When it comes to onboarding customers online, businesses have adopted eKYC solutions to ensure their new customers are who they say they are and are suitable to do business with.
But, writes Jackie Wheeler, senior director of technical content at Jumio, most eKYC solutions are limited in scope, forcing companies to research, purchase, integrate and maintain dozens of different point solutions to meet all their identity verification requirements across the end user journey.
This approach puts a huge burden on organisations, in terms of time, resources and money, and it creates an unmanageable web of complexity. This is why so many companies are now turning to end-to-end identity proofing platforms with orchestration.
What is orchestration?
Orchestration is the ability to run multiple KYC/KYB (know your business/ know your customer) checks and dynamically adjust the workflow based on real-time inputs. For example, your workflow might start with a device check, and if the user’s cell phone has already been used multiple times to open accounts, a more rigorous set of checks will be initiated.
Orchestration allows companies to provide a frictionless experience for their legitimate customers and increase scrutiny for higher-risk individuals. The result is both higher conversions and higher fraud deterrence.
Once your customers are onboarded, orchestration is also useful for continuous authentication and risk-based monitoring. For example, if a customer logs in more an unusual location, simply checking their password might not be enough. Instead, your workflow can trigger the user to take a selfie and compare it to the one they took when they created the account to ensure it’s the same person. You can also run screening checks periodically to ensure your customers remain suitable to do business with, such as verifying that they haven’t been sanctioned or put on other watchlists.
Traditionally, workflows have been difficult to create and required working with engineering teams to implement the required business logic. This meant every time you needed to make a change you had to go through design, implementation, testing and production phases.
No-code orchestration provides the ability to create workflows simply by dragging and dropping predefined elements onto a sequence diagram and adding the necessary conditions to trigger each element. This means that business analysts can easily define the workflows and also make any needed changes in real time. Fraudsters are constantly evolving, and when a new fraud pattern emerges, it’s critical to adjust your workflows immediately.
The drawback is that many no-code solutions provide only limited capabilities, so more complex workflows are not possible in those solutions without going back to the engineering team. Thankfully, companies like Jumio now offer robust no-code orchestration tools that allow you to create all the complexity your business requires with all the ease of a drag-and-drop interface.
The advantage of a platform
While technically an orchestration tool could allow you to connect to multiple data sources from different vendors in your workflow, a single platform provides huge advantages:
- You only have to sign a contract and maintain a relationship with one vendor, which saves companies time and resources.
- Integrations to different data sources are pre-built and orchestration requires no-coding, so you can focus on your business and not on fighting fraud.
- When regulations change or if a data source no longer meets your needs, you don’t have to worry about finding and implementing a different data source — the platform vendor handles everything for you.
The Jumio KYX Platform provides everything you need to orchestrate sophisticated and flexible workflows that can connect to hundreds of data sources, all from a single API. To learn more about the power of orchestration and best practices, check out this webinar, or contact us to start a conversation.