Using KYC to deliver competitive differentiation
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Revealing why KYC is no longer just a regulatory requirement but a matter of competitive survival
The process of knowing your customer, commonly shortened to KYC, describes the actions that organisations undertake to verify the identity of their customers. Regulatory compliance is fundamental to an effective KYC operation, but it is only the start.
As brands undergo rapid and necessary digital transformation in response to COVID-19, the importance of the experience created during the KYC process must not be overlooked. From regulation to differentiation, the customer must still be at the heart of the KYC journey.
KYC processes are increasingly viewed as competitive differentiators, for both clients and consumers alike across multiple industries. KYC can be flexed to provide differentiation linked to an organisation’s broader strategy, whether that is delivering a seamless journey for customers, rapid response times or reduced cost.
In this paper, authored by Senior Account Directors Ali Fry and Virginie Raux, we review the impact of new technologies, lessons learnt from other digital industries, and two key focus areas for KYC improvement activity.