KYC | How to perform KYC verification in three simple steps

KYC stands for Know your customer. The KYC verification process plays a pivotal role in financial institutions for preventing online crimes. KYC defines a set of verification processes that includes document verification, age verification, address verification, etc to help the financial sector to better understand their customers, and the risk level associated with them.
Following steps are including in Shufti Pro’s digital KYC verification process for customer identification:

  1. Step 1: Customer provides their data

    The first step for customers is to add their personally identifiable information(PII) for account registration. Their PII may include name, date of birth, email, social security number, passport number, driving license, and financial information including credit/debit card details.

  2. Step 2: Customers upload their ID documents

    The next step for your customer is to upload clear scanned copies of their identity documents such as ID card, passport, debit/ credit card, or driving license. OCR technology automatically extracts the data from ID documents at this stage for further processing.

  3. Step 3: Verifying Customer Identity

    The OCR extracted data is then matched against manually added data [along with checking originality of the uploaded documents] to verify the authenticity of customer’s personal details. And the document images are checked against the default document format for validation.

  4. Step4: Final results

    Final verification results are delivered and complete proof of verification is uploaded in the client back office. If the verification is positive, the customer is onboarded successfully.

KYC Verification Process at a Glance


Which software should I use to verify my customer’s identity?

Shufti Pro is one of the leading Saas products available in the market that uses advanced technologies of Artificial intelligence and machine learning, Trusted by global clients for its accurate digital KYC solution. Along with online KYC, Shufti Pro also provides biometric facial recognition, Video KYC, and on-going AML to more than 230+ countries and jurisdictions, in 150+ languages.

How much time on average should it take to verify a single customer?

It should take about 30-60 seconds to verify a customer through an online KYC verification solution for seamless customer onboarding.

Which ID documents are considered for KYC verification?

Government-issued ID cards, passports, driver’s licenses, debit/ credit cards are required for document verification. Employee letters, insurance agreements, utility bills, bank statements, tax bills, and rent agreements may be required in case of customer address verification.