INVISIBLE PAYMENT FOR HIGH-VALUE SERVICES IN THE RETAIL CUSTOMER JOURNEY – Part 2
Round Table: Performing a Strong KYC to Enable Secured Services Easily to Customer
“Know your customer”, or KYC, is the key for a company to perform, but it has to go with a strong security, not only to protect the consumers, but also to preserve its brand image. Along this panel, three speakers are exposing their views: Zac Cohen from Trulioo, Tyron Bennion from Hyperwallet and Anurage Rathor from Zify.
Zac Cohen – Trulioo
Trulioo is a global identity verification platform. In the trust economy, unlike more isolated engagements, one bad actor can damage the reputation of the entire ecosystem. Holistically, over the years, Trulioo learned that one approach does not work everywhere, sometimes even in the same market because the customer experience, the customer journey is unique and changing all the time. Agile and innovative services need to be able to satisfy the needs and requirements of clients.
Customers make verification of their account with image of their official documents (driver licence, insurance…). It’s a true challenge for companies to verify identity or other aspects of the KYC. Customers need to be aware of the transparent aspects of their own market, because a 100% success rate at checking a user’s identity is impossible, even in a country like China where KYC information is very strong.
It is possible to put automation to treat low risks, and this way focus the additional time on the few highly damaging bad actors. As long as companies have their service provider as flexible as their own system is designed to be, they can attack a lot of the problems they have and reduce their fraud rate.
Identity is constantly changing and there is no absolute source of truth. So how to solve those problems in a way that does not sacrifice those that are less fortunate to live in a very institutionalized environment where those things come from granted? The way to do it always changes, there are different models which are not wrong or right but shall be pushed to get people access in a secure way.
Tyron Bennion - Hyperwallet
Hyperwallet is a corporate centric payment platform which sits behind the customer, improving payment experience as much as possible. If companies can get rid of the lower risks, it’s correct. As soon as they get people over the belt curve of doubt (do they trust the service or not?), they get mass adoption.
Hyperwallet was recently bought by PayPal. Thanks to that merger, they were able to bring the KYC that was already done and reduce the friction along the path. There is a lot of good things coming from the merger, because they have built trust in their marketplace space and were able to focus on both the user and corporate experience.
Friction is always going to exist, and collaboration is going to help about it. Collectively, the biggest thing which needs to be done is educating the common consumers. They have to understand why there are friction points and why they are providing the information provided. Anyway, services need to have just enough friction to make it less easy for the frauds to happen, but not too much to facilitate user experience. The right balance needs to be identified.
Anurage Rathor – Zify
Zify is an artificial intelligence-based shared mobility platform. Trust is essential for any sharing economy company like Blablacar, Uber or Airbnb since they are connecting people. It is both an advantage and an inconvenience because at the end of the day, they’re responsible if something goes wrong in the system.
There are many challenges for sharing economy companies: fraud can happen during the transactions for example. There are also cases where people use false identities, or false car ownership. Sometimes they add their kid pictures or some random pictures to create a profile. People want to know who they are traveling with, that is why Zify makes sure the user is who he is pretending to be.
The chances that something goes wrong are real, but there are few implications. Even if a user has past all the verification processes, it’s just one part of the process. Security breaches can happen from inside the companies themselves when they implement automation tools, for example. That’s why Zify implements manual verifications.
Zify’s goal has always been to create a sustainable, safe and secured mobility platform, and it goes through secured data. Zify uses the data to create trust, not just between the community members but also between the companies sharing the data. Collaboration between companies and involvement of governments are the key to have a frictionless and a more unified KYC.
Speakers: Zac COHEN, Trulioo ; Tyron BENNION, Hyperwallet ; Anurage RATHOR, Zify