KYC solutions use technology to automate the process of performing KYC procedures. They save both financial institutions and customers time doing KYC checks, while making it easier to meet regulatory requirements and reducing the risk of fraud. Let’s take a look at what KYC solutions are, why you need one, what parts of the KYC process they cover and what sets apart today’s best KYC solution.
1. What Is a KYC Solution?
KYC solutions are technology platforms which automate key tasks in customer identification programs, customer due diligence and account monitoring. Leading KYC solutions incorporate cutting-edge technology such as eKYC tools, artificial intelligence, facial recognition verification and other biometrics verification tools.
2. Why Do You Need a KYC Solution?
Banks, credit unions and other financial service providers need KYC solutions for a number of reasons. A KYC solution incorporates the latest technology to maximize the effectiveness of your KYC strategies and minimize the risk of human error. This provides your company with maximum protection from fraud. Depending on your business model and product line, it also may protect your customers.
KYC solutions increase the efficiency of your KYC procedures, speeding up the time it takes to complete KYC checks. This saves your company time and money.
By saving time, KYC delivers your customers a quicker, more satisfying experience. This helps increase customer satisfaction and retention.
KYC makes it easier for your company to comply with regulatory requirements. By automating key tasks, it reduces the risk of missing compliance because of some procedural flaw.
Adopting a KYC solution can enable your brand to do KYC effectively and meet regulatory requirements even if you lack in-house expertise to develop your own KYC apps. Similarly, working with a third party which uses a KYC platform can allow you to take advantage of the latest technology regardless of your in-house expertise and resources.
3. What Parts of the KYC Process Do KYC Solutions Typically Cover?
KYC solutions may cover all phases of the KYC process. They can accelerate customer identification program implementation by automating tasks such as extracting data from documents, validating IDs and verifying customer names and addresses. They can streamline customer due diligence by handling tasks such as checking watch lists and assessing risk levels. They can support ongoing diligence efforts by providing tools to simplify secure account access and by accessing databases which automate suspicious activity alerts.
Generally speaking, KYC solutions can cover any KYC needs a company has. For companies in need of customized solutions, top KYC platforms provide tools to support developers.
4. Incode: The Best KYC Solution for Verification, Compliance and Remediation
If you’re looking for a cutting edge all-in-one KYC solution, the Incode Omni platform is designed to meet your needs. Omni verifies and authenticates identities simply, securely and quickly by deploying artificial intelligence technology. Omni includes components which comply with KYC and AML regulatory requirements in seven key areas:
- Identity verification to perform tests on ID documents, extract OCR data, interpret barcodes, match biometric templates, verify that ID holders are real humans and check data with government databases and other databases
- Capture tools to optimize collection of identification data for maximum accuracy and compliance while delivering great user experience
- Digital signature and non-repudiation tools to ensure that digital signatures will hold up to legal challenges
- Risk control tools for automatically flagging suspicious accounts and activity
- Authentication tools which make it easy for legitimate users to access accounts while blocking unqualified users
- Critical transaction tools to prevent fraud and verify transaction authenticity
- Incode’s proprietary database, which enables customers already in the database to access their accounts more quickly without sacrificing security, for a more satisfying experience
Incode is used and trusted by leading global corporations, including Cit, Telefonica, Banorte, Ford and many others. Incode is designed to support the needs of a wide range of industries, including finance, hospitality, transportation, retail, age verification services and e-commerce retailers. Whether your customer needs to open a bank account, apply for a loan, check into a hotel or authorize an online payment, Incode can help you deliver a satisfying, secure, safe customer experience which complies fully with KFC regulations.
Conclusion: Automate Your KYC Processes with Today’s Best KYC Solution
KYC procedures to confirm customer identity, assess risk and monitor suspicious activity are obligatory for financial service providers. Following best practices for processes such as verifying names and addresses, evaluating risk levels, running KYC checks and data remediation can help you stay in compliance with federal and international anti-money laundering regulations. Companies in industries such as banking, lending, wealth management and fintech all need KYC solutions.
Incode Omni provides an all-in-one KYC platform which uses artificial intelligence to deliver KYC checks simply, quickly and securely. Request a demo today to see how the right technology can make it simple for you to stay in KYC compliance while delivering great customer experience.
To understand more about KYC, please read the following:
Chapter 1 – KYC Verification
Chapter 2 – KYC Compliance
Chapter 3 – KYC and AML Differences
Chapter 4 – KYC Checks
Chapter 5 – KYC Data Remediation
Chapter 6 – KYC for Banking and Finance
Chapter 7 – KYC Solutions