facial verification combined with ID verification is performed to not only meet the regulatory needs of an MSB but also the user is instantly given access to the services of a Fintech or mobile wallet.

Conclusion

Legacy financial services are something that now even the big businesses are not interested anymore as they have challengers banks knocking on their doors with a promise for better service delivery and that too at a fraction of cost. With large coffers owned by the banking industry, it seems only logical to invest in technology solutions that not only help in enhanced customer onboarding but also a service delivery model that is swift and free of any risk - not only for banking customers but for the banks as well. Whether it is the best AML software for banks or KYC verifications solution

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