The Paypers interview with Ricardo Costa, CEO of LOQR, on Digital Onboarding

During MoneyLive Madrid, The Paypers sat with our CEO, Ricardo Costa, to talk about best practices in implementing frictionless digital customer onboarding.

Could you share with our readers what is LOQR, the idea that triggered the foundation of the company and the problems in the industry it is striving to solve?

LOQR’s is most known to be a Customer Onboarding Management Platform created to manage the complete process of the customer onboarding workflow for banks, financial services and any other highly regulated verticals. So, by using LOQR’s platform our clients can build their own customer-centric and compliant onboarding process. We provide, via an omnichannel approach, all the tools that support the different phases of each specific workflow for their different products. This includes data acquisition, customer due-diligence (with KYC and Identity AML), legal documentation (with digital contract signing), account setup (core services integration, including legacy) and post onboarding relationship management.

The idea behind LOQR is to build a platform where non-IT companies can design digital processes, new or by migrating existing paper base ones, without worrying about technology. Ultimately any process that needs somehow customer intervention, our clients should be able to design it and make available through our platform, as the platform will be responsible to fill the technological gaps.

Why is digital identity/identity verification an important topic for 2019? From your point of view, who will be in the lead in getting digital customer onboarding right, banks or fintechs?

Banks and other financial services providers are now facing tougher compliance laws making compliance mandates much more numerous and complex. Complying with PSD2, GDPR, 5AML, and other specific regulations requires additional and reliable Identity Verification (IDV) investment and improved strategies.

Fintechs are, normally, IT companies working or providing services in the financial world. Using this as a start point it will be easier and more natural for them to get the user experience in the customer onboarding, or any other development, right from the start. They are also quicker on making changes after receiving feedback.

Full interview here.