The costs associated with the market exchange of credit and identity verification services is non-optimally high because of the traditional organisational structure of credit bureaus. Legacy infrastructure, bespoke contracts, bloated management hierarchies, customer relationships bounced between individuals with limited responsibility and accountability leads to a lot of wasted resource and — most importantly in modern business— time.
Time to negotiate access to dated API’s, time to build system logic and storage infrastructure around dated API’s and then the substantial fixed cost of negotiated contracts are particularly problematic for the growing numbers of start-ups and SMEs in regulated markets choosing to onboard their customers online. Time spent on this stuff is time that could be spent on developing your core product and crushing your competition.
Start-ups, SMEs and incumbent firms alike all face intense competition. Competition for the attention of their customers; on product, pricing and increasingly on customer experience. So in a world where every second matters customer experience becomes a key sustainable competitive advantage.
At PassFort we focus on delivering the best customer onboarding experience for customers and regulated businesses alike with a turnkey solution for customer onboarding that enables compliance with complex regulation with no up front costs, no lengthy integration processes or negotiations.
