In today’s digital-first world, financial institutions rely heavily on online onboarding and credit scoring to serve customers efficiently. Yet, many banks, multifinance companies, and fintechs still depend primarily on names for verifying identity. This traditional approach often causes friction, errors, and even fraud in the customer journey.
Names are not as unique as they seem. Common names, inconsistent spelling, and the use of aliases can complicate identity verification, leading to onboarding delays and unreliable credit assessments.
The Common Challenges of Name-Based Verification
Relying solely on a customer’s name can quickly become problematic in the financial sector. Here are the most common issues:
- Common Names: Many users share the same name—think “Budi Santoso” or “John Smith.” Without additional verification, your system may struggle to distinguish between individuals with identical names.
- Spelling Variations: A single name can appear in multiple formats due to typos, spacing, or different transliterations. For example, “Siti Nur Aini” could also appear as “Siti Nuraeni” or “Siti Nuraini,” confusing both onboarding and credit scoring systems.
- Alias and Nicknames: Customers sometimes use shorter versions of their names or informal aliases in certain accounts. This can trigger mismatched records and increase the risk of false negatives during verification.
When left unaddressed, these issues slow down the onboarding process, increase operational costs, and potentially allow fraudulent accounts to slip through.
Impact on Onboarding and Credit Scoring
Financial institutions that depend on names alone face two major risks:
- Onboarding Delays: Manual checks to verify a customer’s identity can take hours or even days when name duplicates appear. In an era where digital customers expect instant approval, these delays can lead to drop-offs and lost revenue.
- Inaccurate Credit Decisions: Duplicate or misidentified records affect credit scoring accuracy. A clean customer might be flagged as risky due to another person with the same name, or fraudsters might slip through with falsified aliases.
The result? Reduced trust in your risk assessment system and an increase in operational inefficiency.
How GetName and GetTags Solve This Problem
In the modern financial landscape, accurate and efficient identity verification is crucial. GetName and GetTags provide a smarter way to verify users beyond just their names.
- Instant Name and Tag Identification: These tools instantly identify registered names and public tags linked to a mobile number, giving you a clearer picture of who your customers really are.
- Red Flag Detection: Spot potential risks early by detecting scam tags or name mismatches that could indicate fraudulent activity.
- Enhanced Verification Accuracy: By cross-checking mobile number data with public tags, your onboarding and credit scoring processes become more reliable and less prone to errors.
- Seamless Integration: GetName & GetTags are designed to integrate effortlessly into your existing systems and workflows, reducing operational friction and accelerating the onboarding process.
With these solutions in place, financial institutions can confidently verify identities, minimize fraud risk, and deliver a smoother, safer digital experience for customers.
Building Trust in Digital Financial Services
In the fintech and banking industries, trust is everything. Customers expect seamless digital journeys without unnecessary hurdles, while institutions must ensure accuracy and security.
By moving beyond name-only verification and adopting solutions like GetName and GetTags, financial institutions can protect their business from identity errors, reduce fraud risk, and offer a truly modern onboarding experience. Discover how GetName & GetTags can enhance your verification process by getting in touch with our team today.
Credit scoring accuracy Digital identity verification financial Fraud prevention in finance Name duplication in banking Onboarding process
Last modified: August 4, 2025
