Risks of Following the Traditional Customer Onboarding / KYC Process
15 Apr 2023
Customer onboarding is the process of verifying the identity and risk level of a new customer before providing them access to an account, product, or service. This process is also known as Know Your Customer (KYC) and is required by law for many industries such as banking, insurance, gambling etc.
But what are the risks of following the traditional customer onboarding / KYC process? And how can Accura Scan help you overcome them?
In this article, you will learn:
- The challenges and drawbacks of the traditional customer onboarding / KYC process.
- The benefits of using Accura Scan for customer onboarding / KYC process.
- How to get started with Accura Scan today.
Let's dive in!
The Challenges and Drawbacks of the Traditional Customer Onboarding / KYC Process
The traditional customer onboarding / KYC process involves collecting and verifying various data and documents from the customer, such as name, date of birth, address, ID card, utility bill, etc. This process can be time-consuming, costly, and prone to errors and fraud.
Some of the challenges and drawbacks of following the traditional customer onboarding / KYC process are:
- Customer dissatisfaction: Customers may find the process tedious, inconvenient, and invasive. They may have to wait for a long time to get verified or provide multiple documents that are hard to obtain or scan. This can lead to frustration, abandonment, and negative reviews.
- Operational inefficiency: Businesses may have to dedicate a lot of resources and staff to manually review and validate customer data and documents. This can result in delays, errors, and inconsistencies. Moreover, businesses may have to deal with regulatory audits and fines if they fail to comply with KYC requirements.
- Fraud and money laundering: Criminals may exploit the loopholes and vulnerabilities of the traditional customer onboarding / KYC process to create fake or stolen identities, bypass verification checks, or launder money. This can expose businesses to legal liabilities, reputational damage, and financial losses.
These risks can have a significant impact on your business performance and growth. That's why you need a better solution for your customer onboarding / KYC process.
The Benefits of Using Accura Scan for Customer Onboarding / KYC Process
Accura Scan is a leading provider of AI-powered Global Digital KYC, Customer Onboarding and Identity Verification solutions that can help you streamline and secure your customer onboarding / KYC process. Accura Scan Solutions offer the following benefits:
- Enhanced customer experience: Our solutions enable customers to verify their identity in seconds using their smartphone camera. Customers can simply scan their ID document and take a selfie to complete the verification process. Accura Scan also provides real-time feedback and guidance to ensure a smooth and error-free experience.
- Improved operational efficiency: We help automates and accelerate the customer onboarding / KYC process by using advanced AI algorithms to extract and verify data from ID documents and match them with facial biometrics. Accura Scan also integrates with various databases and watchlists to perform background checks and risk assessments. Accura Scan reduces manual work, human errors, and operational costs.
- Reduced fraud and money laundering: Accura Scan leverages state-of-the-art technology to detect and prevent fraud and money laundering attempts. Accura Scan can identify forged, tampered, or expired documents, detect spoofing attacks such as photos or masks, and flag high-risk customers such as politically exposed persons (PEPs) or sanctioned individuals. Accura Scan enhances compliance and security for your business.
Thus, Accura Scan offers a smart solution for any business that wants to optimize customer onboarding / KYC process. Accura Scan can help you improve customer satisfaction, operational efficiency, and fraud prevention while complying with KYC regulations.
How to Get Started with Accura Scan Today
If you want to take advantage of Accura Scan's features and benefits for your customer onboarding / KYC process, you can get started today by following these simple steps:
- Visit https://accurascan.com/ and sign up for a free trial
- Download the Accura Scan app on your smartphone or tablet
- Scan your ID document and take a selfie to verify your identity
- Enjoy the fast and easy verification process
You can also contact Accura Scan's support team if you have any questions or need any assistance.
Don't let the traditional customer onboarding / KYC process hold you back from growing your business. Try Accura Scan today and experience the difference for yourself!
