KYC, Fraud Prevention and Anti-Money Laundering Solutions
Users march to the Internet – How Well do you know your Customer?
In this digital age, customer experience, or ‘CX’, has rapidly grown into a new discipline with a plethora of consultants and new companies springing up to advise on best practice, on how to ‘engage’ customers, and on how to optimize the ‘customer journey’ to assure adoption and loyalty.
Philosophically, all of this is good, and companies should be embracing this approach but what happens when ‘knowing Your Customer’ is not just a desirable business practice but a regulatory requirement?
The last twenty years have seen a steady march towards the internet being the primary interface between commerce and customers. This march has increased to a run in the past five years and now with the onset of the global pandemic it has, out of necessity, become a sprint.
Businesses that are not yet transacting online, are now realizing that they are late to the party and are rushing headlong into the fray to try to ensure their piece of this lucrative global pie.
Start protecting the integrity of your financial institution and achieving compliance with the most effective and efficient KYC & Anti-Money Laundering software solutions.
Billions of dollars every day in every conceivable currency and store of value domestically and internationally are being transacted online. As global economies shift from physical to virtual, from analog to digital; inevitably, fraudsters and criminals are also be making this same shift.
How can a business ensure the true identity and veracity of the virtual person with whom they are transacting remotely?
Fortunately, technology also now exists to ensure that a business can meet this challenge by using ‘Electronic Know Your Customer’ or EKYC. In fact, by using a combination of techniques and parameters, it is now possible to verify more quickly and more accurately than ever before the identity of a customer.
Bridging All Possibilities Through A Single Platform
What if during an initial engagement with a new customer, it could be possible to capture all the information in their identity cards such as a driver’s license, or social security card, or passport?
And what if, further than that, there was a way to intelligently compare the details from those cards such as date of birth, address, gender, and other parameters to make sure that they match the information provided by the customer in a form?
And what if it were possible to not just visually look at the pictures on the ID cards and try to decide whether they are consistent with the actual customer but intelligently scan the user to ensure that they are a real live human being and then accurately measure the details of that persons face against the reference images provided to determine with almost certainty that it is the same person represented in the documents.
What if it were possible to capture and store this information in real-time and be able to reference it whenever needed to validate that a person requesting a financial transaction is the true customer with whom the business has initially engaged.
Omni-Channel KYC, Fraud Prevention and Anti-Money Laundering Solutions
This is where machine learning and artificial intelligence can step to the fore with a truly pragmatic, real-world use case to secure financial transactions, ensure the reputation of a business, and significantly reduce any chance of fraudulent activities.
Geniusto eKYC solutions can ensure that businesses can rapidly comply with global government KYC regulations, accelerate new customer acquisition, and secure electronic transactions. Providing customers with an unparalleled level of protection and comfort that their transactions and relationship with the business are safe and secure.
Today’s modern-day personal devices, more particularly smartphones, are equipped with a range of technologies such as fingerprint recognition and high-quality cameras that can be leveraged by Gen-iQ AI to ensure that the user holding and using the device is the authentic customer.
Verifying Customer Identities Worldwide through Next-Gen Identification Technology
The customer information can also be linked to other relevant parameters and rules such as transaction limits and transaction frequencies, or real-time checks against credit scores and blacklists to further ensure compliance and limit risks.
Whilst technology has irreversibly changed the nature of commerce and created new risks and challenges; the intelligent and diligent application of technology has also provided solutions to make commerce better than ever for both business and customer.
Now it is possible to ‘Know Your Customer’ more intimately than ever before and to provide highly relevant products and services securely and transparently to ensure the customer will remain loyal for many years to come and to ensure that the regulators will continue to support and encourage innovation in business.