Driven by digitization, the innovations in the Fintech industry are growing rapidly. Tasks such as making online payments, opening a bank account have become much easier thanks to digital technology. But the regulatory requirements for financial services are still very strict. Accordingly, the businesses in financial service face some challenges while adapting to those regulations.
On top of that, within Europe, the regulations may vary from country to country. This makes it nearly impossible to find a one size fits all solution – especially in different countries in Europe. A reliable KYC implementation with an experienced partner is a promising step for a strong business future. It allows easier scalability and guarantees full compliance with the regulatory requirements. Having a strong KYC solution is also very important to prevent any fraud action from an early stage while offering a customer-friendly onboarding process.
Want to find out more about the challenges Fintechs have to face? Read our Handbook Fintech Regulations 2020.