A bank uses Atfinity to completely automate their onboarding process. So, when a person wants to submit an application to open a bank account, they can do so quickly and efficiently, as the form reacts to their decisions. For example, if they select that they’re from the UK, only steps relating to UK citizens will be presented.

After providing all of the needed identification documents, the verification process is automatically triggered. In this step, the person’s information is compared to official data to prove that the person is who they claim to be.

Lastly, the onboarding software automatically runs a series of background checks by utilising KYC/KYB and publicly-available lists. This includes sanctions screening, PEP checks, criminal watchlist checks and, in some cases, adverse media checks.

After all of these steps have been performed, the person is assigned a risk profile. If they are considered a high risk, they might be asked for further information or be declined services. Otherwise, their account is opened and the onboarding process is concluded.