Since the rise of global technology and the expansion of businesses to the digital space. Society has seen a revolution in the daily practices that were once considered ‘laborious’ and ‘time-intensive’. From how we communicate with our fellow individuals, perform transactions, to even how we buy and sell. All carried out from our handheld- devices. A disadvantage to being digital is being exposed to multiple types of fraud. Where in-person verification is drastically reduced, the want of digital means to verify is highly crucial. In a fraud prevalent era, the need for reliable and effective verification services are much sought after. A provider that comes to mind is Shufti Pro, a solution that takes into account diligence obligations while balancing customer experience. Let’s look at what Shufti Pro is and the aspects that make it so wanted.
Existing Providers and Hurdles
Companies and existing users of currently operating KYC service providers were facing numerous problems that were accounting to the growing frustration with existing solutions in the market. Regardless of how long they have been in the market, the priorities of existing providers should not have deviated. The degradation of service quality is a testament to that opinion. The current providers were not able to serve multiple areas, including regulatory requirements, inconvenient customer experience, and verification timings exceeding days and even weeks for some. This also included uncooperative customer support with little effort toward issue resolve and apparently no innovation.
What New Age Provider Brought to the Table
The introduction of Shufti Pro to the identity verification market introduced a lot of possibilities to the industry, that was not possible earlier. The first of them was to solve existing issues faced by companies. This includes compliance obligations towards the fulfillment of AML and KYC requirements for companies. The provider has been able to provide coverage, that spans multiple countries and jurisdiction that have been considered ‘difficult’ to be compliant previously. Where others were not able to support the requisite document types. Shufti Pro was adequately able to perform such services through a dedicated template matching mechanism and deep learning engine.
A solution based on Artificial Intelligence, the provider was able to bring down verification and AML times to a matter of a minute or in between 30-60 seconds. Facilitating industry requirements and business demands in the process. KYC services are provided by many, however, Shufti Pro is able to innovate despite the odds, by facilitating customer requirements first. This allows the solution to be scalable and use-case specific. Incorporating flexibility through web APIs or mobile SDK’s, greater convenience and outreach can be achieved through mobile platforms. The provider believes in operating priority support, across all its customers, which attribute to one of it’s most prized aspects.
Shufti Pro is an ideal balance between solution and market expectation. Easily facilitating business requirements with minimal effort that provide long-term benefits. The provider is able to balance user- onboarding and mitigate risks, all through a modern UI-UX facet, that is user and business friendly.