Small and medium-sized businesses (SMBs) represent a massive market for banks and fintechs to capture, but it’s also a challenging one. An effective business onboarding process needs to be implemented — one that allows them to onboard and monitor SMB customers without sacrificing know your business (KYB) compliance or becoming more susceptible to fraud.
But banks’ legacy technology doesn’t always provide workflows that are flexible enough to connect to alternative data sources. As a result, they cannot accommodate the complexities of onboarding SMBs without manual reviews. Fintechs also struggle to come up with the resources needed to accommodate more complex workflows. And both have trouble managing the sheer amount of data that KYB requires, which becomes exceedingly difficult to view, let alone unify, analyze, and then take action.
So, how can banks and fintechs adapt? In this eBook, we’ll explore:
The effect of the changing regulatory landscape on KYB
The reasons behind the sudden spike in small business fraud
The challenges of a traditional KYB workflow
The benefits of an Identity Risk Solution
How banks and fintechs can leverage an Identity Risk Solution to create smoother business onboarding workflows and reduce friction throughout the SMB customer lifecycle
