On the other hand, some corporations in Europe and worldwide are increasingly implementing biometrics and automation technology to assist them in lowering KYC and AML expenses.
Onfido is one among them, having recently partnered with Italian neo-bank HYPE.
As part of the agreement, Onfido will use its biometrics and document verification technology to streamline customer onboarding.
According to an announcement on the company's website, the change would allow HYPE to scale as demand grows, expediting client onboarding.
According to preliminary estimations, HYPE decreased document verification time from 24 hours to a few minutes by adopting Onfido's biometric onboarding system.
HYPE has confirmed it has designed a hybrid of automatic and manual checks relying on Onfido’s platform for automation, improving user experience while also keeping low operational costs.