Important Fintech Tips for Smart Finserve Onboarding

Important Fintech

Onboarding clients efficiently is the goal of every business. In the fintech industry, this takes on another level of importance.


Financial services and wealth management include a series of interactions full of highly sensitive information between the client and the customer service department. When dealing with KYC and AML, identity verification, and financial regulations, your finserve onboarding techniques must be above reproach.


Regulatory compliance is integral to many financial platforms, even in fintech. If you’re using digital means to create and run accounts and register services, those requirements must be inherent in each fiber of your onboarding.


As you design your finserve onboarding processes, keep these important tips in mind.


  1. Keep the Basics At Every Level


Three key aspects of fintech are identity checks, KYC, and AML factors. These must be embedded in every level of onboarding.


Identity checks are designed to ensure the customer is real and can legally open an account or complete transactions. It may be annoying, but adding a compliance check to every new level of service ensures the customer’s security and your business’s integrity.


Fintech platforms make use of a combination of artificial intelligence checks, robotic automation, biometrics, and manual identity verification. 


The next stage includes the KYC process. Short for Know Your Customer, this expands the identity check system to encompass fraud protection. KYC requires customers to provide verified confirmation of their identity and address to protect the fintech business and other servicers against money laundering, corruption, and fraud.


From there, the KYC processes are enhanced to include a focus on anti-money laundering (AML). This requirement prevents the transfer of money through accounts to shield illegal activities and is regulated by government policies. Adding this into each phase of onboarding makes it easier to catch and avoid AML issues.


  1. Review Your Competitor’s Processes


As a startup, you don’t have years of experience on what works and what doesn’t to draw on when creating your processes. What you do have is the relevant knowledge from similar fields in your history and the ability to research your competition.


What are the other fintech startups doing in their onboarding processes? In which ways are their services similar to yours? How can you mimic their steps but tweak them to be unique for your business?


If you have any resources who work in financial compliance and regulations, ask them for their advice. What do they see as successful, and which processes tend to fail?


As a startup, you’re automatically a target for fraudulent practices. Criminals will try to work with your business because they see your processes as weak and easily penetrable. 


It’s safer to wait and ensure every aspect of onboarding is optimized and meets AML, counter-terrorist financing (CTF), and fraud prevention regulations before getting excited about dollar signs.


  1. Bring in Technology to Automate Your Services


Fintech and technology are intertwined. You must be confident with innovative tech before you can establish your onboarding processes. By automating your services using providers like VictorFi, you’ll maximize efficiency, save money, and minimize the potential for error.


When you automate the basic processes, like manual reviews and acceptances, you and your staff have time to focus on things like identity verification, AML compliance, regulations, and bettering your product and services.


However, in finserve onboarding, just because it can be automated doesn’t mean it should be. At certain levels, automating a process increases risk. You can automate a process, but then set up a system that looks for red flags and ensures these are reviewed by a knowledgeable human.

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If you’re partnering with a regtech provider to help you with onboarding, look for a platform that tailors its services to your needs. A one-size-fits-most option may leave gaps open that expose your customers and business to unnecessary risk.



Your onboarding practices may be the reason your business is successful, or they could be its downfall. Smart finserve onboarding is optimized before the first client enters the scene, focusing on low risk and high security. 


You’re in an industry where financial crime is rampant, but general consumers need your services. Maximize your onboarding techniques and processes right early, and you’ll have the beginnings of a successful fintech business.

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