Factors To Consider When Choosing A Financial Services Software Option

If you maintain the next four factors in mind when selecting potential financial services software solutions for the company; you’re going to be well on your way into a thriving business enterprise. Good luck!

How can this enable you ‘know your customer’?

Instantly and accurately identifying customers is crucial. Customer confirmation is vital for fraud avoidance. Decide on a solution that captures and monitors the important customer information, which means it’s possible to find them if there’s an issue with their trade (and hopefully get reimbursed). You merely have possible recourse on returned checks whenever you’re convinced that you know your customer and have their information.

A fantastic way to catch; access and keep that customer information is through biometrics. At registration customer can supply ID, scan their finger and receive picture taken. Then on subsequent trades, they differentiate themselves by putting their finger using a finger scanner. This increases the trade time; and reduces language obstacles.

Note: When exploring biometric solutions, start looking for mark curry macfarlane group that provide one-to-many fitting; that provides increased fraud protection and greater identification precision than one third coordinated.

Would the built-in tools assist you to manage your risk?

Just understanding your customer is a step in the ideal way to managing your own risks; nonetheless having some extra tools may also assist. Servicing the alternative financial services marketplace has its own inherent dangers; from check fraud up to prosecution. While bullet proof glass can go a very long way on the prosecution front; confirmation and biometric tools can aid with fraud.

Some software companies supplying integrated biometric systems may provide shared negative information – in which a consumer with adverse trade history could be diminished ahead of the trade

You also need to know about check verification tools – a few program integrates with check verification databases (like bank databases); and also may alert you ahead of finishing a check cashing trade if a test is large, moderate or low risk.