Amongst the many boxes you need to check when onboarding a new client is KYC (Know Your Customer). It's an entire rigmarole that goes beyond just collecting basic information like names, date of birth, and address for identity verification. At its core, you need to understand who your prospective client is, in a larger sense.
There's no denying it plays an important role, but performing a KYC check the traditional way is a burden on customers but also on your team. More complicated yet, this is not just a one-off process you can then write off. It's part of broader AML compliance and must be continuously enacted; otherwise, there are some pretty hefty consequences.
The average fine value for AML-related compliance breaches issued to financial institutions in 2021 was $34.4 million. But, just because you need to be diligent with compliance doesn't mean you need to spend more time and resources on it. Here's how you can conduct KYC efficiently, fast, compliantly, and with the least amount of friction!
How HelloFlow Makes KYC Easier When Onboarding
When onboarding with HelloFlow, think of an entire digital overhaul. This digital-first approach means KYC isn't burdened with nitty-gritty paperwork or slow manual checking, instead it's in step with modern efficiency. It makes it easier to build an online onboarding flow for your company and creates one that is far simpler to use for customers.
HelloFlow cuts onboarding times to a fraction of what they traditionally are and saves costs while offering greater compliance. It's really the whole package with no strings attached! When it comes to the pesky KYC process, HelloFlow enables you to use local and global service that help authenticate clients and verify the data they provide. With even more automated tools coming soon, you’re spoilt for choice when it comes to due diligence.
A timesaving process that can be done in seconds rather than weeks of manual verification, automated KYC offers greater, more accurate results. HelloFlow also incorporates prefill services to reduce the amount of information clients need to provide. Saving them from typing their personal data over and over again. This allows you even greater details to be extracted from databases that have been pre-vetted. That's what we'd call a win-win, particularly for clients who get frustrated when filling in a lot of information.
At the same time, HelloFlow uses Match services to enable fast and seamless background data verification that doesn't halt the onboarding process. It verifies information in real-time, helping your business to spot any red flags easily and avoid the pitfalls of manual handling, where human errors can cost time and money.
Integrating all of the most intelligent technology for your onboarding advantage, HelloFlow allows you to stay on the cusp of regulatory compliance while building a more intuitive customer experience that fits into the tech-centric services of today.
Onboard with more stringent security and with far greater convenience with a hands-off mentality. It just works better for everyone this way! Start building your onboarding flow with HelloFlow today with a simple drag and drop builder. No coding required! With various global tools to choose from, it's never been so effortless to expand into new markets and onboard new clients quickly, regardless of what country you have your eye on. Automate your whole onboarding experience so you can focus on the bigger picture. Curious to see how it can be done in under a day? Book a demo now, or sign up for a 14-day free trial to get started!