Kwik.ID

With the growth of KYC fraud in the country, digital crimes have turned out to be very strong. Therefore, it has become an immediate necessity to deal with this problem as soon as possible, especially for the sake of financial institutions and banks. The process of 'Know Your Customer' refers to verifying the identity so that any kind of illegal activity like cybercrime and money laundering can be avoided. This is also the reason why financial institutions are tightly linked with the KYC and AML requirements. To elaborate on this, there are 3 different components in KYC that support this verification process. Components of KYC to reduce KYC fraud For a better implementation of the verification process, there is the introduction of 3 different components of digital KYC . These are the pillar of the entire process and regulate the functioning of the institutions. 1)       Identity Verification (IDV) Identity verification or the IDV verifies a customer. This acts as a sh

  The process of onboarding customers on a worldwide basis in financial institutions requires rigorous customer identity and a specific validation process known as KYC. The system of digital KYC helps in the most crucial cases by eliminating the harmful threats that can hamper customer presence and resources. Unlike the traditional KYC process, this method of KYC is less time-consuming. Had it not been without the occurrence of the COVID-19, the story of KYC would still have been the same. Reports have suggested that the process of onboarding customers online has led to an increased account opening in the financial sectors by a great percentage in the next 2 years. Thus, it plays a great role in streamlining the authentication of customers. What is the process of automation for a digital KYC solution? This customer onboarding KYC  is used in different sectors for a number of automated processes. These include: ·          Identifying and verifying the customer and the beneficial

  Customer onboarding is a method initiated by companies to expand their clientele. For every work, the list of clients that joins the business is reviewed once before the company can start working with them. For every business that is working, the clients have to be loyal and should support making progress in the business. Thus, there are no tips that can define the process of reviewing customer onboarding. However, one can set up ways that can help to improve the experience of the existing customers. This can also be one of the most important lifecycles that can promote any business right at its beginning.   Tips to improve the customer onboarding experience The best way to improve the customer onboarding experience is by helping the users get acquainted with all of its features. The onboarding process depends completely upon the user's specific needs. Let's learn about this in detail. Welcome mail: The first step to the customer onboarding solution can begin by se

  The process of waiting in long lines to submit the KYC forms is now over. Different banks and other financial institutions no longer encourage an such action. Thanks to the innovation of digital KYC, customers can now complete their KYC anytime, anywhere using their mobile, tablets and laptops. This technology has recently received more recognition during the Covid scenes in 2020. Earlier, the customer onboarding KYC is an important process. But now, with the introduction of digitalization, all institutions have started to slowly adapt to this method. Facilities provided by Digital KYC There are several facilities provided by digital KYC . Some of them include: Optical Character Recognition: Earlier, all the actions were done by hand but now, AI technology had speed-up the process. The OCR scans all kinds of government documents like driving licenses, passport, etc in no time. Geo-Tagging: In a video KYC, the geographic location of a customer can be easily traced due to

  It is needless to point out that the customer onboarding happens to be the most important tasks that you would undertake. However, if you take this lightly you would find that the first impression that a customer develops regarding your brand might get affected. However, in order to create the best customer onboarding platform you should pay attention to details and be aware of the common mistakes that might affect your customer onboarding process. So, here’s a guide that might help. What are some customer onboarding mistakes?       Do not take the customer for granted. You should never ever make your customer onboarding process complicated because the customer might get confused, and the process might become a cumbersome experience for him. Therefore, assess your customer onboarding process and if there is any step or, anything that might create confusion rectify that. Introduce a tutorial for them that will help them get through the process, and this tutorial session would hel

When it comes to customer onboarding the businesses often have trouble figuring out what is wrong with their current system and how can they improve the customer experience. In this regard the kyc plays an important role, as for many businesses this is the first-step in the customer onboarding process and this is where they need to change their preference. The traditional kyc system has many setbacks which might affect the customer onboarding process, hence the traditional kyc should be replaced by the digital kyc system. This would definitely change things for the better. Read on to learn more on this. The digital kyc is the new customer onboarding kyc solution: The customer onboarding needs to be a secure process, and to be sure that the businesses are dealing with the right customers, their identities need to be verified. The traditional kyc which takes place offline involves paper documents that can be tampered with. This does put the process at risk, and there might also be human