The Next-Generation KYC Platform Is Here!
Since everything is becoming digital, financial institutions are at stake in data security. Audit trail requirements have increased the complexity of the regulatory changes that affect KYC verification, resulting in an increased demand for automated processes. Modern problems require modern solutions. Using evolving strategies for financial institutions, many platforms have introduced the next-generation KYC platform as a service model. EKYC will be key in gaining and retaining customers.
For establishing B2B relationships, KYC verification and its compliance practices play a vital role in gaining the trust of clients. Digital onboarding varies from financial institutions to coeporations, where the requirements are the same for KYC and ID verification, but changes in regulatory compliance are making the process complicated, and institutions struggle to keep up with them. The customer onboarding process and recurring regulatory compliance make the KYC process challenging. In addition, it prolongs and develops hurdles in gaining the trust of an official partner while protecting the business.
The process comprises of collecting data from clients or customers to verify their identity and address, certification of information confirming the identity of each client, and an ID checks online. Due to frauds and scams, compliance with regulations requires maintenance to regularly update identity records. Regulations that involve updates are mostly due to frequent updates of UN sanction lists, Anti-Money Laundering (AML), Anti-Terrorism Law (ATL) and Anti-Tax Evasion.
The suggested KYC solution by Fintechs that has been making rounds is a next generation KYC platform. The solution is requires low manual data input in favour of digitisation, and the data entry of the collected information will update digitally. It will lessen the stress on the employees and improve the customer onboarding process. The availability of a private digital vault for the legal entity will enhance the data securing and customer trust in the company. This also means that modified customer outreach services will result in more customers onboarded, and the end-to-end data collection and audit trails are going to be tamper-proof for traceability.
The eKYC solution will enhance the customer onboarding process with the availability of new onboarding platforms, helping to gain efficiency in operations. The cost will be lower for KYC and compliance, making it affordable to improve their trust among the clients. Moreover, the individuals will not have to add information over and over, and onboarding will be quicker.
EKYC can perform risk analytics, customise risk management, and monitor the risk exposure to the business. The developed ecosystem will improve data quality for businesses to exchange data securely with identified business partners. Moreover, tamper-proof traceability will be available for audit trials. In addition, the KYC platform will have to offer much more than mentioned here.
Idenfo aims to be the leading next-generation eKYC platform and is well on its way to getting there. With top-of-the-line technology and thorough services, Idenfo is shaping up to be a platform like no other. To know more about Idenfo – a holistic end-to-end solution for AML and KYC verification please visit our website Idenfo.com.