Technology has forced businesses to look at operations from a different perspective. Terms like digitization and automation are being used more frequently, and it’s only a matter of time when adopting new tech solutions would be a norm, rather than choice. KYC, or Know Your Customer is required for compliance and customer onboarding, and for those unfamiliar with the concept, KYC is necessary to verify the identity of the customer. With FINTRAC / AML regulations in place, businesses must verify and check details like name, address and financial account of the customer, as required. Digital KYC is the best means to stay compliant and enhance experience of customers. Here’s more on what businesses need to know about digital KYC and related details.
Revisiting the process
KYC is a compliance need right now, and traditionally, customers had to fill up the forms and submit physical copies of the essential documents that furnish the required information. With digital KYC, businesses will be able to verify the details online, and that may have many benefits. There are companies that offer digital KYC API, which basically verifies the information using the bank account of the customer as a source, so you get information like name, address and financial account. Depending on the requirements, you may have access 12 months of transaction history. Most of the better digital KYC APIs have almost 99% reliability, and that’s eventually a fact that cannot be ignored.
Benefits at a glance
First and foremost, digital KYC makes the onboarding experience easier, so you can streamline the way customer signs up for your services. For businesses, this also means reduced manual work and complete transparency in the process. For the longest time, companies had their concerns with regards to use of information and human errors in the process of KYC compliance, but digitization gets away with all of that. It also ensures that customers can use more financial services without being bothered about the procedural jargon and formalities.
If you want to reap the benefits of digital KYC, find a company that offers digital KYC API and check the kind of assistance they provide for integration and further support. It should be easy to integrate and your business should be able to reap the benefits immediately. In the long run, it will add to the reputation of your company and enhance customer satisfaction – a must for surviving in this competitive industry.