Transform Customer Onboarding Experience With Digital KYC
The traditional way of collecting customer information was long and tedious process, which had many challenges, of which dropouts remained a significant concern. Previously, financial institutions had to gather physical copies related to proof of identity, address and other things, and even the basic KYC form was a physical one. With digital KYC, things are bound to change, and in this post, we are discussing more on this and how you can actually change the customer onboarding experience.
Compliance cannot be ignored
KYC was all about compliance, both for businesses and consumers, and it still remains the foremost aspect of the entire process. With digital KYC, you can keep up with the pertinent regulations, but in a much simpler way. The whole process is done by digital KYC API services by leveraging the bank account of users, which contains the basic information that regulatory authorities like FINTRAC need, which is name and address, or name and financial account.
Get ahead with changing times
The contemporary customer users a whole bunch of financial services and digital wallets, and your company is just one of them. You can imagine the frustration of the end user when he is asked to fill up the same form over and over again, for different businesses and financial institutions. With digital KYC, you can offer a much better platform for your customers to get onboard, and yes, this will directly reduce the number of dropouts. People do leave the formalities in between, because the paperwork is frustrating, and by going digital, you are adopting tech and integrating new consumers.
Many options to move forward
If you want to take digital KYC to the next level, there are many services around for help, which just simplifies things for your business. You can easily integrate the API to your platform and app, and the whole process will be supported by the concerned service. Your customers will feel the difference of using digital KYC for working with your brand, and this saves both time and effort, considering that maintaining and keeping physical records safe have been traditional concerns with KYC.
By validity identity of your customers using a simple API, you can change the people interact with your services and perceive your brand. In the long run, this is an advantage that will yield results, given that more companies are opting for digital KYC and the early adopters will get more credibility.