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Client Responsibility earns Bonafidee Digital Innovation Award

Client Responsibility earns Bonafidee Digital Innovation Award

Bonafidee, a supplier of cybersecurity know-how, has secured the Digital Innovation of the Yr for Cyber Safety/Verification award on the Motor Finance Europe Awards 2023 held in Vienna final week.

This recognition highlights the corporate’s achievement in bolstering client safety inside the monetary providers business.

The corporate’s founder, Francis Lang, mentioned the success was “testomony to the spectacular capabilities and options of Bonafidee’s platform”, which offers ID verification and e-signature instruments to fight fraud.

Chatting with Motor Finance On-line, Lang describes the platform as “a holistic gateway for monetary corporations to watch, assess and improve the shopper journey”.

The Client Responsibility Bundle includes a variety of ID verification strategies, and Bonafidee claims that it permits purchasers to not solely meet however exceed the brand new Client Responsibility necessities that got here into drive on 31 July.

Client Responsibility Mandate

The Client Responsibility guidelines, launched by the UK’s Monetary Conduct Authority (FCA), intention to raise client safety requirements within the monetary providers business. Firms at the moment are mandated to supply accessible and supportive customer support, furnish clear and well timed info, supply services and products tailor-made to shoppers’ wants, contemplate the scenario of weak shoppers, and guarantee honest worth for his or her choices.

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To make sure compliance, Bonafidee’s Client Responsibility Bundle secures client consent and verifies their id utilizing numerous strategies, together with visible biometric checks, liveness checks, open banking verification, traditional id checks, card checks, checking account possession checks, and one-time passcode checks. Information is collected securely through questionnaires, digital varieties, or doc sharing, with all information authenticated by way of digital signatures and digital witnessing.

Bonafidee’s know-how not solely verifies people’ identities but additionally offers organisations with the reassurance that every one needed steps have been taken to satisfy regulatory requirements. The corporate generates an proof pack that gives a “complete audit path and paperwork [that] are digitally sealed”.

Bonafidee platform

Lang says that the extent of assurance generated differentiates Bonafidee’s platform from standalone e-signature merchandise.

“To prioritise comfort, some platforms cut back the required buyer engagement to a minimal, usually simply requiring a tick in a field or squiggle overlay,” he explains. “While this provides a sure degree of ease, it lacks the extent of constructive friction essential to conclusively show the intention to signal a doc and will create challenges when proof must be offered. Bonafidee provides comfort with no compromise on safety.”

Lang additionally emphasises the pliability of Bonafidee’s know-how, including: “Our know-how allows corporations to tailor their choices to satisfy client desires and wishes quite than a one-size-fits-all method.”

“Our know-how is very configurable and adapts to the wants of shoppers. It provides them the best likelihood of success. Handbook workarounds, offline processes and insecure communications may be eradicated …”

“While we can not predict the long run, our growth staff has constructed our product suite to be extremely configurable so that it’s going to allow our purchasers to adapt to rising regulatory change, alternatives and above all client wants, in the present day and tomorrow.”

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