Hints to succesfully implement a KYC solution
Setting up a Modern Solution for Financial Inclusion, Financial Crime Prevention, and Improved Customer Experience
Build a flexible process
Bilding a flexible process is the first step in successfully implementing a KYC (Know Your Customer) solution. This means that the process should be able to adapt to the specific needs of the organization and be able to handle changes in regulations, customer demographics, and other factors. A flexible process should also be able to integrate with existing systems and technologies, and be easy for employees to use. Additionally, organizations should consider automation and digitalization of the process to ensure efficiency and accuracy. Overall, a flexible process is essential for meeting the needs of the organization and its customers, while also complying with regulatory requirements.
Conceptualise a well structured data model
This implies that the data model should be designed to store and organize customer information in a logical and efficient manner. It should be able to handle different types of data, such as personal information, financial information, and transaction data, and be able to link them together. The data model should also be scalable and able to adapt to the changing needs of the organization. Additionally, it should be designed with security and data privacy in mind, to ensure that the sensitive customer information is protected. Overall, a well-structured data model is essential for effectively managing customer information and complying with regulatory requirements.
Think ahead on your risk procedure
This means that organizations should anticipate potential risks associated with customer onboarding and have procedures in place to mitigate those risks. This could include conducting background checks, implementing anti-money laundering (AML) and countering the financing of terrorism (CFT) measures, and monitoring customer transactions for suspicious activity. Additionally, organizations should have a plan in place for dealing with high-risk customers and be prepared to take appropriate action if necessary. By thinking ahead and proactively addressing potential risks, organizations can ensure that they are compliant with regulatory requirements and minimizing the potential for financial crime.
Build a pixel perfect onboarding for customers experience
This entails designing a customer onboarding process that is smooth, seamless, and easy to navigate. This can be achieved by providing clear instructions, allowing customers to complete the process digitally, and gathering only the necessary information. The process should also be designed with the customer’s experience in mind, to ensure that they feel comfortable and secure throughout the process. Additionally, organizations should also consider providing a personalized touch to the process, such as a dedicated customer service representative to assist customers through the onboarding process. By designing a customer onboarding process that is user-friendly, organizations can ensure that customers feel valued and satisfied with their experience.
Don't lock yourself with a single KYC Data vendor
At last, not being tied down to one vendor for all your KYC data needs as it can restrict your options and prevent you from finding the most suitable solution for your organization. Instead, organizations should consider using multiple vendors, or at least have a backup plan in place. This can ensure that they have access to a variety of data sources and can choose the best one for their specific needs. Additionally, organizations should also consider using different vendors for different aspects of the KYC process, such as background checks or transaction monitoring. By diversifying their KYC data vendors, organizations can ensure that they have the best data available to them and are not limited to a single vendor’s capabilities.
FlexiKYC streamline compliance with automatic regulatory risks assessments and provides a convenient and efficient customer experience. FlexiKYC goes beyond the traditional KYC system by using flexible processes and easy use of connectors to main KYC providers.