After updating KYC regulations across most banks of the world, it has become equally important to use a reliable and authentic digital verification application. We at ShuftiPro make sure that you meet your fundamental authentication requirement. Because, we provide an all-in-one solution to your digital KYC needs. Our simple UI makes it incredibly easy to authentic your customer in just a matter of few seconds. Shufti Pro is developed and designed intelligently to strengthen online and branchless banking.
Short tour of KYC in banking industry:
Let us have a short tour of KYC within the banking industry. In 2002, all banks were asked by the regulatory authorities to strictly acquire the personal information of the customers. This was being imposed on them to prevent money laundering, terrorist financing, identity theft and other financial frauds. From that point onwards, the term ‘Know Your Customer' gained more popularity, and later it became an essential element to help banks know their customers.
By assessing the use of KYC within the banking industry, we can be aware of its significance for the banks because knowing about customers makes it easier for them to understand their financial activities. Many banks started implementing various techniques that were meant to improve the strategy for KYC, but the ratio of financial frauds kept on increasing. As we know that banking industry is known to be the most proactive industry that uses the advanced technologies to improve the customer's' experience. Hence, the need for stimulating the KYC process becomes equally important. This need has led the banking industry to make use of digital technology to enhance the KYC experience. There are a couple of advantages for the digitization of KYC which are as follow: