The monumental shift from online to mobile trading has gone hand in hand with digital natives and the convenience it provides. But such democratisation comes with a warning – compliance is as critical to mainstream success as ease of use and information quality.
Emerging firms now seek to break the stranglehold of the incumbent brokers in the market, by being smarter with technology to pass on cost-savings to the consumer. It means they can offer zero-commission, no minimum deposit and real-time access to portfolios.
It also means they no longer rely on a third party to broker trades at Bloomberg or risk latency issues. This is new technology for an emerging era of aspiring investors, all possible by the device in their hand.
But bringing free apps into the mainstream on the back of real-time customer experience demands equal instantaneity from the Know Your Customer (KYC) and Anti-Money Laundering (AML) process or risk losing customers altogether through lengthy onboarding.
It is why one such CEO of mobile trading app, Webull, Anthony Denier said: “a fast and reliable customer identification process during the account opening process was crucial for us.”
Used by over 9 million investors worldwide, Webull, built by Webull Financial LLC, was able to onboard over 100,000 customers in real-time, meeting all regulatory requirements.
To read more about the rapid growth of Webull and its use of real-time identity verification, click here.