Times are changing at a constant pace, digital solutions are a window for progress and renovation, however, on certain occasions, new technologies place our society in conundrums, moral dilemmas, and even ethical conflicts.
Companies can take several measures in a reactive and preventive way to minimize the risk. Make an image.
KYC stands for Know Your Customer, and it is a process in which companies reduce the fraud risk by validating physically the identity of the customer. Through different protocols that involve the data capture from the ID card and its verification, face verification, document verification, bills for proof of address, and biometric verification, and more.
If you are interested in knowing more about the commonly used documentation for KYC Process, download our infographic at:
As mentioned before, as technology advances so the new risks, and so, KYC has evolved into e-KYC. With a new normal in 2021, regulators around the world raised their voices to emphasize the imminent risk that social distancing had on digital interactions with customers. Similar to Manual KYC, e-KYC verifies the incoming information from a customer, the main difference relies on the use of different technologies to simplify and automate the process, in most cases, companies will experience improvements in drop rate, conversion rate, and onboarding time.
Onboarding or transactional processes from several industries require a secure but digital solution that addresses the two main challenges of digital interactions between customers and companies:
This means that it is not only about collecting the required information but also on how to manage the data after its collection. Complying with customer data protection regulations requires different measures to ensure a secure integration with your ongoing platforms.
If you require more information about security measures on e-KYC, download the brochure “e-KYC Security for both customers and businesses”