Protecting your company from fraud is essential, but if you’re afraid that Know Your Customer (KYC) regulations will negatively impact your conversion rates or suffocate your business, you don’t have to worry anymore.
Establishing your KYC processes correctly can positively impact your business. It can speed up the onboarding process and engage your customers more with a pleasant experience.
Let me give you an example. The online payments service forces customers to fill out a lengthy and detailed Know Your Customer (KYC) form before they can create an account. Do you think it is a good idea to do it that way? The answer is simple. No, it’s not.
This approach makes onboarding more complicated and time-consuming than it needs to be. The solution is simple: make the service easy to use right from the start. For the service to be used without friction, it needs to be slit into digestible and easy-to-follow parts.
This means that during the registration, a person only would have to provide basic information such as full name, age, gender, etc. After that, clients would be guided through the process of KYC where the remaining information is obtained in an easy way (often automatically) As soon as this is completed they are presented with access to their account on the website. Once they have logged in, they can transfer money.
It’s almost always mandatory to verify users’ identity when they sign up for any finance-related platform. Imagine that a user issues a payment card from an online crypto exchange. Both customer and the company’s CEO expect that the user will get the card delivery confirmation right after the process is completed.
Streamline your onboarding processes.
Experience unparalleled automation.
Eliminate identity fraud
Onboard users fast
Stay compliant
Most crypto exchanges require you to verify your identity based on your identity documents. KYC technology today can process AML and PEP Sanctions lists and check results in less than a minute. If a quick search does not find a match. In that case, the customer will submit all necessary documents for verification and will immediately receive the card delivery confirmation. Identity verification and document processing are then completed during the standard card activation process. The card will be activated and delivered as usual if the customer is verified. Customers will not even know that the verification has taken place.
Fully-Verified always carefully considers each situation on a case-by-case basis. We help our partners to deliver their ideal customer journey with minimal disruption for a smooth user experience. It is important to understand that KYC has several advantages and can help in preventing fraud. Partners ensure that potential customers can do business safely, and users know they have financial relationships with companies and other users they trust. A reputable outsourced eKYC provider can significantly reduce the time and cost of building and operating an in-house system while providing an appropriate verification guarantee.
To sum it up. Designing KYC process is not always an easy, straightforward task. Still remembering about those elements surely will help you:
Streamline your onboarding processes. Experience unparalleled automation.
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Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.
