5 Ways To Improve Your KYC Processes

Know Your Customer (KYC) processes provide the backbone of sound regulatory compliance measures for corporations and financial institutions. We know however that your due diligence processes are out-dated, inefficient, and costly – and up until now, there were few options that offered a viable solution to changing these procedures for the better.  

Typical KYC protocols involve a time-consuming practice of information gathering and processing. With onboarding delays on the rise as more rules are added to the KYC regulations, businesses are losing more than half of potentially new clients during the registration process alone. The existing labour intensive processes are resulting in increased costs, errors, duplication of effort across multiple platforms –and loss of rrevenues. Consumers expect a better, more user friendly and less repetitive experience. 

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Finally, after years of operating in the AML and KYC business, we have established a new way of processing KYC requests – #TheKnowMeNowWay. Through the use of blockchain technology, we at KnowMeNow have redesigned the way you perform your KYC checks, turning the current process on its head by ensuring your consumers are already verified when they register for your services.

KnowMeNow’s trusted blockchain technology brings new ways to perform your customer due diligence in a highly compliant manner and brings benefits to both consumers and businesses.  Below, we are outlining 5 ways on how our solution will upgrade your KYC process.

1. Quality KYC

Our KYC service is not just a tick box exercise, but is based on our 15 years of anti-money laundering experience. Making use of both manual and automated checks, it is time efficient and reliable. We use advanced imaging technology, however given our nature and the wider risk landscape, we still opt to use manual (i.e. human) interaction to ensure a truly fraud proof solution.

2. A frictionless & streamlined process

Customers looking to sign up for a service argue that most KYC procedures create friction and result in a poor user experience. This often results in them abandoning the process and looking for an easier alternative.

KnowMeNow allows you to offer your customers a user-friendly solution that automatically enhances customer relationships from an early stage, leading to greater customer satisfaction and an increase in customer acquisition. Thus, removing time consuming and admin heavy checks associated with KYC creates a more simple and efficient experience for your customers.

3. Reusability

Customers are frustrated with the number of times they are asked to provide the same personal information to different businesses over and over again in order to be able to make use of a service. 

One of the most unique features offered through the KnowMeNow application is the reusability of their verified identity. Think of it as a “one-time” KYC process that can be reused instead of having to go through the same process over and over again when registering for a service.

Through the KnowMeNow App, users easily upload various KYC documents, have them verified in minutes and are ready to instantly share these details with your business and all other participating businesses, eliminating the duplication of effort for your customers.

4. Time & Cost saving

It is well known that KYC costs are skyrocketing.

KnowMeNow’s solution transforms this onboarding journey from days to seconds. That’s right, you read correctly – since your customers are already verified, the time and costs surrounding KYC measures will be drastically lowered.

With information gathering and verification done once, KnowMeNow is saving businesses a huge portion of time, cost and effort through our trusted and decentralised technology. We provide you with up-to-date verified customer data so that you do not need to waste time on screening and verifying them again…and your customers will thank you for it.

5. Reducing Fraud

Given the continuous growth of e-commerce, identity fraud has become a major issue. Personal identities are continuously being exploited by cyber criminals who target central large repositories of KYC providers to run away with millions of real identities.  

At KnowMeNow we are well aware of this issue and have designed a truly decentralised solution using advanced blockchain technology to ensure our service is not collecting millions of identities in a central repository. We do not store your customers’ personal data. We do not even know what data is shared with you as this is shared directly with you from the customer’s phone and encrypted with your public key to ensure only you, as the intended recipient can open it. This will raise the trust that your customers have in your business and lower the risk of your customer having their data stolen when compared to other centralised services.

[1] Source: Thomson Reuters: Reference source