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November 4, 2021

All You Need to Know About KYC and Digital Onboarding

Key takeaways:
  • Handling KYC is an ongoing process that requires businesses to remain compliant throughout.
  • Using digital onboarding, automation and verification services, this process can unfold almost effortlessly.
  • Keep the whole process under one platform using HelloFlow.

They say time is money, which is why businesses thrive on being agile and reaping the benefits of minimal coding, however, an important aspect of onboarding process is often overlooked - Know Your Customer (KYC). KYC not only involves getting to know who your clients may be, but how they might behave. HelloFlow provides an arsenal of KYC-related functions, all housed within a sleek onboarding system which helps to verify potential customers faster than ever!

Knowing Your Customer’s Identity

A major step in onboarding a new customer is figuring exactly who they are. Not only are customer identities required for internal records, it’s important to verify who they say they are so a customer can access your services without a hitch. A verified identity allows customers to access all your company’s products, services, and support - whereas a partially authenticated or unverified customer is left stuck behind a security wall, which serves no one.

Every company needs user authentication to ensure any services provided are going towards the right person, not to mention it’s a must to meet compliance standards. User data is also majorly valuable when it comes to sales, say if you dabble in targeted advertising or promotional materials. It’s also a helpful tool to better understand how to provide your services to the right people.

Key-Identifiers

When handling a customer’s identity, the data you collect must be monitored continually over time and diligently updated so that you remain in the know. This user data is known as a key-identifier, it includes markers like date of birth, social insurance or security number, a full name, and full address. Why is it important for an organization to have the most up-to-date information you might wonder? It’s so that if a customer’s whereabouts, citizenship or legal status changes, your business can act accordingly by pivoting the relationship or addressing any jurisdictional concerns. You never want to be left in the dark about these major changes because it’s seen as an act of non-compliance which can risk penalties from regulators or mean you could face losing your business license.

Identity Verification Services

KYC is the glue that holds due diligence and AML procedures together. It allows all the moving parts involved, like security and verification to function smoothly using key identifiers to make sure both the company and the customer are in safe hands. HelloFlow helps execute this with a pick and mix bag of services that help to verify identities and documentation. These kinds of screening services continue to grow as we do, allowing international businesses to access services in a variety of countries while maintaining compliance and mitigating risks.

HelloFlow Identity Verification Services
HelloFlow incorporates a host of local and global verification services, including identity verification, document verification, or phone number verification.

KYC and Identity Verification

The second step in onboarding is verifying the information provided by your potential customer, and then finally, creating a customer profile that gives you insights into what it is your client might want and need. Using HelloFlow’s interface makes getting to know your clients' nuances far easier. It also helps to authenticate a client’s data using security screening services embedded right into the onboarding flow.

KYC and Digital Onboarding

The ability to digitally onboard quickly is only half the journey, giving companies the access to authenticate and manage data in real-time is our real bread and butter. HelloFlow works closely with verification and screening services that allow these security solutions to function within the HelloFlow platform. It is a one-stop-shop for both onboarding and due diligence. If a red flag pops up when screening or verifying a potential client, you have all the right tools to make a data-driven decision. Ensuring the authenticity of a client and road mapping the wants and needs of customers is as easy as them filling out a digital application - HelloFlow simplifies it even further with the power of automation and AI.

Want to see how easy it is to digitalize the client onboarding and KYC process? Get in touch, and we’ll give you the full virtual tour! You can also try our platform for free - sign up for a trial.

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