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KYC: Compliance and improvement of customer experience

10th October 2017

KYC or Know your customer is the name given to the process of verifying the identity of a company’s customers. The term is also commonly used to refer to banking regulations and the specific identification rules it imposes.

However, the need to identify customers is increasingly important, ranging from banking to insurance, car rental companies to vehicle sharing platforms, crowdfunding solutions, gambling sites…

KYC has thus become a prerequisite for access to a large number of services in banking services and other industries in the last 15 years.

KYC: a regulatory constraint on the critical path of UX (User Experience)

“More than a regulatory requirement, the KYC has become an essential component of the customer experience. The digitization of company / customer exchanges requires that customers be given an easy and fast accreditation or identification experience. At the same time, the reinforcement of identification rules forces the company to manage and control an increasing number of channels, making the customer journey more complex. Solving this equation is therefore strategic!” said Jérôme Dahan, Head of Legal Affairs at Webhelp Payment Services.

For the end customer, this procedural burden of collecting and processing identification documents can be perceived as a real challenge, which can lead to a reduction in satisfaction associated with the complexity and length of registration which could lead to abandonment.

For the company, this abandonment is catastrophic: the identification becomes a position of costs, consumer of human resources, in constant growth.

On the basis of this finding, the outsourcing of KYC to specialized providers deserves to be examined to one of the following advantages:

1 – Improved user experience

The improvement of customer experience remains the main challenge for any company wishing to develop quickly.

Proposing an identification process that does not deteriorate customer experience requires reducing obstacles in the identity document transmission process as well as providing a quick or even instant response to the customer as to the validity of the documents transmitted.

2 – Reducing costs:

A specialized partner optimizes its processing costs by combining technology (automatic extraction of data etc..) and adapted internal organization. The time and cost of processing identification is therefore substantially reduced.

3 – Improving the quality control of procedures

A specialized partner will be able to propose the most recent tools and technologies as well as the most efficient processing procedures. Your process of collection, processing and control will be more reliable, the reports associated with the follow-up of the treatments will be uniform, the accesses of the operators to all the documents will be timestamped and logged. Your identification process thus gains in consistency, auditability and traceability.

4 – Reducing the risk of fraud and error

The outsourcing of this type of process for the collection, processing and secure storage of data significantly reduces the risk of internal fraud (collusion between an internal operator and a customer for example). Second-level control by the partner reduces the risk of processing errors.

5 – Improving the management of peaks and troughs in demand

A specialized partner will be able to quickly size its teams according to the volume and time constraints associated with its mission (seasonal activity, takeover of an existing customer base, promotional operation, etc.).

6 – Multi-lingual operations

The digitization of the enrollment processes makes it possible to quickly create an international clientele. An online bank, a gambling site or even a crowdfunding site can see a large number of international customers.

Being accompanied by an international partner who is fluent in the customer’s language, is familiar with the formats of documents used internationally, and is familiar with national guidelines for cross-checking information eliminates any obstacle to international growth.

Webhelp, as customer experience specialist, is able to offer solutions for the collection and processing of KYC documents by combining technology and human intervention in compliance with international banking and financial standards.

This is facilitated by Webhelp’s recent acquisition of KYC expert Green Point.

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Article by: Helma Klompenhouwer

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