This monthly update takes a look at the importance of improving customer KYC verification experience:
The problem for businesses that are regulated and required by law to gather Know Your Customer (KYC) data on their users is difficult: how to maintain customer interaction, minimize dropout rates, and execute successful KYC in the face of never-ending user engagement demands?
KYC verification is always going to add a certain level of friction to a signup process: the question is, how to reduce that friction to the bare minimum, while also maintaining adequate protection against risk?
Fortunately, there are solutions that are informed by customer experience and they are based on cutting-edge technologies.
KYC Workflow Customization – A tailored KYC Workflow Builder is a helpful tool for handling customer verifications. This allows businesses to streamline the user experience by determining which checks they perform on customers based on their jurisdiction, risk profile, and desired services.
Liveness Detection – The new generation of ‘Passive Liveness’ does not prompt consumers to follow awkward cues to move their faces in certain directions etc, so friction is significantly reduced when compared to the previous generation of ‘Active Liveness.’