CLEAR has announced its first product designed for the financial services sector, a reusable know your customer (KYC) solution. 

CLEAR says that its one-click KYC solution sets itself apart by delivering a frictionless consumer experience aimed at helping financial and banking services companies combat the traditional drop off in signups when customers are required to complete cumbersome KYC checks.

The company highlights that despite the proliferation of similar KYC offerings, over 40% of potential customers abandon the sign up process due to friction, including KYC verification.

However, the new reusable KYC product allows a customer to quickly complete the process once and not have to repeat the same steps when signing up with another financial services company.

Use in financial services

“Identity verification and secure authentication is fundamental to modern financial services and CLEAR’s reusable KYC solution delivers something new: a frictionless consumer-focused signup that will help partners successfully enroll customers,” said CLEAR CEO, Caryn Seidman Becker. 

“While this is new to financial services, it will feel familiar to our 17 million members who have benefited from how we have leveraged technology to save them time.”

The company says that this expansion of its identity platform comes from the acquisition of Sora ID, which developed the technology that is KYC compliant and transferable across financial institutions –creating a reusable product.