Challenger banks KYC

KYC (Know Your Customer) requirements

AML (Anti-money Laundering) laws

Traditional banks

Challenger banks

Monzo

N26

Revolut

Monese

Starling

Atom

Conclusion

“The banks who are succeeding are offering identity capture and biometrics that allow customers to verify their identity remotely. Banks that don’t adapt now risk new customers abandoning the application process altogether in favor of a challenger bank using this technology.”

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