Don't let KYC kill your bank - Part 2

In Part 1 we explained Know Your Customer (KYC) methods and processes for banks, here in Part 2 we talk about the modern solutions that are being used to assess and monitor customer risk, and comply with AML regulations, in smarter ways.

Here we offer a quick overview of modern solutions and how we at Hello Soda can help. 

Electronic KYC (eKYC)

All workflows, where possible, should take advantage of digital processes. There might be situations, such as outdated legislations or hard-to-change legacy requirements, where digital techniques can’t be used for KYC. However, these are the exception and are on their way out; full digital KYC is the future and companies that fight it, will find themselves on the losing side.

There are numerous reasons why digital KYC is now preferential:

Speed
Taking days, weeks, or months, to get an account is damaging to the brand, hurts revenue growth, and means some customers abandon the process. This doesn’t happen with eKYC.

Accuracy
Mistakes slow down the process and add to cost; eKYC can automatically check for errors with more precision. 

Cost
While eKYC systems do have costs, their faster speeds, improved accuracy and automated offering provides huge cost savings, and improves scalability.

Adaptability
As regulations constantly change, compliance need to correspondingly change. eKYC can change quickly, in many cases simply update a ruleset and it’s set.

Integration
eKYC, for the most part, is about using APIs to easily add functionality. Sometimes having multiple APIs can be difficult, but at Hello Soda we offer all KYC solutions via a single global API.  

Tracking/Reporting
Digital data is seamlessly transferable in its native form to analytics, auditing, tracking, and reporting, to make results clear and allow for strategic analysis.  

Customer Experience
Not only is eKYC a quicker process for any bank or business, but much easier for the customer. The entire process is often mobile or internet-only and thus delivers a smooth and convenient experience.  

Global
At Hello Soda our KYC solutions are global, so we enable identity verification where traditional methods simply don’t work, and can verify any national identity document in the world. 

 

Mobile KYC (eKYC)

New technological developments continue to drive KYC solutions forward. From biometric data to AI, technology is offering better ways to identify customers, run due diligence checks and perform ongoing monitoring.

The combination of mobile data with traditional data sources can take KYC to the next level, adding an extra layer of authentication to help deliver a convenient, immediate and effortless customer experience, along with the necessary compliance and fraud-mitigation measures.

Connecting with real customers and foiling fraudsters in the mobile world is a challenge.  While you have an array of verification methods and data available to you, accessing mobile data and leveraging it to ensure that specific criteria are met by legitimate customers adds an extra layer of protection. Simply put, it’s another tool to help reduce fraud risk, improve KYC standards, and just as important, secure an effortless experience for your mobile-minded customers

 

How Hello Soda can help

At Hello Soda we have a full suite of KYC solutions that can enable and enhance KYC. We have Profile iD, for social authentication anywhere in the world in seconds, iDocufy to authenticate national ID such as driving licences and passports, BioMatch for facial authentication and verification of national ID, and UtilityConnect to verify address using live utility data. 

These are automated, global, and highly accessible solutions for banks and businesses. We also offer PEPs & Sanctions checks, and other AML solutions

We offer a 360 degree, real-time and layered approach so you can ace KYC, and make it easy for yourself, and your customers get in touch if you’d like to know more or fill in your details below to book a demo.

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