Financial institutions face numerous challenges onboarding new applicants. Financial institutions must balance risk of identity fraud with costs of external data validation. This white paper presents re-engineering alternatives compliance officers should consider making to their onboarding processes to maximize internal efficiencies while balancing compliance and security risks. The true costs of identity verification and Know-your-Customer compliance are discussed in this white paper. The paper highlights how to improve automated verification clear rates while decreasing manual reviews. It also highlights the benefits of validating today’s dynamic, evolving and increasingly diverse consumer base.”]