LOQR’s Platform is always evolving

Since 2017, LOQR’s Platform achieved over 80M potential users, enabling clients to expand into new market segments and unlock multiple journeys.  

We strive to improve daily, and our Platform follows that same ideology. In this blog post, we’ll take you through some of our Platform’s new features, so that you can better understand their benefits and how we keep security, compliance and usability at centre-stage of our journeys.
Keep reading and discover how the LOQR Platform is constantly improving! 

Video call statistics on backoffice  

Display video stream connection quality in the backoffice to make it possible for our clients’ operators to identify connection difficulties in real-time and carry out an analysis after the end of the call.  

This means statistics are being collected in real-time, during the video call with an indicator displayed on the operator screen, allowing to immediately understand the probability of the interview having to be repeated due to quality issues. 

Based on valuable statistics, operators can make informed decisions with regard to customer interactions which contributes to a smoother process and a better user experience.  

#Fact: This feature enables to get better feedback between the user and the operator and also allows clients to be more autonomous in identifying problems that may occur during video calls caused by unstable connections. 

Standard Digital Account Opening with Passport

Supporting Passports on standard journeys gives our clients the opportunity to have an affordable turn-key solution to onboard users without “national” ID Documents. This way, passport image capture is now available with a screen adapted to the data that needs to be collected in that document.  

LOQR is conquering several geographies worldwide and our Platform is evolving at the same pace. Currently, we are increasing the number of documents supported by our Platform, always aligned with our client’s requirements and compliance needs. 

#Fact: This innovation allows us to deliver a turn-key solution with a shorter time to market and with a lower implementation cost for our clients. 

Standard Digital Account Opening with Residence Card 

Supporting Residence Cards on standard journeys significantly expands the new onboarding opportunities for our clients while reducing the time and cost of implementation. 

The percentage of new residents in Europe has been increasing and therefore, according to the latest migration study there are:  

– 23.7 million were non-EU citizens (5.3% of the total EU population)
– 2.93 million of new residence permits issued in 2021

Source

Considering these overall significant numbers, this improvement represents a great opportunity to reach a high number of potential users. LOQR is the right partner to expand into new market segments according to the newest demographic movements around the world, especially in Europe, the continent which is receiving more people across borders.  

 #Fact: By supporting Residence Cards on standard journeys, our clients will broaden their user base allowing an increase in the number of account openings.   

Politically Exposed Person (PEP): Self–Declaration  

Supporting PEP information self-declaration in standard journeys allows our clients to collect all the necessary information to reduce the effort of additional due diligence. Due to AML regulations, financial institutions are required to identify customers who are PEPs. In this case, LOQR is helping clients to do that identification through the users’ self-declaration. 

LOQR is responding to more specific and detailed requirements, simplifying identification stages, such as PEP, increasing security layers and compliance standards. 

#Fact: With this feature, it is possible to reduce the number of rejected processes due to the wrong identification of customers as PEPs. Clear identification of PEPs will also simplify the post-journey due diligence.  

Tax obligation information & US Person declaration 

LOQR’s Platform enables the collection of tax data according to the client’s requirements, including all countries worldwide where users have tax obligations. In the specific case of the US, and in accordance with bilateral agreements to avoid double taxation, it allows users to declare themselves as US Persons, simplifying the reporting process required by financial institutions. 

US represents a very demanding market due to the restricted identification and tax obligations processes. The latest improvements in our Platform give our clients the opportunity to be a step ahead in the landscape of US market regulations. 

#Fact: This improvement permits you to have a simpler and more complete way to capture the other tax obligations information.