In today’s digital age, financial institutions must strike a balance between providing seamless account opening experiences and ensuring robust identity verification to prevent fraud. With increasingly sophisticated fraud schemes, traditional methods of ID verification are no longer enough. Enter Under.io, an all-in-one platform that simplifies how you verify identity while maintaining the highest levels of security and compliance.
Here’s how Under.io stands out among the market’s verified ID solutions and why it’s the ultimate tool for streamlining financial service account opening.
Why Identity Verification Matters for Financial Accounts
Financial institutions face constant challenges in ensuring that new accounts are legitimate while minimizing friction for applicants. The stakes are high:
- Fraudulent account openings cost financial institutions billions annually.
- Over 60% of identity theft incidents originate from poor ID verification processes.
- Consumers demand both security and convenience, with 67% preferring online account opening over in-person methods.
A robust identity verification system reduces fraud risk, ensures compliance with regulatory standards (e.g., KYC and AML), and builds trust with customers.
Identity Verification Products in the Market
Several products address identity verification for financial services, offering features like:
- Verified ID Services: Ensure that applicants provide legitimate government-issued identification (gov ID) for account creation.
- Multi-Factor Authentication (MFA): Enhances security by requiring additional verification methods.
- Applicant Location Tracking: Confirms the geographic location of the user to detect anomalies.
- Phone Carrier and Fraud Checks: Validates the legitimacy of phone numbers and identifies potential fraud risks.
- Advanced Verification: Verifies credit and bank account validity, ensuring applicants have legitimate financial profiles.
While many solutions excel in one or two areas, Under.io consolidates all these features into a single, powerful platform designed for financial service providers.
What Makes Under.io the Ideal Choice?
1. Comprehensive Identity Verification
Under.io integrates:
- Gov ID Verification: Verify government-issued identification documents seamlessly within the form.
- MFA: Protect accounts from unauthorized access.
- Location Tracking: Ensures applicants are in expected regions, reducing fraud risks.
- Phone Carrier Validation: Confirms phone number ownership and detects anomalies.
- Fraud Detection: Identifies red flags during the onboarding process.
- Credit and Bank Account Checks: Validates account ownership and balances for underwriting purposes.
2. Customizable Online Forms
Under.io allows you to create custom online forms tailored to your account opening requirements:
- Pre-Built Templates: Start with templates that include identity verification integrations, so you can hit the ground running.
- User-Friendly Customization: Add fields, branding, and other elements to match your institution’s needs.
- Mobile-Friendly Design: Optimized for devices, ensuring high completion rates.
3. Seamless Data Integration
Once an applicant completes the form:
- The collected data flows directly into a PDF application, ready for submission to underwriting teams or official institutions.
- Say goodbye to manual data entry, reducing errors and saving time.
4. All-in-One Platform
Unlike other fragmented solutions, Under.io consolidates the entire account opening process—from verifying identity to document preparation—into one streamlined experience.
Getting Started with Under.io
Follow these simple steps to integrate Under.io into your financial account opening process:
Step 1: Sign Up
- Go to Under.io/register and create your account.
Step 2: Choose a Template
- During onboarding, select a pre-built form template that includes verified ID and identity verification integrations.
- Templates are equipped to handle API keys and credentials from verification providers like Twilio, ensuring seamless setup.
Step 3: Customize Your Form
- Personalize the form to match your institution’s branding and specific requirements.
- Add fields for applicant details, account preferences, and more.
Step 4: Deploy Your Form
- Publish the form on your website or share it via email.
- Applicants can complete the form from any device, with gov ID verification and other identity checks running seamlessly in the background.
Step 5: Export to PDF
- Under.io automatically compiles the collected data into a ready-to-submit PDF application.
- Send the completed application to your underwriting team or financial institution for approval.
Why Choose Under.io Over Competitors?
Efficiency and Integration: Under.io combines advanced identity verification with customizable forms and PDF generation. This eliminates the need for multiple tools, streamlining your workflow.
Security First: With features like MFA, fraud detection, and gov ID verification, Under.io ensures your institution meets the highest security and compliance standards.
Time Savings: Automate data collection, verification, and document preparation to save countless hours of manual work.
User Experience: Optimized for mobile and desktop, Under.io’s forms are designed to maximize applicant satisfaction and completion rates.
The Advantages of Advanced Identity Verification
- Fraud Prevention: Advanced checks reduce fraudulent applications by up to 85%.
- Higher Completion Rates: Mobile-friendly forms boost submission rates by 164% compared to traditional methods.
- Improved Accuracy: Automated integrations with APIs ensure error-free data collection and processing.
Under.io Podcast: Identity Validation
Conclusion
As financial services continue to digitize, having a robust, streamlined identity verification process is critical. Under.io not only meets but exceeds the demands of modern financial account opening, offering a comprehensive platform for ID verification, data management, and document generation.
Don’t let outdated processes slow you down. Transform your account opening experience with Under.io and give your applicants the seamless, secure journey they expect.
Ready to get started? Visit Under.io today to schedule a demo to explore the future of verified ID and identity verification!
