Before we set sail, it’s crucial to grasp the full spectrum of risks, regulations, and requirements woven into the onboarding process. 📚
🏠 Address Verification Refinement: Currently, SoLo Funds captures only one address, leaving no room for differentiation between residential and mailing addresses. This becomes a challenge, especially for individuals with varying addresses tied to their SSN, bank accounts, and SoLo Funds account. By offering options for both, such as residential and mailing addresses, we’d dial down Address Verification System (AVS) hiccups. Imagine streamlining the experience for users who’ve recently moved, ensuring a smoother process. 🏠
💡 Innovative Address Verification: What if we leveraged the address linked to a user’s connected bank for verification? While this could be a game-changer, there’s a caveat. Potential regulatory hurdles might crop up due to excluding client-provided information. There’s a fine balance to be struck. 🔍
🔒 Boosting Security with Identity Verification: Our focus is on enhancing security and thwarting fraud. The solution? Incorporating top-tier identity verification solutions like Plaid’s Identity Verification. While it may bring about additional costs, the rewards of minimizing fraud risks and fostering a trustworthy user base are immeasurable. By adopting a robust identity verification process, SoLo Funds emerges as a bastion of security. We acknowledge that there’s always a possibility of fraudsters manipulating ID or driver’s license photos. However, considering the added risk this poses to them, and the potential rewards, the case for identity verification becomes stronger. 🔐
💼 Connecting Multiple Financial Dots: Why limit to just one bank account link? Imagine offering users the freedom to connect multiple bank accounts. This paves the way for a comprehensive financial snapshot, enriching our risk assessment and decision-making process. 📊
💰 Empowering Through Income and Employment Verification: We’re diving deeper into financial stability and repayment capacity. Incorporating income and employment verification services unveils valuable insights. While there might be associated costs, the payoff in terms of a fortified scoring system, improved risk management, and informed lending decisions is substantial. 📈
🚀 The BaaS Balancing Act: Banking-as-a-Service (BaaS) providers bring efficiency, but they also bring a need to deliberate trade-offs. On one hand, they grant substantial time savings with features like user management and data storage. Yet, there’s the flip side – reduced control over the backend infrastructure. It’s a question of priorities: the trade-off between control and swiftness. 🏦
📈 Progressive Enhancement: We’re all about evolution without upheaval. While incorporating these steps might slow down the onboarding process, gradual implementation is our plan. Whether we introduce these enhancements incrementally or request them from users on specific occasions, the aim is to strike the perfect balance between efficiency and user experience. 💪
💼 Balancing Account Growth and Diligence: We understand the potential impact on new accounts due to these changes. That’s why we’re considering a phased approach. We could request Identity and Income Verification when users aim to borrow beyond $300. Alternatively, we can educate users about the positive effect these verifications could have on their SoLo Funds score. It’s also key to assess our current product phase. Are we chasing new accounts aggressively, or do we need to prioritize verifications like Know Your Customer (KYC) and Anti-Money Laundering (AML) processes? This analysis guides us in picking the right products from our Banking-as-a-Service (BaaS) partner. 🧐
🔮 In a Nutshell: Our journey is one of empowerment, innovation, and calculated steps. It’s about embracing change for the better. As we reshape onboarding, we’re charting a path to a more secure, efficient, and user-centric financial future.🌐
