Today’s high net worth customers want the best of both worlds – the ability to conduct high value transfers and transactions but without the onerous paperwork and identity verification requirements. When you make a payment or conduct a high value transaction, the risk for fraud can be significant. Most financial institutions require customers wishing to transfer large sums of money to complete the following actions:
- Visit a physical branch
- Fill out paperwork
- Present identification
Mitek’s Mobile Verify™ streamlines these requirements by allowing financial institutions to meet a customer’s demand for convenience through ID verification technology. Mobile Verify™ removes friction from high value transfers and transactions since customers can handle their transactions through their smartphone, and ID verification is accomplished simply by taking a picture of their identifying documents with their phone. The risk of fraud is significantly decreased, customers are delighted with the experience and inclined to continue making high value transfers with an institution that provides this level of efficiency, speed, convenience and security.