Bonafidee, a provider of cybersecurity technology, has secured the Digital Innovation of the Year for Cyber Security/Verification award at the Motor Finance Europe Awards 2023 held in Vienna last week.
This recognition highlights the company’s achievement in bolstering consumer protection within the financial services industry.
The company’s founder, Francis Lang, said the success was “testament to the impressive capabilities and features of Bonafidee’s platform”, which provides ID verification and e-signature tools to combat fraud.
Speaking to Motor Finance Online, Lang describes the platform as “a holistic gateway for financial firms to monitor, assess and enhance the customer journey”.
The Consumer Duty Package comprises a range of ID verification methods, and Bonafidee claims that it allows clients to not only meet but exceed the new Consumer Duty requirements that came into force on 31 July.
Consumer Duty Mandate
The Consumer Duty rules, introduced by the UK’s Financial Conduct Authority (FCA), aim to elevate consumer protection standards in the financial services industry. Companies are now mandated to provide accessible and supportive customer service, furnish clear and timely information, offer products and services tailored to consumers’ needs, consider the situation of vulnerable consumers, and ensure fair value for their offerings.
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To ensure compliance, Bonafidee’s Consumer Duty Package secures consumer consent and verifies their identity using various methods, including visual biometric checks, liveness checks, open banking verification, classic identity checks, card checks, bank account ownership checks, and one-time passcode checks. Data is collected securely via questionnaires, electronic forms, or document sharing, with all records authenticated through electronic signatures and digital witnessing.
Bonafidee’s technology not only verifies individuals’ identities but also provides organisations with the assurance that the same individual has completed all the verification checks. Lang says that Bonafidee generates a “tamperproof evidence pack”, providing a “comprehensive audit trail and documents [that] are digitally sealed”, allowing organisations to meet the new regulatory standards.
Lang adds that the level of assurance generated differentiates Bonafidee’s platform from standalone e-signature products.
“To prioritise convenience, some platforms reduce the required customer engagement to a minimum, often just requiring a tick in a box or squiggle overlay,” he explains. “Whilst this offers a certain level of ease, it lacks the level of positive friction necessary to conclusively prove the intention to sign a document and may create challenges when evidence needs to be presented. Bonafidee offers convenience with no compromise on security.”
Lang also emphasises the flexibility of Bonafidee’s technology, adding: “Our technology enables firms to tailor their offerings to meet consumer wants and needs rather than a one-size-fits-all approach.”
“Our technology is highly configurable and adapts to the needs of consumers. It gives them the greatest chance of success. Manual workarounds, offline processes and insecure communications can be eliminated …”
“Whilst we cannot predict the future, our development team has built our product suite to be highly configurable so that it will enable our clients to adapt to emerging regulatory change, opportunities and above all consumer needs, today and tomorrow.”