Today, financial institutions have to face high cost due to the lack of skilled people to manage Know Your Customer (KYC) solutions. In order to comply with the KYC regulations, financial institutions are required to dedicate a huge amount of resources including an increased number of employees to handle KYC.
KYC is a process where banks and financial institutions gather customer details to verify the identities, credibility, legal validity and authenticity of their clients. Hence, Know Your Customer (KYC) procedures are a critical function to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customer’s identity, their financial activities and the risk they pose.
One such financial institution is Dunia Finance, which has decided to partner with Accura KYC for addressing their compliance and automation issues. Just to give you a peek into the background, Dunia Finance (Dunia), founded in 2008, is a leading financial institution in the UAE known for its customer-centric business model which provides a full-function product range, including secured and unsecured loans, credit cards, deposits, financial guarantees and payroll processing for non-individual customers.
Dunia Finance approached Accura Scan with the below problems:
- Manual form filling and questioning are time-consuming.
- There is an ever-increasing demand for transparency by the regulators.
- Customer experience is really not up to the mark and hence customer churn rate is more.
- Keeping up with these demands is an herculean task. The process is complicated and slow from the customer’s perspective.
Accura Scan realised that the problem was related to KYC Onboarding which was a quite hectic and manual process. The solution to such problems should consider three main factors; the business side, regulatory compliance, and modern technology. Coordination among these three pillars will exhibit the 360-degree benefits of digital KYC.
Technology alone can’t solve these problems. Its implementation needs to be strategic, logical and customer-oriented. For example, banks need to comply with regulations such as Know Your Customer (KYC), and the customers want swift and easy interaction with the banking system. AI-based digital solutions can help both the banks and the customers.
Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to be in compliance with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third-party services are a cost-effective and feasible option; compliance is met, and customers get fast and easy communication with the banks. And Accura Scan is the experienced partner. Accura Scan, a pioneer in scanning technology is a perfect solution for the onboarding and KYC of the new customers. At Accura Technolabs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here- https://accurascan.com/download