LEND360 reposted this
Arro's lead data scientist Dorna Shakoory was recently on a open banking and reusable identity panel at LEND360 and shares her 5 key takeaways about their impact on KYC and identity verification: 💨 Speed & Efficiency: Open Banking APIs and Reusable Identity solutions drastically reduce the time required for KYC and #identityverification, enabling nearly instant authentication while ensuring compliance with regulatory standards. 🔒 Enhanced Security: By leveraging reusable identities, sensitive customer data is shared securely, reducing the risk of data breaches and fraud. This creates a safer ecosystem for both financial institutions and consumers. 🪪 Improved Customer Experience: Streamlined #KYC and IDV processes mean fewer friction points for customers during onboarding, leading to higher satisfaction, faster approvals, and an overall smoother experience. 💰 Cost Reduction: Automated and reusable identity solutions help companies cut down on the costs associated with manual identity verification processes, allowing them to allocate resources more efficiently. 🌎 Financial Inclusion: These technologies provide broader access to #financialservices for underbanked or underserved populations, opening new pathways to #credit, banking, and lending by making identity verification more accessible.
Data and BI Engineering | Financial Risk Modeling | Machine Learning | Data Science | Product Dev | Team Leadership | Certified in AWS, DBT , Google Analytics , Databricks ,MS Azure | TPM | MBA | Open Banking Panelist
At this year’s LEND360 conference, I had the privilege of contributing to a panel alongside brilliant minds and industry leaders such as Laura Heritage, Nicholas Zeman and Nick Reinhart to discuss a game-changer in the fintech world: the convergence of Open Banking and Reusable Identity. 🔐 In a world where speed, accuracy, and security are paramount, Reusable Identity and Banking APIs have the power to transform how we approach KYC and IDV processes. What once took days or weeks can now be achieved in moments, creating a seamless experience for both businesses and customers. It was an incredible experience exchanging insights on how this technology is paving the way for faster onboarding, stronger compliance, and enhanced customer trust. The possibilities for online lenders and fintech companies are endless! Thank you to LEND360, the incredible speakers and attendees who made this session so engaging and insightful. #InnovationInAction 💡 Let’s continue pushing the boundaries of what's possible with #OpenBanking and #ReusableIdentity! Arro Online Lenders Alliance LinkedIn #BlockchainTechnology #PaymentInnovation #AIinBanking #MyArro #DataScience #BankingInnovation #CloudBanking #DataAnalytics #OpenFinance #FinancialTechnology #DigitalIdentity #RiskManagement #FraudPrevention #KYCCompliance #RealTimeBanking #FinTechDisruption #TechAdvancements #MobileBanking #InnovationLeadership #BankingSolutions #DataDrivenBanking #AIinFinance #BankingAPI #FinancialServices #EmbeddedFinance #SmartPayments #FutureTech #DataDrivenInnovation #FinTechLeaders #RegulatoryTech #SmartBanking #FinTechEcosystem