PCM Vol.2 - Issue 10

Thought Leaders Corner
Sarah Clark
General Manager-identity
Sarah Clark is the General Manager-
Identity at Mitek, a global leader
in mobile capture and identity
verification software. Before
joining Mitek, Sarah successfully
managed the product strategy and
business development for startups
in the payments, e-commerce and
technology markets. Sarah holds
a BS in Mathematics from Duke
University and further developed her
managerial skills at Harvard Business
School.
and record-keeping, proving that
regulators are conscious that too much
regulation could hinder innovation and
are therefore taking a more strategic
view when developing new regulations.
A seamless mobile user experience
and secure ID verification are not
mutually exclusive
A seamless mobile user experience and
more secure identity verification are not
mutually exclusive; they are solved in
tandem by Mobile Verify which offers
instant Identity document authenticity
verification with a quick and easy scan
using the camera on the mobile device.
Most efficient fintech solutions today
are simple but surprisingly powerful.
Transparent, lean, and user-friendly, they
communicate the delivered value in an
easy to consume way for the general
audience. Achieving a frictionless
customer journey that solves today’s
tech savvy customer’s demands for
immediacy and resolution ranks high
among retail banks’ strategic goals.
At a time when the leading financial
institutions are leaning on user
experience to attract and retain their
mobile-centric users, rethinking what
a bank is and what it means to digitalfirst
and mobile-only customers,
is paramount to tap on high value
customers such as Millennials,
expats, international students or the
underbanked.
Actually, in a global economy where
people keep on the move, being
capable of checking the identity of your
prospective customers regardless their
country of origin will translate into more
safe and effortless acquisitions.
Leveraging the power of mobile capture
for ID verification, Mitek sits right at
the intersection of convenience and
security: our mobile ID authentication
technology enables consumers to easily
and instantly validate their identity
by simply snapping a picture of their
government-issued proof of identity
with their smartphone’s camera. No
matter how the image comes through,
nor its quality, using a combination of
advanced image capture software and
facial recognition technology, Mitek first
verifies the authenticity of a document,
and then evaluates the information in
the document and applies it for data
validation, assuring in real time that the
ID presented in a mobile transaction is
a genuine, unaltered, and governmentissued
ID.
In other words, we are able to
authenticate that the IDs presented for
identity verification at enrolling time
are unaltered, official governmentissued
documents. All without leaving
the mobile channel and in a matter of
minutes, therefore satisfying at once the
institution’s need for a cost-effective and
compliant way of verifying the identity of
prospects at onboarding time and the
end user’s high expectations for speed,
convenience and security.
arisen. Technological solutions such
as our mobile ID verification software
help firms to meet AML and KYC in an
automated way and reduce operational
risks.
In the same vein, as regulations become
more complex and expand their
scope, increased use of technology for
compliance is expected. For example, the
European Union 4.1 Anti-Money Laundry
Directive recognizes that electronic
means of identity verification are as valid
as those traditional ways of verifying the
identity of your customer (in-person
verification). Similarly, the UK Financial
Conduct Authority acknowledges
the advantages of electronic identity
validation for cross-border transactions
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