• Know Your Customer KYC Banking Processes

    February 4, 2018

    Banks are regarded as one of the securest places which keep your money and ensure that it is kept safe and secure. The best part of the idea is that there are several processes which are related to making the idea safe and secure. Your finances are highly safe and secure which means that you get the peace of mind. There are some processes which are related to the systems and it means that such applications are done which allow the banks to authenticate the customers before moving forward with transfers or any other process which specifically affect the finances. If such processes are followed it means that the banks are securer. The governing bodies get to know whether or not the banks are following the instructions. The industry leading experts are hired by the banks to implement KYC r know your customer mechanisms. The complete solutions are added to the SOPs which are applied to the user accounts to get the work done and authenticate the users. There are many ideas which are applied when it comes to KYC processes. Some of these concepts are mentioned as under.

    1.Customer Acquisition

    There are several advantages which are associated with the idea. It means that you get the frictionless process and there is no fraud risk at all. The users will also get to know the processes which are associated with the bank and will ensure that necessary IDs are carried before moving forward with the processes. Data analysis is done by professionals periodically that mean that the systems remain up to date.

    The banks can also enroll new customers once they are identified. Necessary changes are made to the systems before moving forward with the change implementation. It will always allow the users to overcome the issues which normal procedures might present.

    2.Knowledgebase concept implementation

    It is very important that the systems which are developed are such that they get the best out of the customers. The quizzes are embedded within the systems which mean that the customers are highly authenticated once a series of questions are posted to them.

    Once they answer all the questions correctly they get the work done. These are not just random questions but are the ones which are associated with the account and the info of which has been posted to the systems already. The knowledge-based concept is highly in demand by the bank which means that KYC implementation becomes very easy and straightforward.

    3.Comply 360

    It is one of the most important concepts which are associated with the KYC.
    It means that the systems will manage the data and will verify the customers based on the info that has been provided. The different attributes of the KYC network are applied to ensure that you always remain up to mark. The data is manually reviewed by the professionals and element specific issues are detected. The processes are further refined to make sure that the best and the most advanced tactics are applied. More identity-related questions are added to authenticate and verify the identity of the customers.