At first glance, the primary affair with apps that sell financial, insurance or other regulated services is smooth user experience. How do we make it look good and sound uncomplicated, right?
But then the lawyers come in, bearing the real problems: risk and compliance.
In these types of apps, user journeys have to meet a series of strict, very specific requirements. For example, users must confirm their identity by joining a video conference upon registration. It's not "just" inconvenient - extra steps bring an unwelcome challenge. And that's only the tip of the iceberg. What about international requirements and future proof solutions?
At this point, most organisations take one of two routes. Option 1 is to be user centric and compromise on regulations to win conversion and business. Option 2? Take the mature decision to follow the rules - and lose on the user experience front.
With recent changes in legislation (such as the German Autoident and French PVID schemes), a good compromise is in sight. Here's what it all looks like, in practice:
- Leading EU regulators are taking the road to innovation.
eIDAS is already building a catalogue of tools for remote identification. It balances safety and convenience, featuring qualified signatures and eIDs. In exchange, some of currently used methods - including video conference - are on their way out.
- Authorities are working on next generation tools.
3-5 years from now all of this will be replaced with a further developed ETSI standard on remote identification designated via eIDAS by the EU commission as member state law. It will lower the bar for compliance and allow service providers to meet their user experience goals with relative ease.
Let's be honest: with the technology we have now, video conference feels simply outdated. Especially because a reliable and cost-efficient alternative already exists. Qualified Electronic Signature (QES) is the most user friendly and versatile tool for remote identification CDD/KYC on the market. Besides, it's widely accessible, future proof and 100% compliant in all EU member states.
Delight your users with a modern option for quick remote onboarding by using ZealiD APIs. All it takes is an ID (preferably RFID/NFC) and a liveness check. And, as an added bonus, it will give them a legally recognized EU identity for future use.
Enable it in your app to encourage higher esignature levels and embrace the next decade of regulation with confidence.
Learn more:
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