Changing tech trends and consumer expectations have forced businesses to adopt new technologies and strategies, and it has helped both parties in diverse ways. KYC (Know Your Customer) compliance is a must in most industries, but instead of the older means of paper-based work, we now have digital KYC, which promises to change the way people interact and use financial and related services.
Digital KYC is not a buzzword anymore. There are companies that offer complete support for businesses for integrating digital KYC, and by leveraging the bank account of the user, identity verification and compliance aspects are done immediately. This brings us to our question – Should you really shift to digital KYC? Here’s a quick take.
Digital is safe and needed
Digital KYC is safe – period. Some of the biggest brands and financial institutions have shifted to digital means, and there are no worries as far as compliance related to FINTRAC/AML regulations are concerned. In fact, digital KYC does away with a lot of loopholes that were earlier associated with physical KYC forms. For example, erroneous details were easily uploaded in the system, and there are hundreds of cases where KYC documents have been misplaced or lost. Not to forget, the manual work involved in the process was cumbersome for everyone involved.
Making the shift
If you want to utilize digital KYC for your brand, the first step is to select a service that can be relied on. All you have to do is integrate their API into your platform and app, and user identification can be automated right away. This is 100% safe, and yes, all your compliance needs will be taken care of. Most companies that offer digital KYC API offer 100% assistance and support on integration, in case you need help with the basics.
Ease it for your customers
Customers have more choices in services than ever before, and they are quick to shift from one brand to another. As such, your brand needs to simplify the process for using your services, and digital KYC is the right step in that regard. It is a good idea to consider how effectively customers can complete KYC and get started with your brand.
Digital KYC is not a choice in the long run, and it has already become a norm in many regions. If you want to survive the market and reduce customer dropouts, this is the way to go.