Current processes for client onboarding of financial services institutions involve collecting documents and face-to-face checking or individually engaging with reference agencies to verify customer identity against independent data sources. Consumers must always repeat these same steps when they contract a new service. Over time, their personal information can be held by several organizations, so consumers do not really know who holds the data, threatening their security and privacy. By addressing these rising demand for technologies and services to handle international and national requirements for legal compliance within large organizations NewBanking introduced Identity tool. Using the NewBanking Identity, redundant identity compliance checks are eliminated, improving the consumers’ experience and they know who holds access to their data.
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