When swiping credit cards, registering, or performing other online and offline transactions, identity verification is crucial so “thieves” don’t steal your identity to commit crimes such as threats, fraud, or money laundering. This process is required for financial services in various countries and such verification can be done in several ways.
Calling customers for verification and sending OTP (One Time Passwords) via mobile phone SMS are among the most common practice. These are easy and convenience options. For financial institutions, KYC (Know Your Customer) has been introduced to help prevent crime and money laundering. It is done by getting to know the customers, recognizing personal details, and requesting information regarding the money.
New technologies are erupting from startups like Pulse iD. This Hong Kong startup uses technology to provide Geo-profiling. It is a platform that recognizes customer identity and categorizes them using consumption behavior. Moreover, Pulse iD has an online identity verification system that was built to solve verification hurdles and enhance customer security by storing data with bank-grade security for extreme safety.
Pulse iD is a new dimension of verification which uses online geolocation. Interestingly, it has made verification much safer as specifying the location of individuals fills the flaws of traditional verification systems. Moreover, Pulse iD has introduced Concierge, a virtual assistant system who helps both customers and service providers.
For customers, the system helps with memory, for instance, before shopping, users can create a list and upon arrival at the store, the system will automatically show your list. For service providers, the system will categorize customers according to their behavior. Hence, marketers can customize or select the best service for their customers. Additionally, customer behavior data can also help prevent fraud regarding ATM or online credit card usage.
This startup is an example of Digital Ventures’ investment last April. We have future plans to invest in startups with intentions to provide better financial service in various dimensions. Follow our Facebook Page and Blog to find out more.