The Relevance Of Digital KYC: What Businesses Must Know!

Compliance is a harsh reality that businesses cannot to ignore. Your company has to be compliant to the applicable rules, norms and regulations. That includes KYC or ‘Know Your Customer’. For those who are not familiar with the idea, ‘Know Your Customer’ is basically the process through which a company validates the details and identity of a customer. This is a must, and traditionally, KYC was all about physical forms and data. With digital KYC, businesses can finally keep up with the government regulations and reap other benefits. Here are some of the more important aspects worth knowing.

Simplify how you deal with KYC

KYC verifications can be a challenge for firms of all sizes, especially in the financial and allied sectors, while the process is often annoying for customers. Your customers are probably tired of completing paper documents for using services, and there are other risks of paper-based work. For example, inaccurate details can get updated in the system, or at times, the supporting documents are probably not enough or real. There are many known cases, where KYC documents have been misplaced, while the steps involved in collecting KYC information are time consuming and complicated.

Digital KYC gets away with all of that. Digitization simplifies KYC completely and gets rid of the common issues and counterparty risks that concern businesses and customers alike. More importantly, it offers a simplified means for businesses to stay compliant with FINTRAC / AML regulations without as much effort.

Making the move

There are many companies that offer solutions for businesses to harness the power of digital KYC. All you need is an KYC API, which makes it easy to keep up the with the compliance needs, and it can be instantly and quickly integrated into your system. With the KYC API, you can quickly check if a customer is truly what he/she claims, right from the source. Some of the KYC APIs have 99% reliability, and you can gain the necessary information and details, namely the name, address and financial account.

In conclusion

Handling financial data doesn’t have to be complicated. Just invest in the right KYC API, which will be integrated with your app for immediate access. More importantly, this simplifies the onboarding experience for your customers. Check online and find more digital KYC. It is one of the simplest ways to ensure and improve compliance and add to the process of digitization.