Verify who your clients really are!

2015, What a year of transformation it was, in the way online customer behavior was analysed to predict the financial outcomes and then money transactions were redefined using financial technology.“As of today, there are over 750 Fintech companies in India. Of these, 174 were launched in 2015 itself. “In 2015, investment in Fintech touched $1.2 billion”, reports Traxcn. ‘In the past three years, global investors have ploughed more than $10 billion into India’s consumer internet companies, fueling a boom in startups that create apps, according to Bloomberg.’It’s no different on a global scale as well.

2015 was also a year during which Fintech companies not only designed new products but also worked towards building a community who swiftly accept new payments options.

With financial innovation marching head-on, contributing a large portion to the economic growth, FinTech start-ups are mushrooming exponentially. Having said that, explosion in the FinTech sector has inevitably been turning the interest of newer generation of businesses towards technology and innovation.

The innovative, financial technology is making lives easier with collaborative processes. The attraction of tailored services, delivered on demand and on time, is the fuel powering FinTech start-ups too. The rise of FinTech is ultimately delivering benefits to the end customers, and also increasing the trust in financial products and services.Driven by robust technology, FinTech players are charged up services to deliver cheaper, more effective alternatives to the end consumers.

Whether it’s a big multinational or a start up in the economy, everyone realizes to have an experienced background screening partner on-board to ensure safety and security of the organization. As the FinTech sector is catching up fast, greater realisation can be witnessed towards background verification. The on-demand and sharing companies, specially need robust and effective background checks. It’s much needed to ensure that these customers are not defaulters.

The 2 emerging Background Checks in the FinTech sector are:

1. Credit Check- A thorough credit check on your customers can help gauge their financial stability and the capacity to make online payments.

2. Identity Verification- If you’re not checking the person’s identity first you might be checking the records for the wrong person. That’s when identity verification helps to find out if the identity document is forged, doctored or stolen.Technology is developing fast to automate identity verification, speeding up the “hiring” process.

AuthBridge is authorized and empanelled with relevant departments to verify the identity of Indian citizens using government issued documents. It now has access to the database of UIDAI and the relevant Government department to conduct Aadhaar and PAN card verification.

FinTech has brought about a change for customers with easy online transactions and emergence of new companies. Innovation brings speed and with that comes the rising need for instant, efficient and thorough background screening of the customers. Availing background screening can help to grow and safeguard against the possible threats and risks. Background Screening services is valuable to FinTech as a stepping stone towards its success, on boarding reliable and genuine customers.

To know more about ID check, click here

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