Digital KYC Streamlines Customer On-boarding Process

  • Richard Marley
  • December 12, 2017
  • 3 minutes read
  • 3155

Shufti Pro brings forth digital KYC verification services to perform identity verification processes in order to bring the customers on-board. We understand that it is not only a hassle for your customer, but for you (our client) too.

Why conventions need to change?

Quick and secure identity verification service has rendered the traditional practices obsolete, where customers had to go through lengthy processes, fill out numerous forms, and wait in line for hours just to comply with the KYC requirements. The results of their verification would be processed over weeks, delaying the on-boarding process further. Customer on-boarding process is not only essential for financial institutions like banks, investment firms, insurance agencies, real-estate agencies, etc., but also for online businesses and merchants. The online businesses cannot afford to carry out such thorough documentation just to bring a customer on-board. They make use of knowledge-based verification, which is in no way enough information to verify the identity of a person. Those questions have highly predictable answers. Much higher complexity in security procedures would be required to keep the scammers out. They need a quicker, smarter and automated solution or else face the fraudsters.

Moreover, many of the customers work full-time jobs, and the timings coincide with the working hours of the banks/firms. It is not possible for customers to take that long a leave from their work just to stand in lines for the submission of their KYC documents. Also, paper-based KYC uses up valuable resources that could be put to better use.

What is the Optimal solution for change?

The most optimal solution for change is to integrate a digital KYC solution that verifies the identity of a customer in real-time. Shufti Pro is one of the best SaaS available as a fraud detection software. It allows for quick and real-time ID checks online, using artificial and human intelligence. Stats have shown that e-KYC reduces the customer on-boarding time by 90%. The process becomes much faster, efficient and accurate as the customer identity verification time reduces to 30 seconds. Now online businesses and financial institutions can verify the customers easily; the latter just have to show their face and identity documents to the camera and their identity would be verified. There would be no need to stand in line for hours and submit volumes of documents.

Fast and accurate on-boarding process through digital identity verification will result in a seamless customer experience, reduced hassle for the customers as well as the online businesses/merchants and financial institutions.

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