Ideally, finding the right Know Your Customer or KYC solution for your company should not be a difficult task; unfortunately, it is. With so many employee background verification companies claiming to offer the best KYC solution at different price points, one tends to be overwhelmed and confused. The ideal KYC solution should seamlessly integrate into your existing model and ensure you remain compliant while being cost-effective and speedy.
That may seem too much to ask for, but it is not. With AI-powered KYC solutions in the market, you can enhance your customer experience and go to market faster. These robust solutions have deep search algorithms and machine learning capabilities built on sophisticated image detection and liveness technologies. These KYC solutions help mitigate any sort of financial fraud and identity theft.
KYC Compliance is super vital as companies that have failed to do so have been fined an astounding $10.6 billion for regulatory non-compliance globally. This includes KYC non-compliance and anti-money laundering non-compliance.
Questions to Ask when finding the right KYC Solution for your company
1. Is the KYC solution frequently updated?
An ideal KYC solution needs to regularly update its data, failing which financial institutions can fall into non-compliance of KYC and AML. The regulatory environment constantly evolves, the product needs to work in tandem with these changes to ensure the companies using them are operating as per regulations.
2. Is the KYC solution customizable?
When you develop an onboarding flow, it should be streamlined in such a way that no steps are missing, and neither are unnecessary steps. Every onboarding will have different requirements – for instance, onboarding a customer will be different from onboarding a vendor thus, a customizable solution is preferred. This also ensures that the company has only one point of contact and not multiple solution providers.
3. How is the KYC solution improving your operational efficiency?
In today’s fast-paced day and age, KYC solutions should enhance your operational efficiency rather than slowing down your customer onboarding times. This operational inefficiency and lag drive customers away and impact the business. However, this does not mean one opts for a faster solution that is non-compliant or does a shoddy job of the process.
Digital and Video KYC solutions can bring down a week-long process to just a few minutes. By enabling instant verification with the power of Artificial intelligence, Machine Learning, and deep search algorithms, they speed up the customer’s onboarding process and help reduce account activation TAT by up to 80%. Not only do such KYC solutions help scale up fast but also significantly bring down operational costs.
4. Is the KYC solution helping you to save money?
A company should not have to break their backs to implement a robust and technologically superior KYC solution. On the contrary, a KYC solution should be able to bring your costs down by making you more operationally efficient. Cutting-edge KYC solutions can help you reduce operational costs by up to 70%.