KYC for Banks: Know Your Customer will be a Great Thing when it Works
There are several KYC service providers out there that are offering KYC for banks but most of them fail on several avenues, thus the title of the blog: Know Your Customer will be “Great” thing when it works. ID verification performed by these identity verification services are haunted by issues such as faulty verification compliance, lack of understanding regarding financial compliance governing banking operations, inability to handle large verification volumes, and most importantly, the fact that it takes forever to verify one’s identity using KYC process flow.
Banks are part of a cut-throat competition, especially when it comes to providing digital services to their clients. Fintech and mobile wallets are trying to undercut the banking business because of their immense popularity with Millennials and retail users. A complicated Know your customer checklist and tailored KYC requirements for corporates are two big factors that are not allowing the banking industry in finding a reliable ID verification and KYC verification service provider. Below are some points that a KYC service provider offering KYC for Banks must adapt to make things easier to adapt for the banking sector:
Technical Lapses – Most of the KYC service providers are finding it hard to develop a KYC for Banks solutions that are easy to integrate with pre-existing systems. Shufti Pro is currently offering its KYC for Banks solution with the help of a Restful API that can easily integrate with any pre-existing mobile app, web solution or online system without a single second being wasted in downtime. Mobile SDKs are also available for omnichannel support as well as Shufti Pro mobile apps for both Android and iOS platforms.
Global Approach – Even the most popular and industry renowned KYC service provider and ID verification solutions are limited to a select few countries, or at least do not provide KYC verification services in many geographical regions. This has led to a wide-scale headache for banks operating in different territories. They are entirely unable to service clients with a unified KYC process flow, but not the banking clients signing up with Shufti Pro. This identity verification service is currently available in more than 225 countries and has the ability to authenticate officially published documents in 150+ languages. KYC for Banks from Shufti Pro becomes even more viable option for ID verification and other related KYC process steps because it can authenticate a person not only with the help of official identity cards but driving licenses and passports as well.
Shufti Pro is an ideal solution for banks that are looking to bring onboard a tried and trusted KYC service provider. It not only uses Artificial Intelligence for real-time verification results but it offers InstantCapture solution that uses OCR technology for ID verification. Shufti Pro Back office saves all the verification details of the end-users for customer review, so that bank executives can even check the authenticity of verification performed by Shufti Pro.