KYC Solution refers to the technology that helps verify the identity of a customer through various means of data verification. With a rise in cybersecurity concerns in the recent past, the term has become an inseparable part of doing business in the digital age, especially for the financial services sector.
Furthermore, businesses are now experiencing a record increase in international digital subscribers. This entails that security measures cover international guidelines, documents, languages, and databases in order to keep up with changing patterns of demand.
Since the process entails the collection and validation of unique data, identity verification operators employ advanced technologies to ensure the smooth provision of services.
Leading KYC solution providers such as Shufti Pro to provide fully customizable solutions with direct test accounts for clients before purchase and speedy response time.
By using an intelligent blend of both artificial and human intelligence, it offers real-time identity verification service for authenticity and anomaly detection in an industry-best average of 60 seconds.
Some of the most common KYC solutions include:
- Face verification
- Document verification
- Address verification
- Consent verification
- 2-factor authentication
- AML screening
As an Anti Money Laundering (AML) measure, KYC assists in screening customers and assessing risk by performing due diligence before the provision of services.
The importance of a swift and efficient KYC API can not be overstated. However, firms still struggle to put their cybersecurity concerns into perspective, either due to operational reasons or poor knowledge of KYC solution providers.
Here are two simple ways a reliable KYC operator can help shape your growth prospects:
- Enhance productivity and cost savings
As online commerce soars at a faster rate than ever, businesses are exposed to fraudulent practices that can lead to huge damages and reduced valuation.
By outsourcing a crucial component of security compliance, firms can earn large amounts in savings, both in terms of time and money. In this respect, automated KYC solutions support businesses by imposing a combination of technologies that ensures compliance and profitability.
- Improved customer experience
A seamless customer identification process coupled with a reduced risk of processing errors ensures that the buyer has a positive onboarding experience with the business. Any obstacles in document transmission, information collection or processing can easily get in the way of customer retention in the long run. Therefore, consistency and traceability are key features when choosing a KYC solution provider.
It is also important to appreciate that an efficient identity verification process helps develop a relationship of trust with the customer, by offering a user-friendly way of entering personal information. Repeated screening and verification processes are seldom appreciated by returning customers.
This further diminishes fraud-related losses and based on calculated predictions, and could translate into notable increases in revenues.
Making Your Choice
Keeping in view stringent industry standards and legal regulations such as the GDPR, it is beneficial for a business in all respects to adopt a fool-proof yet secure way of collecting and processing user data. With accelerated adoption of technology, outsourcing KYC solutions is by far the most efficient way to administer this growing need.
