It is a general understanding in the banking industry that KYC for banks is only beneficial to ensure regulatory compliance with guidelines put forward by financial and banking regulators. But, in reality, a KYC service provider can not only verify the identity of each and every customer but can also play a pivotal role in boosting banking operations. This can only happen when the banking industry understands that why KYC is important and how ID verification provides a large quantity of verified information regarding customers. Here are all the ways by which KYC for banks can enable banking to capitalize on better customer service and increase client onboarding for new banking services.
Better Customer Service
As mentioned earlier, identity verification services help banks to gather reliable customer information. Where they live, what kind of job they do, what kind of salary they receive and many other important facets of their identity. All this credible yet confidential information collected through KYC for banks solution helps customer service departments to understand the value of a customer’s business whenever a call is received with a query for banking services.
Lower Compliance Costs
Most banks have manned their compliance offices with dozens of AML compliance officers that work round the clock to ensure that not a single person with financial risk is registered with the bank or use banking services to perform banking transactions. It is not only ineffective but costly banking practice as well. On the other hand, a KYC service provider such as Shufti Pro can provide AML compliance alongside ID verification in its KYC for banks solution.
Personalized Banking Made Easy
KYC verification helps customers to effortlessly perform banking functions with automated KYC check and ID verification acting as vigilant yet swift gatekeepers on behalf of banking customers. Transactions can be processed easily and online banking becomes a treat for banks much like their customers with a KYC software ensuring that no person with fake credentials is using banking channels for illegal or unauthorized activities.
Reduced Financial RIsk
KYC for banks offers perfect protection against online identity theft, digital frauds, and banking scams. KYC process flow with proper automation enables banking organizations to focus on what’s important for the expansion of their business, rather than worrying about the financial risk posed by digital scams and online frauds. ID verification and identity verification services from companies like Shufti Pro guard business interest of banking organizations.
Robust monitoring of user activity
Unlike many KYC software and identity verification solutions, Shufti Pro offers real-time verification results because of its superior AI technology. Verification results are forwarded for authentication to human intelligence in case the system is unable to validate any piece of information. This also takes less than 1 minute, thus each banking practice or financial transaction performed is vigilantly monitored by Shufti Pro through its KYC for banks solutions. No other KYC service provider can be better suited than Shufti Pro to enable its banking customers to perform ID verification to support their overall banking operations.
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