Secure identity company CLEAR has expanded into financial services with the launch of its reusable Know Your Customer (KYC) solution to simplify the onboarding experience. CLEAR’s one-click KYC solution is set to help financial services companies successfully convert prospects into customers while combatting traditional 40% drop off at onboarding caused by friction.

Moreover, the solution brings together a simplified onboarding experience and CLEAR’s embedded 17 million people user base. CLEAR’s reusable, one-click KYC solution capabilities Based on the information detailed in the press release, the expansion of CLEAR’s identity platform follows its acquisition of SORA ID, which developed the technology that is KYC-compliant and is transferable across financial institutions, creating a unique, reusable platform. The delivery of a differentiated user experience is set to benefit financial services and banking, helping convert more potential customers into active consumers while verifying identity in a secure manner.

Despite the proliferation of similar KYC offerings, more than 40% of potential customers abandon the sign-up process due to friction, including KYC verification. The reusable KYC product enables customers to quickly complete the process once and not be required to repeat the same steps whenever signing up with a different financial services company. The expansion into KYC comes as the latest example of CLEAR’s identity platform enhancing security and the customer experience.

Being compliant with KYC regulations, CLEAR’s one-click KYC technology is set to help ensure that the end consumer is who they say they are, confirming their identity through a series of verifications. New users will be enabled to enrol once, unlocking the ability to verify with CLEAR across its growing network of partners within the healthcare, hospitality, sports, entertainment, and other industries. With the introduction of its one-click KYC service, CLEAR looks to set itself apart by delivering a frictionless consumer experience aimed at helping financial services companies combat traditional drop-offs in signups when customers are required to complete KYC checks that are cumbersome.

The company brings together its consumer brand, its embedded 17 million people user base, and experience activating in other highly regulated industries like airline security and healthcare, to financial services. When commenting on the launch, company officials said that identity verification and secure authentication are fundamental to modern financial services, and CLEAR’s reusable KYC solution delivers something new, namely a simplified consumer-focused signup set to help partners enrol customers in a successful manner. Per their statement, although new to financial services, the service is to feel familiar to CLEAR’s 17 million members who have benefitted from how tech is leveraged to save them time.

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